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German Pensionskassen, BaFin in ‘uncharted territory’ over solvency

first_imgThe German pension fund for a Catholic aid organisation in Cologne is one of three Pensionskassen in talks with the country’s regulator BaFin regarding the potential impact of 2017 losses.The €546m Caritas Pensionskasse (Caritas PK) is currently discussing its 2017 balance sheet “in close coordination with the actuary, the accountants and the BaFin”, the pension fund told IPE in a statement.Last week, BaFin issued a statement saying it had banned Caritas PK from taking on any new business since May, after finding that its recovery plan for meeting its solvency requirements was “inadequate”.It is the first time BaFin has issued a Pensionskasse with such a ban. However, over the past year the regulator has frequently issued warnings to insurance-based pension funds regarding their funding structures. BaFin’s office in BonnA detailed account of the solvency issues will only become available once the annual reports for both pension funds have been approved. A spokesperson for Caritas PK told IPE that its annual report would only be published once the general assembly had approved it. However, the general assembly was not due to hold another meeting this year, the spokesperson said.Industry sources told IPE that it was unlikely the Caritas PK would take on new business any time soon.Kölner PK blames rulebookThe Kölner PK is also currently not taking on any new business as it lacks funding to continue operations under the regulatory framework for mutual insurance companies.If this situation continues, the fund will have to start planning for internal runoff.In its 2016 annual report the Kölner PK’s board blamed – in part – “nonsensical measures” deriving from regulation for starting the fund’s solvency problems.Some regulatory requirements had forced the fund to sell off assets at the wrong point in time, the pension fund said, while some money put aside for the Zinszusatzreserve – the interest rate buffer – could have been better spent on filling the funding pool. Germany’s Bundesrat building in BerlinThe regulatory burden and reporting requirements for Pensionskassen and other German pension vehicles are unlikely to reduce any time soon.Germany’s lower chamber of parliament, the Bundestag, this month approved the government’s draft rules implementing the EU’s IORP II pension directive, known as the EbAV II.The pension fund association aba said “there is hope” that its objections to the prospect of EU-wide harmonisation for occupational pension funds had been heard.The draft bill has to be passed by the upper chamber of parliament (the Bundesrat) in a vote scheduled for today, with BaFin then due to issue circulars and guidelines on the actual implementation and industry-specific issues.What is already certain, however, is that the EbAV II will mean more reporting and internal risk assessment requirements for pension funds.“Overall the requirements for providers will increase significantly,” said Michael Hoppstädter, managing director of consultancy Longial.– Barbara Ottawa Earlier this year Caritas PK and its affiliated pension fund, the €329m Kölner Pensionskasse (Kölner PK), informed members about difficulties regarding the funding situation and possible cuts to pension payouts. Cologne’s Caritas and Kölner Pensionskassen face solvency problemsBoth the Caritas and Kölner funds are structured as mutual insurance companies – Versicherungsverein auf Gegenseitigkeit (VVaG) – which brings with it certain solvency and interest rate “buffer” requirements.The talks with BaFin now fall under the remit of Olaf Keese, who takes over joint management of the Caritas and the Kölner Pensionskassen this month. As a result of his appointment Keese will resign his seat on the board of the Peugeot pension fund in Germany at the end of the year.Tax consultants’ fund talking to BaFinFunding problems have also been reported at the pension fund for German tax consultants, the €992m Steuerberater Pensionskasse VVaG, with BaFin involved in negotiating a recovery plan. The fund itself declined comment.“All this is completely uncharted territory for the industry and the regulator,” one source told IPE.Insurance-based Pensionskassen had been performing well in Germany despite the funding requirements placed on them by their guarantees, but a mix of the low interest rate environment, challenging demographics and regulatory requirements has caught up with them.Some providers have chosen to sell their Pensionskassen business to run-off companies, with Frankfurter Leben having bought two funds earlier this year, from AXA Germany and Cofra Group.More regulation incoming as Bundestag passes IORP II billlast_img read more

