Peru's Superintendency of Banking, Insurance and Pension Funds has amended the phase-in schedules for several prudential requirements for savings and credit cooperatives, known as Coopac, delaying the entry into force of some measures to give cooperatives more time to adapt gradually. The timeline to meet the 10% global capital limit and the 7.50% basic capital limit has been extended by up to two years, with both schedules now ending in December 2028. The schedule for building the cooperative reserve has been extended so it concludes in December 2027, with target reserve levels of 15% for level 1 Coopac, 25% for level 2 and 35% for level 3. The 100% liquidity coverage ratio schedule now runs until December 2031, compared with the prior end-date of 2029. In remarks to the media, the Deputy Superintendent for Cooperatives linked the changes to the 2025 strategic plan of the Deputy Superintendency of Cooperatives, which also envisages simplifying and proportionally adjusting the Coopac regulatory framework, closer coordination with cooperatives, a prudential supervision approach focused mainly on on-site work supported by standardised off-site criteria, and training in areas such as corporate governance and risk management.

Original source View in tracker