The banking crisis of 2002-2004 greatly benefited the cooperative movement in the Dominican Republic. According to the Listin Diario, there are more than 500 co-ops, and just 14 of them that belong to the Association of Rural Savings and Loan Institutions (AIRAC), have lent over three billion pesos to 44,343 associates. The co-ops also received CD deposits of RD$2.17 billion and normal savings deposits of RD$4.18 billion. According to Virginio Rafael Gerardo, the AIRAC group grew by RD$1 billion in 2004.