STABLE NOTES BY ED GOLDEN -SUNDAY, JUNE 23, 2019

first_imgFlavien Prat135 $328,997 38% 48% $267,807 $236,867 $605,602 8 5 5 (Current from April 12 through Saturday, June 22) $270,315 46% 9 17% 44% 14% Brian J. Koriner34 ITM% 8 $1,108,316 16% ITM% $669,456 $1,116,412 46% Martin Garcia70 35% $1,309,672 21 7 Mario Gutierrez81 6 14 1 21 58% 17 15% $433,626 27% 5 $214,586 19 $363,694 $557,048 10 45% OH, ZUZANNA! QUITE A RIDE TO CLAIMER OF MEET 5 $1,322,467 13 44% $337,546 14% $788,082 16 10 6 51% 9 1st 38% Agapito Delgadillo46 49% Drayden Van Dyke112 21% 57% 10 6 3rd $733,924 19% 3 $648,322 6 6 14 29% 10 6 14 2 14 $1,018,975 3 7 5 5 11 16% 7 BAFFERT BREEZES McKINZIE FOR WHITNEY STAKES 12 24 20 6 Norberto Arroyo, Jr.70 11 19% Heriberto Figueroa48 11 47% 15 54% 16% 14 Kent Desormeaux72 10% 37% George Papaprodromou26 22 SANTA ANITA STATISTICS $821,278 16% 5 Edwin Maldonado79 4 3 12 6 7 17% 22% 46% Mike Smith26 $1,262,016 5 2 19% $902,506 29 $480,419 $303,859 12 TrainerMts 10% Robert Hess, Jr.30 18 10 4 $2,202,197 30 9% 40% Geovanni Franco94 27 $159,266 2 Steven Miyadi32 $439,837center_img 15 56% $668,870 6 21% 15% 5 44% 21 Tim Yakteen17 19 John Sadler67 8 23% 38% 2nd 23 7 14 22% 44% 12 13 23 21% 9 5 17 19% 1 43% 8 15% 1 24% $173,004 John Shirreffs27 Bob Baffert41 7 16 50% 14 68% 10 7 Martin Pedroza42 Money Won Joseph Talamo125 15% 40% 30 Vladimir Cerin49 49% 3 Rafael Bejarano140 Win% 7 Steve Knapp34 48% 50% 14 $1,428,983 52% 6 Andrew Lerner16 18 18% William Spawr24 6 Mark Glatt81 45% 5 Victor Espinoza60 15 3 J. Keith Desormeaux34 $208,754 47% 57% Carla Gaines25 $775,570 Richard Mandella30 $667,323 6 $773,529 16% THERE’S NO PLACE LIKE HOME FOR TRAINER CECIL 43% $255,598 6 25% 6 JockeyMts 3 43% 0 Tiago Pereira136 51% Doug O’Neill115 59% Money Won 15% 20% 10 Ruben Fuentes108 Richard Baltas81 3 Win% Leonard Powell26 14 11 15 2 Philip D’Amato86 Jerry Hollendorfer53 1st 5 6 17% 9 18% 64% 5 22% 19% 3 54% 6 FAIRYTALE COMES TRUE FOR TEAM ZUZANNAIt’s been a storybook ride the last three months for the five-year-old mare Zuzanna.Claimed for $8,000 on Sept. 13, 2018 by a partnership group that includes TVG host and analyst Kurt Hoover, the bay daughter of Wilburn won three of four subsequent races, the most recent yesterday’s second at Santa Anita, a $46,000 starter allowance at a mile on turf.Coming from seventh and last, Zuzanna won by a length and a half under Kent Desormeaux, who has ridden her to two of her last three victories, with one second. The win earned her honors as Claimer of the Meet in Santa Anita’s annual media poll.“She’s a doll to ride,” Desormeaux said Sunday morning at Clockers’ Corner, giving considerable credit to her trainer, Bob Hess Jr., with whom the 49-year-old Hall of Fame rider has enjoyed remarkable success through the years dating back to the early 1990s, winning nearly 38 percent of the time on mounts conditioned by Hess.“The race she lost (second by 1 ¼ lengths going a mile and an eighth on May 24) was probably her best effort with me, because there was always a target,” Desormeaux continued. “But even when she lost, she ran wild, she ran awesome; the winner just outran her that day.“She showed her tenacity yesterday because she had to make a long run. When we left the gate, we went about 50 yards and I could hear the water squeezing out of the course from the two days of rain we had. It wasn’t really rain, but it was misty those mornings.“So I was content to sit back there, and sure enough the field came back to me. She caught them, too, but in all the turf races the last two days, the winner came from last except in yesterday’s final race. So Zuzanna proved to be in the right spot, and she did the rest.“Bob’s done a fabulous job with her.”Addressing his success with Hess, Desormeaux was succinct. “I’m grateful to him for having the respect to put me on horses he likes,” Kent said. “My brother (trainer Keith Desormeaux) tries to do the same thing, but quite honestly, he tells me to my face, ‘Anybody can ride and win on Exaggerator. I need you to help me out on the ones that are not that good.’