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Athens News Agency: News in English, 07-04-15

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] FinMin cites 'weaknesses' in funds' management

  • [01] FinMin cites 'weaknesses' in funds' management

    Economy and Finance and Minister George Alogoskoufis reiterated on Sunday that all of the government's top officials have carried out their political duties impeccably, deflecting criticism over the controversial bond purchase by a state-controlled pension fund.

    Alogoskoufis, whose interview was published in the Sunday edition of the Athens daily "Kathimerini", nevertheless conceded that "there is some type of issue at certain pension funds", while he added the courts will decide where personal responsibility lies.

    He also cited what he called "institutional weaknesses" in the system for managing the funds' assets and an "institutional problem" in the way the boards of such primary and supplementary funds are selected, since it is not anticipated board members should necessarily "know about complex financial products and investments."

    This weakness of administrations also emerged in the case of the purchase of structured bonds, Alogoskoufis said, because, as he explains, "these investments also have risks."

    However, the minister defends the institution of structured bonds which, as he says, "secure good performances with small risks," while urging social insurance funds to continue to invest in ordinary or structured bonds of the public sector because "it is a very good form of investments."


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