El Fondo de Garantía de Sustentabilidad del Sistema Integrado Previsional Argentino Argentine Public Pension Fund

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1 El Fondo de Garantía de Sustentabilidad del Sistema Integrado Previsional Argentino Argentine Public Pension Fund

2 Recent social security history 1993 September 2007 June Creation of Private Fully Funded Scheme (co-exist with a Public Pay-As-You-Go Regime) Creation of the FGS Number 1 October 2008 November A flexible scheme to update the pensions is implemented: Two increases per year (March and September) The congress passed SIPA law: Complete Amendment of the Pension Fund system. The two regimens were unified into a unique public PAYG regime Creation of FGS: FGS 1+ Private Funds 2

3 Argentine Private Fully Funded Scheme People without jobs or unregistered workers didn t have access to the social security system. During the 90s, from 10 new job positions that were created, 9 where unregistered jobs (without paying the applicable taxes and contributions). Nowadays this relation has been inverted, from 10 new job positions, 9 are registered ones. 90s Present This allows more retired workers to benefit from the pension funds system. 3

4 Argentine Current PAYG Scheme The Argentine Constitution establishes in Section 14 that the State shall grant the social security benefits in a complete and non-transferable manner. $ $ Does not charge any fees for the funds management. AFJPs did. The Argentine pension fund system is inter-generational, i.e., active workers support the current beneficiaries of the social security system (retired workers). How does the system support itself? How does ANSES manage the funds? 4

5 SIPA funding sources All people contribute to the social security system Social security taxes 56% General Taxes 44% Everyone is benefited from the social security system 5

6 Pension fund system beneficiaries 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 96% Pension coverage rate -December % 88% 20% 19% 18% 89% Argetina Brazil Chile Colombia Mexico Paraguay Uruguay Argentine minimum pension Increased of more than 5 times in eleven years 508% The current pension coverage rate is the highest in Latin America 2005 Pension Moratorium allowed ANSES to grant 2,3 million of new benefits 6

7 FGS role in the Argentine Pension System Investment revenues Financial System Capital Market Social Security taxes 56% General Taxes 44% Financial investments Surplus Eventual Deficit Pensions Family wages Universal Child Allowance Subsidies Unemployment Subsidies 7

8 FGS main purposes 1. To contribute in the sustainable development of the economy. 2. To ease the financial impact on the pension system that could be exercised by negative economic and social factors. 3. To act as a reserve fund composed with the surplus of the Argentine pension system in order to develop an appropriate investment of the surplus of the Argentine pension funds system. 4. To keep the value and profit of the FGS s assets. 5. To solve eventual deficits of the Argentine pension system in order to assure the integrity of the pensions. 8

9 FGS control structure First level Internal control within the FGS Dirección de Control del FGS Second level Internal control within ANSES Dirección de Auditoría del FGS Third Level Sindicatura General de la Nación and Auditoría General de la Nación External governmental agencies Fourth Level FGS Council (Consejo del FGS) Formed by representatives of: Workers Retired workers Companies Legislative Power Chief of Ministers ANSES Fifth level Comisión Bicameral de Control de los Fondos de la Seguridad Social Special commission formed by members of the Legislative Power, which controls the investments and evolution of the stock of the FGS. 9

10 Virtuous circle with economic and social effects ECONOMIC SOCIAL POLITIC Increase of Pension Funds Increase of investments More money in the FGS implies better pensions in the near future Profitability Greater tax collection More investments More work positions and and greater consumer demand Commitment of social security savings as well as Argentina s development Increase of tax collection due to workers and employers contributions Greater level of registered workers More national and local tax collection 10

11 FGS Portfolio variation in USD as of FGS Variation between 12/05/08 12/31/14 (USD billions and %) 12/5/08 USD 28.4 Bn 12/31/14 USD 55.2 Bn Variation + USD 26.8 Bn + 94% 11

12 FGS Portfolio variation in ARS as of FGS Variation between 12/05/08 12/31/14 (ARS billions and %) 12/5/08 ARS 98.1 Bn 12/31/14 ARS Bn Variation + $ Bn + 382% 12

13 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Growth of FGS in dollars since its beginning Annual growth rate in dollars of 11,5% cumulative (dec-2008 a dec-2014) (USD millions and %) Millions USD Monthly evolution of FGS portfolio Growth: +94,2% u$s millions USD millions 13

