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EIOPA sponsor-support assessment could ‘mask’ risk – PensionsEurope

first_imgProposals by the European Insurance and Occupational Pensions Authority (EIOPA) to assess the value of sponsor support could be overly simple and mask important risk-management information, PensionsEurope has warned.The lobby group also warned that models proposed by the European regulator’s discussion paper on sponsor support ­– published over the summer and now closed to consultation – risked causing problems for companies with multiple pension funds or multi-employer schemes, such as those common in Germany and the Netherlands.PensionsEurope’s response reiterated it does not support the proposed holistic balance sheet (HBS) approach for which the technical specifications under consideration could be employed.However, it welcomed aspects of the consultation – such as EIOPA’s suggestion to provide a “practical and proportionate” method for measuring support by employing sponsor credit ratios. It said EIOPA had “clearly put thought into designing a system that draws on existing information” by suggesting an approach that would seek to grade firms on a six-step scale broadly equivalent to AAA-CCC credit ratings, but that it would still demand that “detailed work” be produced by scheme advisers.“If, as seems likely, this is additional to existing work, then it would be a significant increase in the scheme’s overheads,” the response said.“Furthermore, it is still very unclear how to apply these ratios to group entities, multi-employers schemes, multinationals, public sector funds and industry-wide funds.“In addition, the access to the relevant and complete information is likely to be difficult.”PensionsEurope also raised concerns the six-step scale would fail to define the levels of support.“For instance, there is an enormous gap between ‘weak ’ and ‘very weak’,” it said, levels that EIOPA equated to a credit rating of B and CCC in its discussion paper.The lobby group further said the approach could result in an “oversimplification that will mask important risk-management information”, and that every approach that differed from a basic formula of a single sponsor and single IORP with one pension promise in one country would prove difficult to assess.In suggesting other measures to assess the likelihood of a sponsor default, the response suggested that funds sponsored by relatively large companies could employ credit default swaps.“The credit spread in the cost of funding of the sponsor could also be examined as a possible measure,” it added.It also urged EIOPA not to penalise sponsors deemed strong by shortening the potential period for recovery payments to only five years.“Penalising stronger sponsors is not an adequate way of regulating the pension sector,” it said. “The stronger the support, the less the imperative for shorter recovery periods.”PensionsEurope stressed the importance of local protection funds when asked to say whether pension funds should be barred from being a creditor upon sponsor default, but it said it was “too strict” to rule out any recovery of assets, especially as this was often regulated on a national level.It also rejected EIOPA’s suggestion that a recovery rate of 5% would be appropriate for most sponsors, saying it was “very likely” to be higher.“For example, in Germany, sponsoring employers of Pensionsfonds are legally obliged to pay into the national insolvency protection system (Pensions-Sicherungs-Verein), which would lead to a probability of recovery close to 100%,” it said.It therefore urged that the default probabilities be adjusted according to the individual IORP’s wishes based on the likelihood of asset recovery.,WebsitesWe are not responsible for the content of external sitesLink to PensionsEurope discussion paper responselast_img read more

Sagay City emerges as filmmaking hub of NegOcc

first_imgThe directors,most of them first-time filmmakers, created the flicks based on the mappedheritage and cultural properties of Sagay. Entries to theSine Margaha will be judged by Sagaynon artist Ronnie Lazaro, Cebuana actor andsinger Chai Fonacier, film critic Tito Valiente, filmmaker MassahGonzales-Gamboa, and Sine Negrense Festival director Adrian Torres. “We encouragehomegrown writers and directors to create a film depicting the Sagaynonheritage, culture, and lifestyle,” Mayor Alfredo Marañon III said on Friday. The City ofSagay has partnered with the Film Development Council of the Philippines underthe Office of the President to organize the event. The filmsinclude “Ang Inangtan” directed by Junmarl Alconga; “Bucket List,” by Syrha P.Soniega; “Damgo Ni Meme,” by Jeyannah Mae Ceferiano; “Gugmang Kinaadman,” byJessa M. Arnado; “Paabot,” by Trini Archie Garcia; “Palapak,” by Marc AllanPaglinawan; “Paon,” by Seb Valdez; “Pinta” by Maureen D. Martin; “Sorhuano,” byDarren Joy Giganan; and “Tukar,” by Rayne Barong. Behind the scenes of the film ‘Bucket List’ directed by Syra Soniega. It is one of the 10 entries in the first-ever Margaha Film Festival in Sagay City, Negros Occidental slated to open on Feb. 17. SAGAY CITY INFORMATION AND TOURISM OFFICE The three-dayfestival will feature 10 films, which were all written and directed bySagaynons. Other partnersinclude artist group Syano Artlink, Office of 2nd District Rep. Leo RafaelCueva, BG Connexxion and Moving Bridges Foundation, Northern Negros StateCollege of Science and Technology, Department of Education Division of Sagay,and Kayab Films.center_img During theclosing ceremony on Feb. 19, a total of 20 special awards will be given.Winners of the first, second, and third best pictures will receive cash prizesworth PHP10,000, PHP8,000, and PHP5,000, respectively, while finalists will getPHP3,000 each.(With a report from PNA/PN) The MargahaFilm Festival or Sine Margaha is the first-of-its-kind in the province is slatedto open on Feb. 17. It is set along the kilometer-long shoreline of Margaha(black sand) beach of Sagay, where the home of the famed visual artistNunelucio Alvarado is also situated. They received smallseed funds from the city government to start their production last month. Theparticipating teams also attended a workshop on cinematography, acting anddirecting last December. Marañon notedthat Margaha Film Festival is an event that inspires collaboration, ingenuity,and artistry of the Negrenses. BACOLOD City –The City of Sagay is poised to become the filmmaking hub of Negros Occidentalas it showcases the North’s picturesque seascape with rich local arts andculture in the first-ever Margaha Film Festival. “After thefestival, the city government will form an organization of filmmakers in Sagayto continually hone their skills,” he added.last_img read more