CONFERINȚA "Viitorul pieței de capital românești" - Ediția a VI-a
BURSA 29.08.2017

EMILIA OLESCU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Dochia: "The pension fund management firms will close down on their own if the fee gets eliminated"
     *  Aurelian Dochia: "The government's communication is a permanent blunder, and the result is that nobody is interested anymore in what the authorities are saying"
     *  PFP: "The current government, starting with its own prime-minister, is characterized by a ferocious economic illiteracy"
       The 2nd pension pillar continues to be the focus of politicians, who come out with conflicting statements on the matter. After last week, PM Mihai Tudose and deputy prime-minister Marcel have confirmed that the Government is working intensely on changing this private mandatory pension system, with the "amounts paid to the 1st pillar to be a bit higher than the ones paid to the 2nd pillar", PSD leader Liviu Dragnea said on Sunday, in a televised show, that "in actuality", the talks about the cutting of the contribution to the 2nd pillar concern the elimination of the fee that the managers of these private funds collect.
     Liviu Dragnea said: "Out of the money that you are contributing, those private managers withhold a fee of 2.5%. It was approved, legislated in the beginning. They said: give us that 2.5% fee to set up the pension management companies. We've been talking for ten years. In ten years there has been plenty of money and they've had plenty of help to organize. I think that's enough. That money shouldn't be taken from your contribution, it's very simple. Somebody pays 100 lei to a specific asset management fund, of the 2nd pillar, and only 97.5 lei are booked. In other words we want to give retirees more money. That is all, there is no action directed at pension fund managers, there is no nationalization, this is a matter of streamlining, of fine-tuning, which I don't think is a bad thing".
     It is true that last week, the information has also appeared, from alleged sources quoted by Profit.ro, that one of the measures that the Ministry of Public Finance was going to take concerns the monthly fee of 2.5%. But that was another measure which was supplemental to the one according to which half the contributions to the 2nd pillar would be transferred to the 1st pillar (state pensions). Or, Liviu Dragnea claims that "in fact", the talks concern that fee, alluding, without outright saying it, that the Government doesn't want to cut the contributions of the beneficiaries to the 2nd pillar.
     If that fee gets eliminated, then the managers "will be forced to close down by default", says economic analyst Aurelian Dochia.
     He said: "We have to wonder what will happen to the fund managers, if that fee of 2.5% gets eliminated. The state will have to provide a new source of income for them. Perhaps the authorities will decide to offer them a new commission. At any rate, if the management fee gets eliminated, then the managers will be forced to close down willingly, if no longer allowed to collect that fee, or else they wouldn't be able to cover their expenses. It won't even be necessary for someone to close them down".
     Some alternatives can be discussed - like discussing the level of the commission per se and to have a different financing source for the operation of these funds. There has to be a form for the managers of the special funds to achieve revenues for the payment of salaries and rents, etc.
     I think that there have been some intentions that would turn into measures, but because every time they try, resistance arises to all the changes its is trying to make, the Government keeps changing its statements. Perhaps it is an actual communication strategy, so that things get to the point where people get tired and eventually it doesn't matter what the Government does.
     In the end, I think that the result will be that everyone starts doubting that story and the authorities will have the means to do anything, without anybody being paying attention to them. It is hard to say that this communication strategy is deliberate, but there is a permanent string of conflicting statements, and the result is that nobody is interested in what the government is doing and what it intends to do. Perhaps that is the goal, but this whole strategy also follows the reality of the confusion reigning among the authorities. All of their governing plan was made without any fundament, unsustainable measures have been taken and now they are scrambling for solutions".
     PM Mihai Tudose confirmed on Friday that the authorities are working on changing the 2nd pillar of private mandatory pensions, after the authorities vehemently denied for months the information that they were looking to shut it down. Mihai Tudose said on Friday that he has seen that the return of the 2nd pillar is far lower than that of the 1st pillar (state pensions). The prime-minister said that the median return of pension funds of the 2nd pillar between 2008 and the current year has been approximately 4%.
     Tudose wrote on his Facebook: "In the 1st pillar, the pension is calculated as the ratio between the earned salary and the median salary. That means that a person who has had an annual growth higher than 4% compared to the increase of the median salary will have upon retirement more money than a person who has also opted for the 2nd pillar". The head of the Government also gave a "concrete example" those who between 2008-2017 have been paid the minimum wage. "It increased approximately 180% during that period, whereas the median wage increased less than 100%. It follows that they had an increase of the pension point of more than 80%, compared to 40% for those who opted for the 2nd pillar as well".