14 Dec-08 Jun-09 Jan-10 Jul-10 Feb-11 Aug-11 Mar-12 Sep-12 Apr-13 Oct-13 May-14 Dec-14 Growth of FGS in pesos since its beginning. Annual growth rate in pesos of 29,5% cumulative (dec-2008 a dec-2014) (ARS millions and %) Millions $ Monthly evolution of FGS portfolio Growth: +381,5% $ millions 43,3% anual (dec-13/dec-14) $ millions 14

15 Asset allocation comparison Stocks as of 12/05/2008 OTHERS 12,7% Stock as of 12/31/2014 OTHERS 8,0% CASH 1,1% CASH 5,7% FOREIGN ASSETS 5,6% STOCKS 8,3% SECTION Q 12,33% STOCKS 11,0% TERM DEPOSIT 6,1% TERM DEPOSIT 9,3% PUBLIC DEBT 58,4% PUBLIC DEBT 64,9% FORMER Private Funds ( AFJPs) PORTFOLIO $ 28.4 Billions Highlights: AFJP invested in foreign assets. Minimum investments in public work and infrastructure projects. FGS PORTFOLIO: $ 55.2 Billions Highlights: Strong investments in public work and infrastructure projects Repatriation of foreign investments 15

16 Increase in the Productive Sector (section Q) Million USD Evolution and composition by sector INFRASTRUCTURE ENERGY REAL STATE AUTOPARTS dic-10 jun-11 dic-11 jun-12 dic-12 jun-13 dic-13 jun-14 dic-14 FGS assets are invested in various operations which enable the development of domestic capital markets and the financing of productive projects and infrastructure. 16

17 FGS investments in Energy Sector Participation of ANSES in the sector The Energy Sector is the main destination of ANSES s investments adding up to 46% of the total amount ($ 3.2 billions). The FGS-ANSES has become the main investor in the energy sector in Argentina. Taking into account the six major energy projects: Atucha II, EPEC, MBT, Barragán, Brigadier Lopez, Loma La Lata, etc. These projects have a generating capacity of 3827 megawatts of energy. That is, the FGS-ANSES currently funds 20% of total energy supply of the country. Thus, one of five megawatts generated is financed by the FGS-ANSES. 17

18 Public work and Infrastructure Projects - ENERGY ATUCHA II Purpose: Finacing construction work, completion and start up of the nuclear plant Central Nuclear Atucha II (745 MW/h). Total Investment U$S 2.064,3 Mill. (Valuation Dec-2014: U$S 1.677,7 millions) Maturity: 12 years Cupon: Libor ECONOMIC IMPACT Employment: In construction stage, 5,056 jobs (1 st year) + 4,100 (2 nd year). In operation stage, 350 jobs. Clean energy production. Cheaper than its substitutes. Gradual increase in the autonomy of the Nation in the energy field. Increased tax revenues and foreing currency savings for less imports. 18

19 Infrastructure Projects - ENERGY ENARSA Thermoelectric Power Plants Purpose: Finacing construction work, completion and start up, operation supervision and maintenance of the plants. Barragán: U$S 685,9 Mill. (Val. Dec-2014: U$S 638,2 mill.) Brigadier López: U$S 347,9 Mill. (Val Dec-2014: U$S 310,1 mill.) Cupon: Fix 9,5% (Short term - 5 years) LIBOR (Long Term 12 years) ECONOMIC IMPACT Employment : monthly jobs in construction stage (both plants) 84 monthly jobs in operation stage (42 each plant). Generation: Barragán: 588 MW (open-cycle); 840 MW (closed-cycle). Brig. López: 280 MW a (open-cycle); 420 MW a (closed-cycle). Taxes and revenues to ANSES: US$ 113,8 M (both plants). 19

20 Infrastructure Projects ROAD WORKS SISVIAL Financial Trust Purpose: project planning, construction works, maintenance, and road infrastructure services, maintenance of road and railway infrastructure in rural areas, among others. Total Investment U$S 954,3 Mill. (Valuation Dec-2014: U$S 422,5 millions) Maturity: Up to 12 years Cupon: Badlar + (400 / 550 bp.) ECONOMIC IMPACT National Highway #9 National Highway #14 Employment: jobs ( direct jobs, jobs related to suppliers and jobs related to induced consumption). Earnings to ANSES: US$ 270 M (7% of the investment). 20

