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Uitgelicht: Pensioenfondsen moeten meer kasgeld aanhouden
| 15-11-2016 | Douwe Dijkstra, Erna Erkens |
Geld renderend wegzetten, voor pensioenfondsen lijkt het een ontzettend moeilijke opgave te zijn. René van de Kieft, voorzitter van pensioenuitvoerder MN stelt in het Financieele Dagblad dat het beter zou zijn voor pensioenfondsen om hun geld in kas te houden, anticiperend op een renteomslag. Van De Kieft : ‘Geld in kas houden levert weliswaar niets op — of kost zelfs geld — maar op obligaties kunnen de verliezen veel hoger oplopen als de rente weer gaat stijgen zoals de afgelopen dagen.’ (bron: FD.nl)
Wij vroegen onze experts Douwe Dijkstra en Erna Erkens naar hun mening over deze manier van geld wegzetten.
“Ik ben het met de schrijver eens dat het bezit of uitbreiden van de positie in obligaties steeds hachelijker wordt. We denken al jaren dat de rente de bodem heeft bereikt, hetgeen vaak onterecht is gebleken, maar een stevige opwaartse rentebeweging (het geen ik overigens niet snel verwacht) zou funest zijn voor de beleggingen in obligaties. Het meer betrekken van de deelnemers bij de uitgangspunten van het pensioenstelsel lijkt mij geen meerwaarde te hebben. Afhankelijk van de status van de deelnemer (gepensioneerd, slapend, actief, jong of oud) zal hij/zij zijn/haar standpunt innemen.”
Dat is een mogelijkheid, maar er zijn ook andere mogelijkheden. Andere mogelijkheid is opties of trackers kopen om je belang te beschermen.
Ik snap de pensioenfonds beleggers niet. Misschien moeten die beleggers is vervangen worden.
Als de rente stijgt hebben ze weer een probleem. Nu weer met hun beleggingen in obligaties. Als ze hierin belegd hebben op de huidige lage niveaus van de laatste tijd zonder deze beleggingen te beschermen zijn ze niet capabel genoeg en dat is al meer aangestipt. Hier zitten vaak niet de meest slimme beleggers. Daar moet iets aan gebeuren.
Probleem zit niet in de marktbewegingen maar in de kwaliteit van de verantwoordelijke pensioenbeleggers. Die moeten kwaliteit getoetst worden en misschien ook meer toezicht hierop.
Where does America go from here – what are Trump’s policies and how will they affect the economy?
| 14-11-2016 | Lionel Pavey |
Infrastructure – a massive investment programme (a trillion dollar rebuilding programme).Trade – renegotiating NAFTA, opposition to TTP AND TTIP. Increase in tariffs on Chinese goods. Taxes – reduce and simplify taxes for individuals. Reduce corporate tax to 15%. Repatriate corporate cash held overseas with a one off 10% tax and then close all the existing loopholes. Spending – increase in Defence spending. Reduce current Government spending through efficiencies. Economy – increase annual GDP growth to 4%.
So how does it add up?
Investment in infrastructure is a positive – it leads to extra jobs and improvements in the country. Taking a more restrictive stance on trade treaties, whilst protecting America, could lead a reciprocal trade wars. Simplification and reduction in direct taxes will increase wealth and should lead to higher expenditure. Would be perfect if that money was used to buy American goods. Increasing annual GDP by 4% is very ambitious – has rarely been achieved in the last 40 – 50 years.
These policies would lead to a large increase to the Budget deficit – it would be a huge risk to expect increases in American productivity to be more than enough to cover the gap. We could expect to see interest rate rise, though the market was already expecting that.Trade wars would have a negative effect on the dollar.
The big problem is that Trump is a “known unknown”, a maverick and not someone that can be easily read by political experts.
If his actual stance is as strong as his political campaign then there could be serious consequences for global growth and trade. Interest rates will rise and the dollar will be volatile for the foreseeable future, and things will change. Whether it leads to improved growth in Europe – we shall have to wait and see.
Lionel Pavey
Cash Management and Treasury Specialist – Flex Treasurer
International direct debit, the one true advantage of SEPA
| 11-11-2016 | Jan Meulendijks |
SEPA has contributed a lot to the awareness of using international direct debit. Before SEPA, companies had to to go through a complicated process in order to be able to process international direct debits:
– Set up multiple foreign bank accounts, in every country you export to
– Include these accounts in your cash pool and electronic banking environment
– Use unfamiliar local IT-tools and file formats
– Expensive to use and set up, lots of documentation required
-These were reasons for international operating companies not to apply the instrument of international direct debit.
All that is not necessary anymore. The main things are to arrange a SEPA Direct Debit contract with your own Dutch bank and obtain a direct debit mandates (one-off or recurring) from your foreign clients, similar to getting one from Dutch clients.
The mandates are sent to the debtor’s bank for registration. The transactions themselves can be included in your regular direct debit SEPA-batch alongside with your Dutch direct debits and presented to your bank for processing.
The result will be a better grip on your international receivables, cash planning, working capital management, all at low costs.
Your bank will be able to explain the procedures to follow.
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