     Tudose added: "The return I spoke about, calculated in relation to the pension point, concerned the amount that would be received upon retirement in the two situations: the person who opted for the 2nd pillar versus the one that didn't".
     Tudose's numbers differ from the ones reported in the market. "Between May 20, 2008 - May 19th, 2017, representing the first nine years of the 2nd pillar, all the private pension funds have seen an annual median return of 9.46%, according to the calculations of the APAPR", according to a June press release of the Association for Privately Managed Pensions of Romania (APAPR).
     The "Uniunea Salvați România" party (Save Romania Union - USR) called the PM's statements about the returns of the two pension pillars as "aberrations": "The aberration of the day came from the prime-minister: the return of the 1st pillar is higher than the return of the 2nd pillar. In fact, the 1st Pillar cannot have a return cannot have a return because it is not an investment, like the 2nd pillar".
     The USR further said: "Furthermore, the 1st pillar has a deficit of 21 billion lei in 2016, and a predicted deficit of 28 billion lei for the end of 2017. Unfortunately for Romania, Mihai Tudose is, from a professional and political point of view a dunce, according to the very evaluation of the PSD".
     * PFP: "Take your hands off our pensions"
     "Take off your hands off our pensions", begins the press release of the Association of Pension Funds and Investment Funds Participants (PFP), which says that it has "been shocked at the recent statements made by PM Mihai Tudose and of the other members of the Government concerning the superior return of the 1st Pillar (managed by the state) compared to the 2nd pillar pension funds".
     The aforementioned press release states: "The PFP thinks that the current government, starting with its own prime-minister, is characterized by a ferocious economic illiteracy, whose harmful consequences will negatively affect both Romania's economy overall, as well as every Romanian".
     The Association also adds that the "public pension system has been at a deficit since 2009, and that deficit is reaching dizzying amounts, of even 15 billion lei (approximately 3.5 billion Euros)". "The use of the word «return» in relation to a government which doesn't invest any part of the amounts it collects beggars belief": "It is impossible for us to understand how the prime-minister and the Government don't know the fact that the current public system is nothing more than a pipeline by which the social contributions paid by the current employees are transferred to current retirees in the form of pensions. There is no accumulation, no investing of money from the pension system to the benefit of the current employees or retirees. In other words everything that is produced is consumed instantly and in order to cover the deficit, there are also loans made".
     The government is only interested in one thing: getting money to cover the huge staff and pensions expenses it has engaged in without any prior analysis, the representatives of the Association further say. "Unfortunately, the issue is a lot more serious, and the emptying of the 2nd pillar is just one phase. There will be other stages, where the Government, in its rush for money, and once the amounts in the 2nd pillar prove insufficient, will also apply other measures which will eventually turn against Romanians. (...) Hence why we get the Exchange rate of 5 lei for a Euro or higher interest rates will be a reality soon. Let's think of what that will mean individually, for the Romanians that have taken out loans, especially during this period of low interest rates - we will once again be talking about people who are financially burdened. And let's apply that image to the economy overall - the consequences could be disastrous. The government is behaving just like a medieval lord, who offers electoral handouts presents to the population to get his tranquility for a while. To them, it doesn't matter that the country doesn't have roads, schools and hospitals and that the treasury is emptying, and more money only comes from expensive loans or new taxes".
     On May 19th, 2017, exactly 9 years after the actual launch of the 2nd pillar, the number of participants in these funds has reached almost 6.9 million Romanians, and the net assets under management have exceeded 35.1 billion lei (7.7 billion Euros). 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
PSD LEADERS HAVE APPROVED THE CREATION OF A COMMISSION TO INVESTIGATE THE ANRE
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
FINANCE MINISTRY ONCE AGAIN CONFIRMS WHAT BURSA HAS REPORTED BEFORE:
THE ONLY CANDIDATE FOR THE BOARD OF THE EXCHANGE, IN THE GENERAL SHAREHOLDER MEETING OF SEPTEMBER 14TH
ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBER
Actualitate - vezi toate știrile mai jos.
