If the National Securities Market Commission ( CNMV) has already announced that it will appeal against the judge’s decision not to transfer the management of the investment funds of the entity are in liquidity, the Directorate General of Insurance and Pension Funds (DGSFP), also under the Ministry Economy remains open now a similar dispute over the future of the pension plans of mutual Forecast National Health (PSN).
Although already more than a month that the DGSFP approved the transfer of 97 8 million euros that PSN has deposited in Banco Madrid to Santander Securities Services (of which the eponymous bank owns 50%) as a new custodian, which would unlock its operations, shipping has not yet become effective.
Both authorities dependent economy as the receivers own hoped this chapter have been closed but the positions were bitter about the future of the 7.9 million euros of these pension plans are recorded in cash Bank accounts of Madrid.
While DGSFP and mutual maintain a similar speech to the CNMV in the case of investment funds and claim that 100% of the capital associated with pension plans must be traded, the entity managers counter that with the bankruptcy law in hand should use these funds in cash to cover losses from creditors in the liquidation process.
The same conflict also extends over part of the nine million of the total amount of pension plans are invested in mutual funds of Banco Madrid. These positions not only be affected by the impairment of assets of the entity on liquidation if not also a part of them, which has not been realized, cash and would also be subject to the same pulse.
In the case of the 1,600 million in mutual funds and Sicav, the receivers finished decreeing its transfer to Cecabank -just excluding culminada- between 240 and 350 million of these instruments are liquidity positions. An amount that the CNMV has already advanced that claim the judge that he be released.
The same fate seems to be waiting for him to pension funds. After Santander yesterday claimed his urgent transfer in the meeting held by the parties, sources familiar with the meeting reveal that the bankruptcy administration pledged to immediately begin operation gradually although its lack of resources but excluding the part again the amount is in cash.
Exhibition PSN for their insurance
Failing to see how the remaining money will be claimed, the mutual PSN is also affected by the 77.8 million of its insurance deposited in Banco Madrid. Of these, 76.4 million are invested in mutual funds of the entity subject to the deterioration of its assets. These funds are in addition to pending its transfer to Cecabank.
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