97% of the bank of pensions are invested in Spanish government debt in 2012

Achetez des obligations pourrîtes n’aidera pas les futurs retraités, si le Québec risque de mal tourné, on devra utiliser ‘La Caisse de dépôt’ pour racheter nos obligations qui tombent à échéances.


Le Fondo de Reserva de la Seguridad Social, le fonds de la Sécurité Sociale espagnole fonds a été créé pour garantir les paiements futurs des pensions, a acquis 20 milliards d’euros de dette espagnole l’année dernière, et il s’est débarrassé dans le même temps de 4,6 milliards d’euros d’obligations françaises, allemandes et hollandaises. 70% des achats ont eu lieu après les déclarations de Mario Draghi qui ont fait remonter le cours des obligations espagnoles.

En utilisant ces réserves pour acheter des obligations souveraines, l’Espagne viole une loi qui prévoit qu’elles ne devraient être investies que dans des titres d’une « haute qualité de crédit et d’un degré de liquidité significatif », ce qui n’est plus le cas des obligations espagnoles.

En effet, l’année dernière, les agences de notation Moody et Standard & Poor’s les ont dégradées, et leur notation n’est plus qu’un cran au dessus de la cote de titre de pacotille, rappelle le Wall Street Journal.

Le fonds est destiné à garantir les paiements futurs des pensions de retraites, et les analystes se demandent s’il en aura encore la capacité à terme, alors que l’État a de plus en plus de mal à financer ses dépenses dans un contexte de récession et de politique d’austérité qui ont réduit ses recettes.

Mais les experts s’inquiètent du fait que le gouvernement espagnol a déjà commencé à opérer des retraits sur les réserves du fonds pour effectuer des paiements d’urgence. En novembre dernier, il a prélevé de l’argent pour la seconde fois de son histoire, retirant 4 milliards d’euros pour payer les pensions.

Auparavant, il avait déjà prélevé 3 milliards d’euros en septembre pour couvrir des besoins de trésorerie non précisés.

Ces deux retraits dépassaient la limite annuelle légale, ce qui a motivé le gouvernement a augmenter ce seuil.


Extrait de : 97% of the bank of pensions are invested in Spanish government debt in 2012, elEconomista.es, Friday, April 12, 201

The Reserve Fund of Social Security in 2012 increased their holdings of Spanish debt to 97% of total assets, up from 90% who had in late 2011. Progress Report of the Reserve Fund. Year 2012 (. Pdf)

This is provided that Jobs has a report released Thursday. Specifically, the fund bought in 2012 around 20,000 million euros of Spanish debt, while bonds sold 4,600 million French, Dutch and German.

Further emphasizes that over 70% of purchases are recorded in the second half of 2012, according toBloomberg points, after the critical moment that lived countries like Spain and Italy and the ECB President Mario Draghi, undertook to make "whatever it takes" to defend the euro. A message that helped ease the constraints and helped drive Spanish debt.

In 2007, the money invested in financial assets are divided fairly public (50%) between Spanish debt and foreign debt (22,121,000 and 21,685,000, respectively), but this proportion began to change in 2008.

Use the Fund to cover part of the debt issues has helped the Government to avoid funding problemsin the market, which has also been supported by the national bank.

The point is that as a result of the continued loss of contributors that has been recorded, if the government gets to see forced to pull the reserve fund to pay pensions could be without one of its major investors.

It is recalled that in September 2012, for the first time in history the government had to dip into the reserve fund to pay the payroll to pensioners. A total of 3,063 million euros were drawn from this instrument, to which were added to the 3,530 million in November Moncloa needed to fund the pension increases.

This second appeal was accompanied by controversy, as the executive was forced to change the rules of the Fund to extend the cap money than was available in the same year. Changing this limit, which was set at 3% of the pension expense for the year, increased the amount used in 2012 to 6.593 million euros and enabled the State capease a "temporary situation of financial failure" of the Social Security.

Evolution of 2012

As reported today by Employment Fund Social Security Reserve ended last year with a total value of 63,008.57 million, 5.93% of GDP.

During the past year, the financial management of these resources allowed to place on an annualized profitability at 4.20%, higher than that presented by other pension funds that hold a portfolio with a composition similar to that of the bank of pensions.

At the end of 2012 the Fund had generated 2,970 million euros in net income -753 000 000 more than in 2011 - the highest figure in the series.

Jobs emphasizes this sense, the recovery in 2012 of 42% of the approximately 7,000 million used during the past year to ensure the payment of benefits in times of increased liquidity stress, such as when you paid the Christmas bonus .

During his appearance, the Employment Minister Fatima Banez, highlighted the strength of the Reserve Fund and has refused to have a 97.46% of assets in Spanish debt and 2.54% in foreign debt, German, Dutch and French, mainly, no risk.

"Not at all. Precisely that makes his performance was so high and we've had such income in 2012 for yields over 3,000 million euros. In no case (is a risk)," has settled Banez. In addition, the minister did not rule out returning to deploy it this year if needed, because "it was created."