Bănci-Asigurări, 13:09
     * Dolarul a câștigat 2,42 bani în fața monedei naționale
     * Francul a urcat la 4,0091 lei
       Banca Națională a României (BNR) a anunțat, astăzi, un curs de referință de 4,5990 lei pentru moneda europeană, în creștere cu 0,25 bani, comparativ cu ședința de ieri, când euro a fost cotat la 4,5965 lei.  detalii
Politică, 09:17
UPDATE/MINISTRUL JUSTIȚIEI, DUPĂ DECLARAȚIILE LUI KOVESI:
     * ACTUALIZARE 13:42 Șefa DNA sesizează CSM ca urmare a declarațiilor ministrului Justiției
     Procurorul șef al Direcției Naționale Anticorupție (DNA), Laura Codruța Kovesi, a solicitat Consiliului Superior al Magistraturii (C.S.M.) să analizeze dacă afirmațiile ministrului Justiției Tudorel Toader conform cărora procurorii nu pot verifica legalitatea hotărârilor de guvern sunt de natură să afecteze independența sistemului judiciar, considerând că ministrul a indus în opinia publică ideea că activitatea procurorilor nu se desfășoară în limitele cadrului legal, potrivit unei surse din presă.
     ------
     Ministerul justiției, Tudorel Toader a afirmat în această dimineață că legalitatea unei hotărâri de guvern nu o verifică procurorii și judecătorii de contencios administrativ, declarația venind în contextul anchetei DNA în dosarul Belina.  detalii
Companii-Afaceri, 13:36
     Țara noastră va găzdui, joi, cea de-a 4 reuniune ministerială a inițiativei de cooperare regională în Centrul și Sud-Estul Europei (CESEC) în domeniul energiei, la care vor participa reprezentanți ai Comisiei Europene, Vicepreședintele Comisiei Europene Maroč ©efèoviè, responsabil de Uniunea Energiei, Comisarul pentru energie și schimbări climatice, Miguel Arias Canete și miniștrii energiei din 9 State Membre UE și 8 State Părți Contractante ale Comunității Energiei, implicate în această inițiativă de cooperare regională, potrivit unui comunicat de presă trimis Redacției.  detalii
Companii-Afaceri, 13:05
     Fostul deputat Sebastian Ghiță a fost audiat azi dimineață, prin sistem de videoconferință, la Tribunalul Prahova, în dosarul cunoscut sub denumirea Hidro Prahova, în care procourorii au cerut emiterea unui mandat de arestare pe numele său.  detalii
Companii-Afaceri, 12:43
     ABB a anunțat astăzi achiziția GE Industrial Solutions, business-ul pentru soluții de electrificare a GE, potrivit unui comunicat de presă remis Redacției.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
26.09.2017
BURSELE DIN LUME
     Bursele din Europa au urmat un curs mixt ieri, după ce, în alegerile de duminică, cancelarul german Angela Merkel a câștigat cel de-al patrulea mandat în fruntea țării, însă și-a redus majoritatea...  detalii
26.09.2017
BVB
     * Titlurile FP, cele mai lichide
       Piața principală a Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 83,83 milioane de lei (18,23 milioane de euro), în contextul în care opt...  detalii
25.09.2017
BVB
     * Acțiunile "Fondul Proprietatea" au scăzut cu 1,41%
       Ședința de tranzacționare de vineri a ieșit în evidență prin scăderea tuturor indicilor Bursei de Valori București (BVB), BET coborând cu 0,48%, aceasta fiind cea de-a șaptea ședință consecutivă în...  detalii
25.09.2017
BURSELE DIN LUME
     Bursele europene au urmat un curs mixt vineri, în urma unui discurs al premierului britanic Theresa May privind ieșirea țării sale din UE.  detalii
22.09.2017
BVB
     * Piața, dominată de raportarea tranzacției prin care FP a vândut 2,56% din SNP și de listarea obligațiunilor IIB
     * "SIF Banat-Crișana" și-a răscumpărat aproape 540.000 din acțiuni,...  detalii
22.09.2017
BURSELE DIN LUME
     Bursele europene au urmat un curs pozitiv ieri, sectorul bancar fiind în ascensiune după ce Federal Reserve (Fed) din SUA a indicat, în ziua precedentă, că va continua să majoreze costul...  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 25 septembrie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0783
2,3502
3,1374
3,9747
0,1766
0,6178
0,2188
4,5965
5,2337
1,4807
3,4515
0,2175
0,4942
1,0767
0,0675
0,4818
1,0992
3,8670
0,2914
1,2374
0,5840
0,0595
0,3417
0,2173
2,8148
0,0385
0,1467
1,0528
0,6142
0,1168
161,0893
5,4848
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
25.09.2017
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
     The Ministry of Public Finance (MFP) has created the legal framework which will allow it to sell government bonds to the population directly through the State Treasury and intends to use that...  details
21.09.2017
ANDRE CAPPON, CBM GROUP:
     Andre Cappon, the president of the CBM, Inc. group of New York, comes with a different perspective on the future development of the Bucharest Stock Exchange than that of the current management of...  details
19.09.2017
     * Anghel continues to act illegally and puts Sobolewski on the list, even though he didn't submit his candidacy
