• Protect savings: FOGACOOP seeks to act always in defense of public savings in a sector where savings are rather low, given the income level of the target population.
• Optimal use of reources: In all decision- making, FOGACOOP will ensure rational and economical use of resources to consolidate and strenghthen assets, and shall aim to increase reserves and other resources.
• Minimum cost and cost/ benefits: FOGACOOP will decide, governed by the principle of least- cost of reserves and resources to protect people´s savings and public confidence to give adequate protection to their equity.
• Low risk- taking: Among the various types of rescue plans and financial aids, FOGACOOP will choose one that involves the least risk, for both deposit insurance and its equity.
• Moral hazzard: FOGACOOP will lean in favor of minimizing market indiscipline, and in any case avoid, as far as possible, to participate in the capital of the registered credit unions.
  

1. When required, FOGACOOP shall participate temporarily in the assets of the registered credit unions with an amount that should be considered proper.
2. Handle the deposit insurance system and other funds or reserves that are established in Decree 2206, Article 16, Parragraph 1.
3. Organize the purchase of bonds for registered credit unions under liquidation.
4. In case of possession, FOGACOOP must appoint a liquidator, special agent or temporary administrator, the comptroller and the tax inspector, and also carry out supervision and monitoring activities, meanwhile observe procedures established by the Financial and Credit Union´s Superintendencies.
5. Develop aid operations for registered credit unions, for which it may at any time, among other operations, buy assets based on technical appraisals under conditions approved by the Board of Directors of FOGACOOP.
6. Authorize partial inventories by the liquidators in the credit unions.
7. Authorize the liquidators that in case of inminent threat demerit, damage or loss of properties of the credit unions under liquidation, such assets can be disposed immediately in terms of market valuations, in compliance with the standard process for disposal of state shares mentioned under Article 60 of the Colombian Constitution and other regulations.
8. Submit reports requested by the Financial and Credit Unions Superintendencies.
9. Sign agreeements and contracts established in Decree 2206, 1998, Article 16, numerals 12, 13, and 14.
10. Other functions that have been authorized to help develop the objective.
    

1. Organize or manage autonomous equities, composed of the registered credit union´s assets that have been transferred according to the conditions set by the Board of Directors.
2. Establish mechanisms for temporary management of the credit unions, in order to protect the viability and financial solvency of the entity.
   

1. The Minister of Finance or his delegate.
2. The Minister of Industry, Commerce and Tourism or his representative.
3. The Director of the National Bureau of Credit Unions or his representative.
4. Two representatives appointed by the President of the Republic.

Members of the Board established in numeral 4 must have knowledge and expertise in financial matters, and possession before the Financial or Credit Union Superintendents.

The Financial or Credit Union Superintendents or their delegates may attend meetings, but can not have voting rights.

1. Provide, if considered appropiate, the establishment of special reserves, in accordance with Decree 2206, 1998, Article 4, Paragraph 1.
2. Approve registrations of the credit unions in FOGACOOP.
3. Approve the involvement of FOGACOOP in the credit union´s equities.
4. Approve, in each situation, the investment regime of the resources, budget revenue and expenses, and financial statements.
5. Demand programs of equity soundness from the registered credit unions.
6. Approve loans and warrants for the registered credit unions.
7. Authorize the purchase of assets.
8. Within the overall objective of FOGACOOP, provide guarantees or offset losses or deficits that may occur to the registered credit unions.
9. Set the amount of fees, insurance deposit premiums and others for the registered credit unions.
10. Order a nominal reducction in assets of the registered credit unions to provide participation of FOGACOOP.
11. To enact measures that divides FOGACOOP´s equity from FOGACOOP´s reserves designated to attend insurance deposits and other funds.
12. Approve credit union agreeements with registered credit unions.
13. Approve agreements with other officials.
14. Approve cooperation agreements with agencies.
15. Establish the internal structure of FOGACOOP.
16. Other necessary functions for the fulfillment of its purpose.
17. To enact the statutes of FOGACOOP and approve the operation regulations.