Athens News Agency: News in English, 07-04-17

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

CONTENTS

[01] Gov't: Funds' assets up 42%; losses by PASOK gov'ts

[01] Gov't: Funds' assets up 42%; losses by PASOK gov'ts

Speaking to reporters during a news conference after completion of the first meeting of a newly established watchdog Commission - formed to draft a new regulatory framework on the management of pension funds' reserves - the minister accused past PASOK governments of losing 3.46 billion euros from investments made by pension funds in stock shares during the period 1999-2002. Tsitouridis said funds lost 7.85 million euros from their investments in bonds, of which 5.5 million euros in transactions with the embattled Acropolis Securities firm.

"Our policy aims at promoting full transparency and efficiency in asset management without hurting the independence of funds," Tsitouridis said, adding that the ministry would publish, on May 2, a detailed list of all transactions made by pension funds. He noted that he has already asked pension funds to stop investing in structured bonds.

The minister said pension funds were independent and noted that their investments in bonds were not subject to government control, while he stressed that a commission designed to monitor funds' investments failed to operate in time because of lack of a regulatory framework in the market.

Tsitouridis, the minister whose has borne the brunt of opposition criticism, also emphasised that structured bonds were widely used around the world, noting that pension funds would not lose their money by the time of the bonds' maturing. He stressed that auditors to be selected to monitor funds' investments would not related in any way with bond market activities or other professionals.

Finally, he pointed to a "clash of vested interests" as hiding behind recent criticism against him, pledging that all data would be tabled to Parliament as soon as possible. Tsitouridis said he sensed he had the responsibility of completing a task of strengthening a system that suffered a great deal in the past due to various shortcomings.

Caption: Tsitouridis appears at a press conference in Athens on Tuesday, April 17, 2007. ANA-MPA / A. BELTES.

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