       Three candidates have been included in the race for the CEO seat of the Bucharest Stoch Exchange (BVB), during the internal selection process initiated by the Board of Directors, namely, Paul...  details
13.09.2017
PSD LEADERS HAVE APPROVED THE CREATION OF A COMMISSION TO INVESTIGATE THE ANRE
     * Elections at the ANRE this autumn
       Social Democrat leaders have approved the request of PM Mihai Tudose to set up an investigation commission which would audit the activity of the National Authority for the Regulation of the Energy...  details
12.09.2017
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
     * The press release about the results of the BSE has omitted mentioning the IPO of Nuclearelectrica
     * Even though it quotes PwC, the data posted by the BSE differs from that of the consulting firm
       In a promotional campaign that isn't justified by reality in any way, the Bucharest Stock Exchange (BVB) is being maneuvered by its president Lucian Anghel into posting wacky press releases...  details
11.09.2017
THE CONTRACT INCLUDES A NON-COMPETE CLAUSE
     Even though the Bucharest Stock Exchange has announced it is looking for a CEO, it is likely that Ludwik Sobolewski will remain on the payroll of the BSE for two more years, because his contract...  details
11.09.2017
FINANCE MINISTRY ONCE AGAIN CONFIRMS WHAT BURSA HAS REPORTED BEFORE:
     Hundreds of millions of Euros have gone from our banks to tax havens, Minister of Public Finance Ionuț Mișa states, in an interview with a financial newspaper. The official thus confirms what BURSA...  details
07.09.2017
     * "I hope that the government won't use the new fiscal regime of royalties as an intimidation tool against hydrocarbon producers"
     * Interview with PNL Lucian Bode, former minister of the economy
       Reporter: What is your opinion on the decision of the authorities to once again change the Energy Strategy?
     Lucian Bode: To me, the unreliability of the current government is...  details
05.09.2017
THE ONLY CANDIDATE FOR THE BOARD OF THE EXCHANGE, IN THE GENERAL SHAREHOLDER MEETING OF SEPTEMBER 14TH
     * Mr. Hanga hopes for a constructive approach and aimed at the future, and at the development of the BSE
       Radu Hanga, senior advisor for the Board of Directors of Banca Transilvania, is the only candidate proposed to fill out the Board of the Bucharest Stock Exchange, after the death of Cristian Micu,...  details
05.09.2017
ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBER
     * State secretary Andrei Maioreanu: "The updating of the Strategy was necessary, because the existing draft was predominantly focused on the objectives expressed by the EU and less on the objectives of the Romanian energy system"
     * Ion Lungu: "Each government devises a new strategy"
       The amendment of the Energy Strategy in one month is a bad joke, says Jack Cutișteanu, CEO of Petprod, reacting to the announcement made by the representatives of the Ministry of Energy, according...  details
30.08.2017
ISAR, ABOUT THE CONSTANT INCREASE OF THE EURO:
     * Senator Daniel Zamfir wants to call Mugur Isărescu in for hearings, next week
     * Isar: "The opening of the parliamentary session involves multiple negotiations"
     * The leu has weakened to 4.5985 lei against the Euro
       The leu yesterday weakened again, reaching the level of 4.5985 lei against the Euro, after on Monday it was quoted at 4.5958 lei.  details
29.08.2017
     * Dochia: "The pension fund management firms will close down on their own if the fee gets eliminated"
     * Aurelian Dochia: "The government's communication is a permanent blunder, and the result is that nobody is interested anymore in what the authorities are saying"
     * PFP: "The current government, starting with its own prime-minister, is characterized by a ferocious economic illiteracy"
       The 2nd pension pillar continues to be the focus of politicians, who come out with conflicting statements on the matter. After last week, PM Mihai Tudose and deputy prime-minister Marcel have...  details
25.08.2017
THE BSE CRISIS
     The embarrassing situation generated at the Bucharest Stock Exchange (BSE) by its former CEO Ludwik Sobolewski, who, with the complicity of BSE president Lucian Anghel, has tried, against the will...  details
24.08.2017
IF THE CONTRIBUTION IS REDUCED
     * "If the state pension system is the only one that gets kept, eventually the state may be unable to pay the pensions", says Dochia
       The 2nd pension pillar is once again grabs the attention of the public, after information from sources surfaced yesterday that the Ministry of Public Finances intends to cut by half the...  details
23.08.2017
     Ludwik Sobolewski announced, on Monday night, that he has decided not to exercise his mandate as CEO of the Bucharest Stock Exchange, "even though he could", invoking an alleged difference...  details
.