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According to the Minister of Finance, Ignacio Briones, it is urgent to regulate the changes of funds in the AFPs. According to the vision of specialized organizations, massive and frequent changes affect asset prices and force fund managers to have sufficient “liquidity buffers” to deal with them, which affects, in the long run, the return for affiliates .
Annually, as indicated by the Secretary of State, and by way of example, these massive changes mean for a person who is in fund E, “stop earning” about 0.8% of what he has accumulated.
However, for Gino Lorenzini, owner of Felices y Forrados, a company that would be the main affected by this rule, it is nothing more than the imposition of a “corralito”. “It is an expropriation of a right to change funds, with enormous patrimonial damages in the affiliates,” he said.
But what do other experts say? Guillermo Larraín, an academic from the University of Chile, former vice president of BancoEstado and former superintendent of AFP, considered it important to resolve it, because in his opinion, mass transfers effectively generate “a volatility that one would not want in the markets.”
Even so, he says that this is not the time to focus on this issue, less when Congress has already dismissed it twice. “This project can be improved, but I would have understood it more as an indication of the project to reform the pension system, which we have waited 10 years ago. It is given a role that is not understood, because it is not the main problem of the social security system. This is wasting time for parliamentarians, that they should discuss what really matters, “he said.
In his opinion, there is no good a priori reason to address this issue, but if you still want to analyze it, he recommended that the new regulations go hand in hand with reducing multifunds from 5 to 3, for example, because, otherwise , It is not proven that there are greater gains with the changes.
“It is given a role that is not understood (the project to regulate the changes of funds), because it is not the main problem of the social security system”, Guillermo Larraín.
George Jackson: “It is covering the sun with one finger “
While in Chile Vamos applauded that the Government presented the project to regulate the transfer of money from one fund to another, the opposition is not very convinced of Ignacio Briones’ proposal.
For the president of the House Finance Commission, Daniel Nuñez (PC), the project “does not correspond and shows the stubbornness of the minister. Instead they should regulate the financial markets. “
Giorgio Jackson (RD), meanwhile, asserted that “the proposal is only to cover the sun with a finger. The path we should follow is to eliminate multi-funds and then let’s discuss the most comprehensive change in the AFP system ”.
For his part, Manuel Monsalve (PS), estimated that the project “responds to the pressure of economic interests. Let’s not legislate to solve the problem for the AFPs ”.
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