21 Productive Sector Real State PRO.CRE.AR. A national government initiative that projects providing 400,000 mortgage loans for housing, the first 100,000 by the end of The aim is to encourage construction by enabling recipients to build their own homes or purchase new homes built through the program. Total Investment made by the FGS in 2014: U$S Mill. PRO.CRE.AR is a public financial trust ECONOMIC IMPACT Investment in construction sector has a high multiplier effect on economic activity, increasing the total output of the economy. It also generates a significant employment growth through direct mechanisms, promoting such a labor-intensive branch, and indirect: creating additional demand for products and services from suppliers and consumption generated by increasing society s income 21

22 Example: Legal requirements for investments in section Q Offering Prospectus Credit Rating issued by authorized agency. Periodic filing of financial statements audited by the Argentine SEC Example: Financial Trust NA-SA CAMMESA CASH FLOW Supply Contract $ NACIÓN FIDEICOMISO S.A. Financial Trust Payments before Bonds repayment: Taxes. Fees, other expenses. $ BONDHOLDERS (FGS) Notes 22

23 Evolution of the Public Debt stock in the Portfolio Pesos-Badlar 30% Composition performance (Dec ) Other 1% 68% 65% 62% Dec-09 62,0% % of public debt on the FGS' portfolio Dec-14 64,9% 59% Pesos-CER 27% USD-Fixed 42% 56% 53% 50% dic-09 jun-10 dic-10 jun-11 dic-11 jun-12 dic-12 jun-13 dic-13 jun-14 dic-14 According to the composition by type of yield, the portfolio registers greater participation of USD-Fixed. 23

24 FGS Trading Desk Policy of Transparency The FGS Trading Desk under the Manager of Transactions and Operations has the following resources: ELECTRONIC RESTRICTED ACCESS: System of access to the Trading Desk by magnetic cards of exclusive use of traders, managers and the FGS subdirector. GRINDED WINDOWS: Windows with treatment aimed to secure privacity and protect information. 3 BLOOMBERG TERMINALS: 3 workstations with Real-time Financial Information, 2 of them located at the Trading Desk and the other in the Manager of Transactions and Operation office. 8 WORKSTATIONS: 8 workstations, each of them equipped with 1 PC and 4 screens. 8 CONSOLES AND RECORDERS ETRALI MACH 3 : 8 telephone consoles with permanent recording communication system, PtP technology and touchscreen. 4 TV SCREENS: 4 cable TV screens to provide online information. REUTERS SERVICE: A post for each operator, which provides real time information on prices of many financial assets. BOLSAR SERVICE: A post for each operator, which provides real time information on prices of many local financial assets. Currently, the FGS has a system of recording transactions and is in the process of contracting with various counterparts the placement of PtP lines. 24

25 Transparency policies - Information Since December 2009, the FGS has an internet site that can be accessed through the ANSES web site (www.anses.gov.ar). In this site the visitors can download quarterly reports of the FGS portfolio evolution, all the presentations made to the Bicameral Commision of Fund s Control, complete and updated listing of the investments made by the Fund and the investment criteria. Also, it can be consulted the information related to the FGS Control Agencies. In addition, since December 2009 the FGS publishes the evolution on its portfolio with dissagregated data on the composition of investment, global variations and items. Since this information is public, the data is broadly distributed by the national and international press. 25

26 IMPLEMENTATION OF SAP (SYSTEMS, APPLICATIONS AND PRODUCTS) This prestigious and well-known operative system has been implemented as a support of the accounting registry system of day-to-day-operations. Its application to the FGS impacts on a positive way to the institutional image and brings transparency to the management of the FGS s assets; it also works as a useful tool to the investment decision process of the different areas of the FGS. SAP implementation was started in 2009 and the system was finally set up in June, SAP implementation required an intensive tailoring of the standard version due to the special characteristics of the FGS. The stage of stabilization and final implementation in real time ended early this year. Nowadays, FGS s Trading Desk, Back Office area and the accounting registry area are using SAP. It has intensely emphasized the delimitation of the staff roles in order to avoid conflicts in daily tasks and consistency mistakes. We are working now in the expansion stage of SAP, adding new functions and extending its application to other areas of the FGS. 26

27 El Fondo de Garantía de Sustentabilidad en el Sistema Integrado Previsional Argentino Argentine Public Pension Fund

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