Rioprevidência (Single Social Security Fund of the State of Rio de Janeiro) informed, in a note, that the payment of retirement and pensions is guaranteed, even with the liquidation of Banco Master. The municipality invested around R$960 million in the bank, the target of the Federal Police operation this Tuesday (18). 
The municipality is responsible for managing the payments of retirees and pensioners, while the payment of active employees is the responsibility of the Finance Department. The Rio state government payroll has 421,793 employees, 177,925 active employees and 84,385 pensioners, including military police, civil police, the Fire Department and the Penitentiary Administration Secretariat (Seap), which totals R$3.2 billion monthly.
Application
In the same statement, Rioprevidência reported having invested around R$960 million in Banco Master, between October 2023 and August 2024, with maturities scheduled for 2033 and 2034. The institution denies that the investment value is greater than R$2.6 billion, as was reported earlier.
“The amount related to the investment that has been wrongly reported is due to a calculation made by the Court of Auditors of the State of Rio (TCE-RJ), which has already been clarified by Rioprevidência in an appeal presented to the Court of Auditors”, says the note.
Rioprevidência reported that “it is negotiating to replace the letters with federal court orders”.
According to the authority, at the time of the investment, Banco Master was authorized to operate and had an “investment grade” indicator — long-term national rating “A-”, assigned by Fitch Ratings, which attested to its financial solidity and institutional credibility.
“The applications were made in accordance with all the rules in force at the time and in accordance with the Annual Investment Plan that was approved by the authority’s Board of Directors”, he informs.
In a statement, the State Union of State Education Professionals (Sepe) expressed concern about “poor administration and reckless management, it is involved in accusations and scandals regarding the misuse of its funds” from the fund responsible for retirements and pensions. The union also cites Rioprevidência’s CPI, which investigated credit operations carried out by the fund, which would have caused losses of R$17 billion.
Master Bank Case
The arrest took place within the scope of Operation Compliance Zero, which investigates the issuance of false credit titles by financial institutions that are part of the National Financial System.
The director general of the Federal Police, Andrei Rodrigues, estimates that the fraud may have generated around R$12 billion.
According to the investigations, which began in 2024, Banco Master issued false credit operations, simulating loans and other amounts receivable, in addition to negotiating fraudulent credit portfolios with other banks, mainly Banco Regional de Brasília (BRB).
The Central Bank made official, through a statement, the extrajudicial liquidation of Master.
Master became known for adopting an aggressive policy to raise funds, offering returns of up to 140% of the Bank Deposit Certificate (CDI) to those who purchased shares from the financial institution – a promise of gains higher than the average rates for small banks – around 110% to 120% of the CDI.
The bank’s operations with precatório (government debt securities with a final court ruling) also increased doubts about Master’s financial situation, which, when issuing bonds in dollars, was unable to raise funds.
Yesterday (17), the Fictor investment and business management group announced the purchase of the bank.
