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Tragicomic: IPS delivers its money at 6% and withdraws at 12.5%

From the Association of Insured of the Social Welfare Institute (IPS) they regretted that the pension has contracted a loan at a rate of 12.5%, when it has deposited its money in banks at a rate of 6%.

Source: The Nation

Eduardo Aguayo, a member of the group, assured that the fact that the credit has been granted to a single signature is striking, since this is not the procedure of any bank, an entity that must guarantee that the debt is paid.

“We absolutely share the criticism made by Pedro Halley. They are G. 350,000 million that was made with a single signature. It is inconceivable that a local bank would make a loan of such an amount of millions with a single signature, without any guarantee,” he told La Nación/Nación Media.


“This basically means that the entities will lend their own money to the pension, taking into account that the G. 350,000 million correspond to a part of the deposits made by the IPS in national banks, but located at 6% per year, and now it will receive its own money up to 12%.

This corresponds to a terrible cycling; to pay their debts they get even more indebted”explained Dr. Pedro Halley, former manager of Economic Benefits of the IPS.

“This means that Vicente Bataglia goes and says that will take out a loan for G. 350,000 million only with his signature, but once he leaves, what will happen is that the debt will still be there, and who guarantees that IPS debt? Only the pension funds”, added Halley, thus ruling that the institution will be worse off than it already was in financial terms.

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