The new project of omnibus law intends to authorize to the Ministry of Economy to absorb public securities in the power of Sustainability Guarantee Fund. This fund holds Treasury bonds for more than US$31.3 billion, which represents almost 10% of public securities and bills issued by the national public sector.
This new project has some modifications regarding the original initiative. The central difference is that the first allowed the Palacio de Hacienda to obtain not only the Treasury securities held by the FGS but also the equity participation in some of the most important private companies in the country.
In the Official version sent this week to Governors and the opposition blocs in the Congress the intention of the Ministry of Economy remove from circulation all national Treasury bonds that are part of the Anses portfolio. The shares will remain in the hands of the investment fund.
What the articles of the omnibus law say about ANSES
Article 56 of the initiative excludes holdings of assets of the Central Bank or Banco Nación but that includes the Anses investment fund. “Public debt securities that are consolidated in accordance with the provisions of this law will be transferred to an account owned by the National Treasurywhere they will be canceled due to patrimonial confusion,” says article 58.
In article 61, the Executive Branch determines what type of investments the Sustainability Guarantee Fund is authorized to make.
This is what the text says: “You may invest the assets of the managed Fund” in shares, negotiable obligations of national, mixed or private corporations and futures and options on those securities. Also repeals article 76 of Law No. 24,241, which places limits on the weight each type of investment can have in the total portfolio.
Sustainability Guarantee Fund
The FGS has US$31,317 million of national Treasury bonds. In detail, the FGS has holdings of 33.5 billion pesos in Treasury securities in local currency, 72.3% of its total portfolio as of last February. Of that total, the 45.3% correspond to securities tied to inflation, and another 36.3% to bonds indexed to the official exchange rate.
The Guarantee Fund has in its portfolio about US$31,317 million of national Treasury bonds. Other 12.9% of Anses’ investments have company shares, one of them is Terniumof which it owns shares worth $898,785 million pesos. They follow further behind Banco Macro ($786,336 million), Grupo Financiero Galicia ($636,298 million), Pampa Holding ($554,885 million), Transportadora de Gas del Sur ($541,159 million).
The FGS has in its power negotiable obligations for a total of $2.6 billion, of which just over 1 trillion correspond to the oil and gas sector and another $786,909 million in energy, in both cases ONs nominated in dollars. The holding of shares of Mutual funds It is minimal, with only $227,000 million.
Source: Ambito
