Friday, the extent of cash available to it and how it will be affected by the current financial crisis. The leaders, however, that it was following a conversation with Minister of Finance, Monique Jérôme-Forget, it was decided that the Fund should be explained publicly.
The current executive officers of the Fund, Pierre Brunet and Fernand Perreault, have exceptionally met the press Friday at the end of the day to review the situation. The status of the Fund has become the hottest topic of the election campaign the past two days.
"There is no liquidity problems in the Fund," said categorically Fernand Perreault, Senior Vice President of Real Estate Group, who chairs the management committee for sick leave of the chairman, Richard Guay.
The Fund currently has a level of liquidity of $ 20 billion, and it is a historical level, he assured. "It's more than enough given that deposits exceed withdrawals," he added.
Although she agreed to meet the press to take stock, management of the Fund is still refusing to confirm or deny the information circulating about financial losses, which some estimate to $ 30 billion.
Mr. Brunet has reiterated that the Fund had always worked and by not publishing its financial statements at the scheduled date, when audited at the end of the year.
"The Fund needs to preserve its integrity as a financial independent and govern according to clear rules and predictable, not random. It is important to maintain the confidence of markets and institutions with which it deals, hammered Mr. Brunet.
"This is neither in the interest of the Fund nor in the interest of depositors to ask what action might be on the sidelines of the rules that govern long," he insisted.
Mr. Brunet has denied any political interference and said that this is not the Minister Jérôme-Forget that he had specifically asked to hold a press conference. He said however it was agreed during a conversation, it was better that the Fund explained publicly.
He arrived just a business trip in Florida claims to have several conversations with the Minister of Finance, given the financial crisis.
These conversations were animated by seeing what proportion took the latest news about the Fund, such as the abolition of 10 posts in the management of international equity portfolios and sick leave from President Richard Guay.
"It took a larger proportion than we believe it would take," Brunet said, speaking of sick leave a month of Mr. Guay. It will return on December 10 and would leave for "fatigue", said Mr. Brunet.
"In recent months, Mr. Guay made an exceptional job," he said.
As to how the Fund will be affected by the financial crisis, it will be like all fund managers. MM. Brunet and Perreault urged people to wait until the end of the year before judging.
Reactions
Meanwhile, the Liberal leader and outgoing Premier Jean Charest has denied any interference in the decision of the Fund to meet the press. "I do not really master of communications from the Caisse de depot et placement du Quebec. It was at their initiative," he responded to journalists covering his campaign.
The head of Democratic Action, Mario Dumont, meanwhile, shouted to "maneuver" from a "political command" of the Liberals.
"When the results were good, Jean Charest took people of the Caisse de depot, he put in the wardrobe and he climbed on stage to sell well. When the results are bad, Jean Charest is hiding in the wardrobe and there, it sends people on the stage of the Caisse de depot defend the poor results and serve as umbrella policy, "thundered a Mr. Dumont.
The PQ spokesman for finance, François Legault, said that according to its sources, the Fund would have liquidity problems, due to higher provisions to cover losses in commercial paper backed by assets. The Fund attempts to dispose of many obligations of Canada and the provinces, but would not find buyers, he said.
Mr. Legault said fear of increased contributions to the Fund, in case of losses. According to him, a halving of the value of certain investments, for example, would have "an impact on contributions, on the sinking fund government on government spending."
The current executive officers of the Fund, Pierre Brunet and Fernand Perreault, have exceptionally met the press Friday at the end of the day to review the situation. The status of the Fund has become the hottest topic of the election campaign the past two days.
"There is no liquidity problems in the Fund," said categorically Fernand Perreault, Senior Vice President of Real Estate Group, who chairs the management committee for sick leave of the chairman, Richard Guay.
The Fund currently has a level of liquidity of $ 20 billion, and it is a historical level, he assured. "It's more than enough given that deposits exceed withdrawals," he added.
Although she agreed to meet the press to take stock, management of the Fund is still refusing to confirm or deny the information circulating about financial losses, which some estimate to $ 30 billion.
Mr. Brunet has reiterated that the Fund had always worked and by not publishing its financial statements at the scheduled date, when audited at the end of the year.
"The Fund needs to preserve its integrity as a financial independent and govern according to clear rules and predictable, not random. It is important to maintain the confidence of markets and institutions with which it deals, hammered Mr. Brunet.
"This is neither in the interest of the Fund nor in the interest of depositors to ask what action might be on the sidelines of the rules that govern long," he insisted.
Mr. Brunet has denied any political interference and said that this is not the Minister Jérôme-Forget that he had specifically asked to hold a press conference. He said however it was agreed during a conversation, it was better that the Fund explained publicly.
He arrived just a business trip in Florida claims to have several conversations with the Minister of Finance, given the financial crisis.
These conversations were animated by seeing what proportion took the latest news about the Fund, such as the abolition of 10 posts in the management of international equity portfolios and sick leave from President Richard Guay.
"It took a larger proportion than we believe it would take," Brunet said, speaking of sick leave a month of Mr. Guay. It will return on December 10 and would leave for "fatigue", said Mr. Brunet.
"In recent months, Mr. Guay made an exceptional job," he said.
As to how the Fund will be affected by the financial crisis, it will be like all fund managers. MM. Brunet and Perreault urged people to wait until the end of the year before judging.
Reactions
Meanwhile, the Liberal leader and outgoing Premier Jean Charest has denied any interference in the decision of the Fund to meet the press. "I do not really master of communications from the Caisse de depot et placement du Quebec. It was at their initiative," he responded to journalists covering his campaign.
The head of Democratic Action, Mario Dumont, meanwhile, shouted to "maneuver" from a "political command" of the Liberals.
"When the results were good, Jean Charest took people of the Caisse de depot, he put in the wardrobe and he climbed on stage to sell well. When the results are bad, Jean Charest is hiding in the wardrobe and there, it sends people on the stage of the Caisse de depot defend the poor results and serve as umbrella policy, "thundered a Mr. Dumont.
The PQ spokesman for finance, François Legault, said that according to its sources, the Fund would have liquidity problems, due to higher provisions to cover losses in commercial paper backed by assets. The Fund attempts to dispose of many obligations of Canada and the provinces, but would not find buyers, he said.
Mr. Legault said fear of increased contributions to the Fund, in case of losses. According to him, a halving of the value of certain investments, for example, would have "an impact on contributions, on the sinking fund government on government spending."
No comments:
Post a Comment