“It’s funny the way he put it, but it makes me understand that sometimes it’s important to get fifth on a horse.”Before Saturday’s races, Desormeaux was one of several Hall of Fame jockeys past and present who participated in a trackside benefit for the Permanently Disabled Jockeys Fund, which was later followed by a luxurious luncheon.“The banquet was more impressive to me,” he said, “because we were all rubbing shoulders. Even my jaw dropped seeing some of the people I idolized as a young rider–Bobby Ussery, Braulio Baeza, Steve Cauthen.“I didn’t know them all very well; I just knew their stories, but to have Steve Cauthen there made me feel really, really good just to be a part of it.”BRIT SHOWS HIS WIT AFTER ROYAL ASCOT VISITTrainer Ben Cecil is back stateside after a recent visit to his native England.  “It was a pleasure trip,” Cecil said. “I went to see my family and all my friends, and also took the occasion to attend the races at Royal Ascot on Tuesday, Wednesday and Thursday.“Being there is like nothing else. If we could bring a bit of that here, it would be great.”Cecil made hay at Santa Anita while the sun was shining across the pond.“I had two winners here while I was gone,” he said, “one last Friday and one the following Friday.”Mentioned maybe he should stay away, Cecil laughed and said, “I’m thinking about it.”FINISH LINES: Multiple grade I winner McKinzie worked four furlongs Sunday in 51 seconds for Bob Baffert who has him ticketed for the $1 million Whitney Stakes at Saratoga on Aug. 3. On the three-year-old front, Baffert has Affirmed Stakes winner Mucho Gusto headed for the July 20 Haskell at Monmouth and Game Winner to the Aug. 24 Travers at Saratoga. Meanwhile, Omaha Beach, the pre-race favorite for the Kentucky Derby, continues to near his first breeze since being declared from that May 4 race by jogging and galloping at Santa Anita for Richard Mandella . . .The racing community offers condolences to family and friends of owner/breeder John Toffan, who died after a lengthy illness last Monday at his home in Hidden Hills, CA., according toDaily Racing Form. He was 83. Partnered with the late Trudy McCaffery, they won the Santa Anita Derby with Free House in 1997 and Came Home in 2002. Other stakes winners they campaigned included  Bien Bien, Bienamado, A.P. Assay, Bosque Redondo, Del Mar Dennis, Elaborate, Mane Minister and Pacific Squall. McCaffery died in 2007. Their trainer was Paco Gonzalez, since retired . . . Condolences also to family and friends of longtime owner/breeder Jim Ford, who passed away at 75 June 14 in Rancho Santa Fe, near Del Mar. His What a Spell, trained by Craig Lewis, became his first stakes winner when he took the 1991 Baldwin Stakes here and the highlight of his racing career came when Ticker Tape, an English-bred filly trained by Jim Cassidy, won the Grade I American Oaks in 2002 at Hollywood Park . . . Norberto Arroyo Jr. has been suspended three days (June 29, 30 and July 4) for causing interference on Street Imagein Friday’s first race . . . Santa Anita offers simulcast wagering this Thursday and Friday with free General Admission and free parking. Admission gates open at 10 a.m.LATEST CONTENT FROM XBTV: McKinzie works 4 furlongs. 6-23-19 (Baffert)Chasing Moments works 3 furlongs. 6-23-19 (Sherlock)Via Egnatia (Outside) and Morse Code works 5 furlongs. 6-23-19 (Baltas)XBTV Sunday: What to Watch for at Santa Anita Park on June 23rd, 2019.Shedrow Stroll: Phil D’Amato’s accomplished Turfer Tiny Tina.Shedrow Stroll: Phil D’Amato’s graded stakes winner Air Strike.Shedrow Stroll: Phil D’Amato’s graded stakes winner Bowies Hero.Shedrow Stroll: Phil D’Amato’s turf sprinter Master Ryan.Quick Questions: With Trainer Dan Blacker.Tequila Sunrise works 4 furlongs. 6-21-19 (Baltas)Rafal works 4 furlongs. 6-21-19 (Baffert)Grade 1 placed Ahimsa works 5 furlongs. 6-21-19 (Eurton)Multiple stakes winner American Anthem works 6 furlongs. 6-21-19 (Baffert)Bellafina works 4 furlongs. 6-22-19 (Callaghan)Flor De La Mar works 4 furlongs. 6-22-19 (Baffert)Scrappy Deville works 4 furlongs. 6-22-19 (Powell)Baby Ice (Outside) and Platinum Equity works 4 furlongs. 6-22-19 (Knapp) 22% 13% Jorge Velez68 $271,509 10 $282,946 12 $926,351 19% 50% 11 Aaron Gryder89 $1,239,901 12 3rd 2nd 2 17 10 $216,677last_img read more