Coopeservidores Trust Established to Manage Residual Assets Following Financial Crisis
The National Supervision Council has approved the creation of a trust to manage the residual assets of the failed credit cooperative Coopeservidores, with Banco Improsa appointed as the fiduciary.
The National Supervision Council of the Financial System (Conassif) has officially approved the establishment of a trust to oversee the assets of Coopeservidores, a credit cooperative that has been declared unviable.
This decision, reached in session 1945-2025, designates Banco Improsa as the fiduciary entity following recommendations from the Cooperative Resolution Administration.
The trust will operate during the bankruptcy process that Coopeservidores is required to undergo by June 21, having been declared non-viable due to a recent intervention process.
Its primary objective is to manage and recover credit assets, as well as to administer and eventually sell other properties for the benefit of individuals affected by the cooperative's financial collapse.
The trust will operate under a clearly defined framework and administration, subject to judicial oversight, which is expected to enhance transparency and accountability in its operations.
Moving forward, the resolution team will initiate the orderly transfer of the residual assets, which include gross credit portfolios, properties, and additional equipment valued at ₡266.493 billion as of June 12. Clients with loans from Coopeservidores are required to continue fulfilling their payment obligations through the established channels defined in the resolution, pending further notice from the trust.
Banco Improsa was the sole banking institution to submit a formal proposal for the management of the residual assets.
The Council noted Banco Improsa's experience in managing trusts that include both financial and non-financial assets as a critical factor in its selection.
Additionally, the resolution team has revised the financial figures of the declared non-viable entity, resulting in an adjustment of ₡1.471 billion in the distribution previously announced for unsecured depositors.
The new distribution amount stands at ₡55.190 billion, reflecting a recovery rate of 12.76% for deposits exceeding ₡6 million, amounting to a total recovery of 63.44%.
Reimbursements to creditors will be facilitated through Banco Popular, utilizing funds generated from the cooperative during the resolution phase.
Deposits will be credited to the designated accounts of both individuals and businesses by no later than June 20.
This decision, reached in session 1945-2025, designates Banco Improsa as the fiduciary entity following recommendations from the Cooperative Resolution Administration.
The trust will operate during the bankruptcy process that Coopeservidores is required to undergo by June 21, having been declared non-viable due to a recent intervention process.
Its primary objective is to manage and recover credit assets, as well as to administer and eventually sell other properties for the benefit of individuals affected by the cooperative's financial collapse.
The trust will operate under a clearly defined framework and administration, subject to judicial oversight, which is expected to enhance transparency and accountability in its operations.
Moving forward, the resolution team will initiate the orderly transfer of the residual assets, which include gross credit portfolios, properties, and additional equipment valued at ₡266.493 billion as of June 12. Clients with loans from Coopeservidores are required to continue fulfilling their payment obligations through the established channels defined in the resolution, pending further notice from the trust.
Banco Improsa was the sole banking institution to submit a formal proposal for the management of the residual assets.
The Council noted Banco Improsa's experience in managing trusts that include both financial and non-financial assets as a critical factor in its selection.
Additionally, the resolution team has revised the financial figures of the declared non-viable entity, resulting in an adjustment of ₡1.471 billion in the distribution previously announced for unsecured depositors.
The new distribution amount stands at ₡55.190 billion, reflecting a recovery rate of 12.76% for deposits exceeding ₡6 million, amounting to a total recovery of 63.44%.
Reimbursements to creditors will be facilitated through Banco Popular, utilizing funds generated from the cooperative during the resolution phase.
Deposits will be credited to the designated accounts of both individuals and businesses by no later than June 20.