Asociación de AFP

León Fernández de Castro declined to call the swap bets imprudent and said compensation for members was not a matter for the association.

Chronology

15:18
Arenas calls Fund E's decline "extremely serious" and awaits investigations
The new government spokesperson avoided announcing compensation for affected members and said he would support congressional investigations.

13:28
Deputies call for a dedicated prosecutor to investigate pension fund administrators over fund losses
Lawmakers from the Party for Democracy and the Socialist Party allege possible breaches of fiduciary duty at pension fund administrators and demand a special team from the Prosecutor’s Office to investigate.

13:47
National prosecutor refers complaint against pension fund administrators to Central North Prosecutor’s Office
Ángel Valencia asked the regional prosecutor’s office to report the case number assigned to the complaint filed by two Socialist Party lawmakers over derivatives losses.
21:05
Pension fund administrators face Fund E losses without allies and deny making mistakes
Former officials accuse them of imprudent interest rate swap bets, while the pension industry association maintains they acted within the law.

01:51
Central North Prosecutor’s Office to investigate Fund E plunge following lawmakers’ complaint
The Public Prosecutor’s Office clarified that opening the investigation does not imply any determination of crimes or criminal liability on the part of pension fund administrators.

13:00
Pension fund managers' association says Fund E's decline is being investigated
León Fernández de Castro declined to call the swap bets imprudent and said compensation for members was not a matter for the association.
13:27
Pension fund administrators' association acknowledges concern over reputational damage after declines in funds E and D
León Fernández de Castro argued on Mesa Central that the pension industry is among the most regulated and had internal risk controls.
17:21
Pension Fund Administrators Association estimates Fund E decline would cut pensions by between 1% and 2%
The pension fund administrators' trade association said any errors in Fund E management should be investigated and penalized, and recommended seeking advice before retiring.

08:03
AFPs defend Fund E strategy after 10.39% real drop in nine months
The industry association blames rising interest rates in the United States and says pensions fall far less than balances, while the Superintendencia investigates.

Coverage in other outlets