Coopeservidores: Two colleagues’ representatives will hold a meeting to decide on Marco Hernández

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Representatives of depositors and colleagues of Coopeservidores will hold a virtual meeting this Thursday with Marco Hernández, administrator of the cooperative resolution process, a meeting confirmed by the two leaders of the organized groups of affected people.

The cooperative, which has 131,500 members, was declared non-viable following a financial intervention. On June 22, following the conclusion of the intervention, the National Financial System Supervision Commission (Conassif) recommended the creation of a resolution mechanism.

The strategy includes rescuing the cooperative’s high-quality assets to ensure that 97% of physical and statutory depositors receive back their resources, up to a maximum of £6 million. Low-quality assets will be divested and liquidated.

Luis Marín, from the Inversionistas Coopeservidores group, explained that the meeting will take place on the morning of Thursday, April 4, with the participation of Francisco Ruíz, the head of another group of colleagues who will coordinate the meeting. “It will be a private meeting with the solvers,” he stressed.

Marín, who coordinates two groups of about 1,800 employees operating via WhatsApp, said the legal and financial affairs committees set up in these areas were working on the approach that would be presented to Hernández. He added that they were also organized into other committees, including the technical committee, which is responsible for identifying people with savings in amounts exceeding 6 million pounds that are not backed by the deposit guarantee fund.

He said the group of depositors is estimated at 5,500 people, according to Hernandez’s data on June 22, and the goal is to maintain specific communication. Hernandez said that although they have guaranteed 6 million pounds, the excess will be cut, initially estimated at 20%, although it may be higher depending on the outcome of the resolution.

been: Coopeservidores savers with more than £6m: ‘We are adrift’

The governing body for Monday’s resolution said the cooperative has a total of 168,000 customers to date, including both members and non-members.

The meeting with Marco Hernandez will take place according to the agreed rules

Ruiz, who coordinated the meeting with Hernandez, said the meeting was arranged according to the previous rules established by the resolution. “It was a virtual meeting in which only Don Luis (Marin) and I could participate. They established the rules for this meeting for us: no one else, no more than two people, and absolutely no discussion of anything that was not part of the resolution process, nothing beforehand,” he said.

Among the topics that are not allowed, Ruiz mentioned that the supervisory work of the General Superintendence of Financial Entities (Sugef) will not be mentioned. “They will not answer any questions or receive them.” According to their calculations, the two leaders represent about 2,000 people affected.

Ruiz commented that depositors have raised many concerns and suggestions, but he would not reveal them. “We want the solvers to hear them in person, not through the media.” Prior to the meeting, they will hold several meetings to prepare for the consultation with Hernandez. “We will be brief and we want (Hernandez) to explain to us some things that we still don’t understand, based on the law.”

He referred to the guarantee process for 5,500 depositors with more than £6m in deposits. “We see that our equal standards are not being applied and we want you to explain that to us,” he added. Ruiz said the action they would take would depend on Hernandez’s response.