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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  No proof of market study prior to investment – Ranil

No proof of market study prior to investment – Ranil

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CSE.SAS

CSE.SAS
Global Moderator
Greek bonds:

Opposition Leader Ranil Wickremesinghe yesterday questioned the decision by the Central Bank of Sri Lanka to invest in Greek Bonds, which, he said had resulted in losses estimated at about Rs. 3,400 million.

"The main objective of investing in overseas bonds is to earn a larger income through it. Therefore, it is customary to penetrate very scientifically into the future goals prior to engaging in such investments. They are initiated only after inquiring well into the market conditions. Still, there is no indication that such an inquiry has been made on these investments made on Greek Bonds," the Opposition Leader said making a statement in Parliament.

Full text of the statement: "A number of facts on financial investments by the Central Bank of Sri Lanka in Greek Bonds came to light through mass media. Those reports revealed that these facts came to light also at the meeting of the Committee on Public Enterprises (COPE) held recently. Accordingly, it has been revealed that the loss incurred by investment in these Bonds on the country is over Rs. 3,400 million.

According to what has been pointed out by the Economic Specialists, the whole world began to see the degeneration of the economy in Greece in 2009. The most serious economic collapse that came about after re-establishment of democracy in Greece in 1974 came to surface towards the end of the year 2009 owing to world economic crisis and unlimited government expenses.

A clear trend of degeneration in Bonds appeared by April 2010. With a view to save the economy that was falling down, International Monetary Fund (IMF) and European countries offered a sum of Euro 110 billion in May 2010. The situation deteriorated by the end of year 2011. It had to receive further loans in 2012. Not only that, yet another example indicating this degeneration is the figures of Gross Domestic Product in Greece. The figure of Gross Domestic Product in 2010 was minus 3.5 which became a minus 6.9 in 2011. Situation being such, nobody would purchase Greek Securities or Bonds. In fact, many who foresaw this situation sold out their Bonds. But, the Central Bank of Sri Lanka did the right opposite of that, i.e. to purchase Bonds.

The main objective of investing in overseas bonds is to earn a larger income through it. Therefore, it is customary to penetrate very scientifically into the future goals prior to engaging in such investments. They are initiated only after inquiring well into the market conditions. Still, there is no indication that such an inquiry has been made on these investments made on Greek Bonds.

Not only that, certain facts as to whether approval of the Monetary Board of the Central Bank has been taken on this investment were exposed through media. It was also stated that the Auditor General has said that this investment is problematic. Equally, the mass media had reported that this matter has been proceeded with ignoring even the precautions issued by the Auditor General not to invest in these Bonds.

Still, what the Central Bank states is that since the investments made in the other countries were remunerative, this loss is a minor matter. Anybody can understand it to be an unfair statement. Each investment is taken separately and inquired whether they are remunerative or not under the supervision of Parliament. The Parliament cannot ignore the detrimental investments just because the total investment was remunerative."
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=57051

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