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Weekly Report - 21 May 2015 (WR-15-20)
ECUADOR: Pension raid to compensate for plunging oil prices
Seven of Ecuador’s private pension funds were formally transferred to the state bank of the social security institute (BIESS) this week. By far the most important is the Fondo de Cesantía del Magisterio Ecuatoriano (FCME – the teachers’ fund), which has around 130,000 members and assets of US$419m. The transfer, ordained in legislation approved in September 2014, immediately evoked comparisons with the 2008 nationalisation of private pension funds by Argentina’s government given that it comes at a time when the main source of the administration of President Rafael Correa to sustain a high level of social spending has been cut sharply as oil prices tumble.
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