Mar 2009 Financial News

Browne says HSF investments safe

Mar 11, 2009

The Heritage and Stabilisation Fund (HSF), which was invested in 24 foreign financial institutions in North America and Europe, did not incur any financial losses as a result of the global economic meltdown, Minister in the Ministry of Finance, Mariano Browne, said yesterday. Browne made the point in reply to an Opposition question in the Senate on the HSF investment.

He said the HSF stood at US$2,909,439,397.45 billion at January 31, 2009. Browne said the respective US dollar investments from the HSF in the 24 financial institutions did not exceed the amount allowable under the law and investment guidelines. He said, “The HSF’s investments returned 0.78 per cent during the first quarter of the financial year 2008-2009. The return for the January to December 2008 period amounted to 3.12 per cent. “Since inception (March 2007 - December 2008) HSF investments returned 7.53 per cent, ” he said. Noting losses suffered by other governments in the economic meltdown, Browne said T&T’s HSF had “done very well indeed on the basis of prudent investment decisions.”

Institutions in which HSF funds are invested

Bank of America, London,
Bank of Ireland, Dublin,
Bank of Montreal, London.
Bank of Nova Scotia, New York.
Barclays Bank, Plc, Miami.
Bayerlsche Landesbank, New York.
BNP Paribas, New York.
Credit Agricole Indosuesz, France.
Deutsche Bank, London.
HSBC Plc, London.
ING BANK NV Amsterdam.
Isix Corporate and Investment Bank, Paris.
National Australia Bank, London
Rabo Bank, London.
Rabobank International , Utrecht, Germany.
Royal Bank of Canada Capital Markets, Toronto.
Royal Bank Scotland, Plc, London.
Svenska Handelsbanken , New York.
UBS, AG Zurich.
US Bank NA , Washington.
Wells Fargo Bank, California.
ING Bank, Brussels.
JP Morgan Chase Bank, New York,
US Government (Treasury securities).


Source:
Gail Alexander
Trinidad Guardian
Wednesday March 11, 2009

http://guardian.co.tt/business/business/2009/03/11/browne-says-hsf-investments-safe