The SEPS orders the suspension of operations and forced liquidation of the CREA Ltda. Cooperative.
Within the framework of its risk-based supervision model, the Superintendency of the Popular and Solidarity Economy continuously strengthens the control and supervision mechanisms for financial institutions in the sector, with the aim of protecting members’ savings and strengthening public confidence in the popular and solidarity-based financial system.
In this context, SEPS informs the public that the CREA Savings and Credit Cooperative Limited, domiciled in the province of Azuay, has initiated the process of suspension of operations and compulsory liquidation, in compliance with current legal regulations.
This decision is due to the failure to comply with two specific causes contemplated in article 303 of the Monetary and Financial Organic Code, sections 2 and 7:
The substantial non-compliance with the Intensive Supervision Program (PSI) to which she was subject.
The fall of its solvency ratio below 50% of the minimum required by law.
As of May 2025, the cooperative’s technical capital amounts to $6.5 million, while its assets subject to risk exceed $196 million, yielding a solvency ratio of 3.36%, well below the minimum required of 9%.
In compliance with the current regulatory framework, the Superintendency has appointed Mr. Luis Miguel Cabrera as temporary administrator, in accordance with the Organic Monetary Code.
Once this entity begins the liquidation process, the Deposit Insurance Corporation (COSEDE) will be notified so that the deposit coverage mechanism can be activated. This mechanism will return amounts of up to $32,000, covering 98.30% of members and depositors of the CREA Savings and Credit Cooperative Limited. The deadlines for this return will be communicated in due course by COSEDE.
It is important to emphasize that this is an isolated case and does not represent a widespread risk to the system. To date, the Popular and Solidarity Financial System maintains a solid solvency level of 16.71%, reflecting the SEPS’s commitment to rigorous, transparent supervision aligned with Basel international standards.
From SEPS, we call on citizens to remain calm and trust in the technical and institutional work being carried out to protect members’ funds and the stability of the popular and solidarity-based financial system.
Karina
City: Cuenca
