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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Central Bank loses over Rs. 1.5 b by investing in junk Greek bonds!

Central Bank loses over Rs. 1.5 b by investing in junk Greek bonds!

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sriranga

sriranga
Co-Admin
The Central Bank has yesterday admitted that the country had lost around Euro 8.4 million (over Rs. 1.5 billion) by investing in Greek bonds.

This revelation was made to Committee of Public Enterprises (COPE) during a hearing yesterday in Parliament.

Central Bank Governor Nivard Cabraal who attended the meeting had admitted that the loss was following the monetary authority in 2011 investing in Bonds of Greece, the financially bankrupt Euopean nation which had to be bailed out recently.

In response to queries how much of funds had been invested in Greek Bonds, answers had been vague.

The Central Bank was summoned by COPE following a request made by UNP MP Ravi Karunanayake. to COPE Chief MP Dew Gunasekara.

The disclosure yesterday follows the main Opposition UNP questioning in Parliament several months back about the investments of Central Bank though originally the House was told that specific investments cannot be divulged.

Following the admission, the UNP expressed serious concern over the manner in which the monetary authority was managing the country’s reserves though among responses were “some you win, some you lose” akin to managing by luck or a play of roulette, UNP MPs alleged.
http://www.ft.lk/2012/07/07/central-bank-loses-over-rs-1-5-b-by-investing-in-junk-greek-bonds/

http://sharemarket-srilanka.blogspot.co.uk/

anubis


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Guess we're gamblers as a nation... Very Happy

Politicians are a fraction of the population, so this makes perfect sense...

Btw, I feel we should put this into the talk section for further discussion.

Thanks for sharing!

Cheers!

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@anubis wrote:Guess we're gamblers as a nation... Very Happy

Politicians are a fraction of the population, so this makes perfect sense...

Btw, I feel we should put this into the talk section for further discussion.

Thanks for sharing!

Cheers!
Yes this topic to be discussed further.
Any moderators can move this?


Sri Lanka losses on Greece bonds offset by other gains: Central Bank
July 07, 2012 (LBO) - Sri Lanka has lost money by buying Greece government bonds for its foreign reserve portfolio but returns on other assets have offset the losses, the Central Bank said.

"The investments in Greece Bonds were a small fraction of the Central Bank total Europe portfolio and the loss of the Greek bonds was comfortably offset by higher returns from other investments," the Central Bank said in a statement.
The monetary authority said at the time bonds were bought the country had the backing of the European Financial Stability Fund and they were "were considered sound even though the Greece rating itself was lower than the investment rate."

Exact losses were not specified, but Ravi Karunanayka, a legislator was quoted as saying that a parliamentary committee was informed that the monetary authority had lost 2.2 billion rupees (about 16 million US dollars) on Greek bonds.

The Central Bank said it had earned 6.56 percent on its average reserves of 6.57 billion US dollars in 2012 which included gold, in 2011 or 430.2 million US dollars.

In 2010 it had earned 6.16 percent or 341.2 million US dollars on average reserves of 5.5 billion US dollars.

Sri Lanka has a de facto peg with the US dollar and aggressive investment strategies involving diversifying out of dollar assets can result in large mark-to-market losses on cross currency movements.
Steep cross currency movements involving strengthening of the US dollar were seen in 2008 when Sri Lanka lost about 200 million US dollars and also in the past quarter. Gold prices have also fallen this year.

But the US itself has been downgraded out of its triple 'A' rating by Standard and Poor's and several central banks have bought into gold. Sri Lanka's central bank has also been actively trading in gold.

The current economic crisis, triggered by loose US policy from around 2001, has also re-ignited a long simmering debate on whether excessively inflation and bubble-prone pure paper fiat money should be ended in favor of a more stable gold linked money standard.
http://lbo.lk/fullstory.php?nid=1722012496

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I lost about 2.5 mln by investing here.

Jeremy

Jeremy
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
What are the other bonds GOSL hold..... Spanish bonds, Italian Bonds, Gandhi Bonds and Panda Bonds. Central bank should disclose this to the general public !!! Just like EPF and ETF.

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Bad Habbit of the SL authorities is that, they highlight even a small profit or achievement, and put news headlines and play dramas in political stages ,but hide mammoth losses from the public and stay silent. This is what is called "loss of Accountability". Sometimes we can see this behaviour from corporate leaders as well, but when they are subject to be audited by the reputed audit agencies, there are usually exposed soon after. But unfortunately in public sector accounts " naduth hamuduruwange- baduth hamuduruwange"

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Reg bond loss:
Just to think there are paid officials to make these purchase decisions on behalf of the country.
Maybe volunteers like in this website be more honest and cleaner?


@bullrun wrote:I lost about 2.5 mln by investing here.


It will be unrealized loss unless you sold everything?

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
@slstock wrote:
Reg bond loss:
Just to think there are paid officials to make these purchase decisions on behalf of the country.
Maybe volunteers like in this website be more honest and cleaner?



We need a leader with foresighted to develop the country.
Nowadays 99.9% of them are thinking about their pocket only,no one care about public.
Using patriotism as a mask to cover their unethical activities.
Most of us are under the impression that under developed countries these types of rulers are inevitable.
But that is an illusion.

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