The Board calibrates the contributions of cooperatives to liquidity fund

To accumulate savings that will serve as a lender of last resort. Since there is no central bank that prints the banknotes in case financial institutions experience financial troubles, then it is up to the institutions themselves to save, so in case of a liquidity shortage, they can resort to that fund. The money goes to a trust fund and the Central Bank is the one that acts as a trustee.

Now mutualistic savings and credit associations of that sector (popular and solidary) shall pay a monthly contribution equal to 5% (previously 8%) of the average deposits subject to reserves of the previous month, while savings and credit cooperatives shall pay a 0.5% in relation to their obligations with the public of the previous month, according to the Board of Policy and Monetary and Economic Regulation.

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8874424&idcat=38229&tipo=2