All of Puerto Rico’s island chartered and insured creditunions—known as cooperativas—are operating again following Hurricane Maria, according to JoséJulián Ramírez Ruiz, executive director of the Asociación deEjecutivos de Cooperativas de Puerto Rico.

Ruiz said Wednesday that the cooperativas have 165 branchesopen, which represents 70% of all branches on the island.

He said that the lack of telecommunication services and the costof diesel power are forcing some branches to remain closed.

And most of the branches that are open are operating at reducedhours, Ruiz said, adding that most businesses in Puerto Rico areforced to limit their hours.

Although there are banks on the island, there are 17municipalities where the only financial institution offeringservices are credit unions, according to Ruiz.

“The presence of credit unions all around the island are crucialfor cash distribution among those municipalities more affected,” hesaid. “This exhibits the importance of credit unions and thecooperative movement in Puerto Rico’s economic restoration.”

The cooperative movement has a strong following on the island.There are 116 cooperativas holding $7.9 billion for nearly onemillion customers. The cooperativas operate independently of NCUAinsured credit unions.

Ruiz said that only two cooperative buildings were heavilydamaged by the hurricane, but both are now open.

He added that the island’s most urgent needs are electricalpower and telecommunication services.