QCOSTARICA — In response to the doubts expressed by some Coopeservidores (savings and loans) clients, the debt resolution authority and Banco Popular clarified that there is no money for share capital (capital stock in the United States) payments, given it was consumed by the high losses reported.
The cooperative’s unviability occurred on June 21, 2024, consuming the entire share capital, leaving savers waiting for possible recoveries through a trust.
The Ley de Asociaciones Cooperativas (law on savings and loans) establishes that the share capital of the associates must respond for the cooperative’s losses, without the possibility of recovering their funds immediately.
Consequently, all debtors must pay their loans in full, without the possibility of compensation with their contributions.
“This case highlights the importance of understanding the role of share capital in a cooperative and the risks inherent to financial losses that can lead to the total absorption of contributions made by its members,” the official statement said.