The standard in question determines the repeal of sections “m” and “n” of article 74 of Law 24,241. For them, the FGS to invest in the futures market and in mortgage financing. The original text of the law allowed the Fund to make investments in:
- “m” Contracts that are negotiated in the futures and options markets subject to official control and supervision and in the conditions and sectors established and regulated, up to ten percent (10%);”
- “n” Mortgage bonds, mortgage bills and other securities that have a mortgage guarantee or whose services are guaranteed by participations in loans with a mortgage guarantee, authorized for public offering by the National Securities Commission, up to forty percent (40 %)”.
Both sections, in turn, had been previously modified by decree: in “m” an authorization to grant personal loans had been added and in “n” it was authorized to allocate up to $450,000 million to the “ANSES Credits” program. But with the Government’s measure this Monday, everything was repealed.
In this way, the Government is indicating that You will not be able to use the FGS money to intervene in the purchase of future dollar contracts, a mechanism that different administrations usually resort to when they want to lower devaluation expectations.
Besides, resigns the possibility of using FGS money to finance programs of negotiable obligations that can be issued banks to unload their mortgage portfolio on the capital market.
The market considers that the ANSES Fund is one of the largest institutional investors in the market with a capital of US$76 billion.
In a statement, ANSES warned that the FGS “was not created to function as a credit fund, but to guarantee the sustainability of the Argentine Integrated Pension System (SIPA) and, therefore, its assets must be invested in instruments that guarantee the preservation of their value.”
“Also, it highlights that the granting of financing It is an activity that can be carried out efficiently and competitively by the private sector, which has the resources and capacity to offer credit products under the supervision of the Central Bank of the Argentine Republic. and that, in fact, currently both public and private financial institutions have active lines of credit aimed at retirees and pensioners, which demonstrates the capacity of the financial system to meet this demand,” says the organization.
Source: Ambito
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