Risked tools invested in T RUSS: Board mandate expired

Money invested by the Steering Board The FKPK in order to increase the value of pension savings for Kosovo citizens, and in the long term it will be able to provide better possible retirement.

Investments are made in different investment classes, and through them into world markets and industries from different backgrounds. Any wrong investment suffers loss. In the past year, about 120m euros have been lost that have been invested in global markets. The board has several times drawn savings to an organisation when it saw stock collapses and the means to accommodate them at another financial institution.

Most of the vehicles are already invested in foreign markets, and if any of them were to have a swing these days, Trust wouldn't be able to move their money. That's because only the Board, which is existing from tomorrow.

“Today is the last day of the Board's mandate. Of course, the lack of the Board has its own risk. There could be stock stakes, and they can't back off. Nor can you invest in any more favourable organization. So the FKPK will not be able to make any decision about investing pension means for investment, attracting or moving pension means, since it is the exclusive legal responsibility of the Board of Director”, told Periscope, Trust Board member, Ymer Ymeri.

Asked whether any stock movement has been made in the last few days because there will be no board from now on, Ymer has said that some changes have been made only to letters of value in the Government of Kosovo. So we've made decisions to invest in more valuable papers. We hope that the Board will be named a lot of piercings, as the contest has already closed”

Ymer has confirmed he has run for a second term.

The Commission for App Review, which later recommends the names and approval of the Assembly, consists of Governor Central Bank of Kosovo, Minister of Finance and the General Auditor of the Republic of Kosovo.

It is learned that in the race for this competition there are about 50 people, and now ambition for even a second mandate has been shown by members behind the mandate.

The evaluation commission hasn't sent the names to the Assembly yet.

The five members of the Steering Board, currently in office (four professional members and a representative member), have concluded their regular mandate on November 30th 2022, but since no one has been appointed from the Assembly of Kosovo to that date, the mandate of these five members continues automatically for 90 calendar days. As a result, the mandate of these five members is eventually expired on February 28, 2023.

With the mandate expired of the five members, from March 1st 2023, the Kosovo Pension Savings Fund will not be able to make any decision concerning investing pension means for investment, withdrawal or moving pension means.

The value of FKPK's undermanagement vehicles on 31 December 2022 reached 2,412,052,183 euros. Return to investment has been minus 120m euros.

According to the Trust, negative performance for the year 2022 resulted in a series of negative and serious factors for the global investment environment. “The consequences of the Covid-19 pandemic (with high inflation, delays in the supply chain, loss of purchasing power and budgetary difficulties across the globe) were added (and further exacerbated) the war in Ukraine; it encouraged rising prices of electricity, oil, food products and created an alarming situation for the future of the global economy and investment performance. All these negative events left serious consequences (comparable to 2008) in devaluation of indexes in the world's top stock exchanges”.

The Steering Board from early 2022 on had made a record number of pension relocation decisions invested in financial markets, leading to the lowest historical level the risk of FKPK investments. /Periscopi/