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30-07-2014, 02:30 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
A banker’s questions for the Govt on CPF (http://www.tremeritus.com/2014/07/29/a-bankers-questions-for-the-govt-on-cpf/)
http://www.tremeritus.org/simages/dmca_protected_sml_120n.png http://www.tremeritus.org/wp-content/themes/WP_010/images/PostDateIcon.png July 29th, 2014 | http://www.tremeritus.org/wp-content/themes/WP_010/images/PostAuthorIcon.png Author: Contributions (http://www.tremeritus.com/author/contributor/)
http://www.tremeritus.org/wp-content/uploads/2012/08/CPF-logo.jpgA TR Emeritus reader asked its editor to forward the following questions (edited by us) to Roy Nerng and Leong Sze Hian – and hope that either you can help to answer or get “the Government to answer”:
1. What are the year-on-year returns of GIC and Temasek from inception?
2. What are the year on year compensation to officers and directors of GIC and Temasek?
3. How much has been the year on year extraction of NIRC from inception?
4. On what basis does the Finance Minister consider the present near zero real yield of the 30-year Singapore government Securities (SGS) a good return, given international real yields are much higher? If he points to the exchange rate policy delivering additional returns to foreign investors, then why should it matter or mean to Singaporeans?
5. On what basis does the Finance Minister consider the low real return of combined OA and SMRA – a good return considering the length of investment and the illiquid nature of that investment?
6. What is the legal basis for the Government’s non-transparency and the retention of excess returns when CPF monies are kept in trust and are used to buy what is now considered artificial securities, Special Singapore government Securities (SSGS) which then do not transfer trust monies into “real” debt issuance proceeds?
7. As such, then CPF has an equal right to returns from wherever the trust monies are allocated from SG Government Treasury, i.e. GIC and Temasek? What is the legal basis for not doing that?
8. Further, how can the investment relationship between the CPF Board and the Government via SSGS be regarded as “arms length”, since the Government is essentially dealing with itself – further compounded by Government ministers and officials serving as trustees for CPF? Is this is not “arms length” – how can SSGS be considered a bona fide investment?
Note: The reader is an experienced banker working in the finance industry.
We will discuss this together on National Day!
Dear Singaporeans,
An event has been created for people who failed to get tickets to the national day parade.
This event aims to raise awareness about how Singapore has changed over the past 49 years and how we should make Singapore’s 50th birthday a memorable one.
We’re looking for 30 concerned Singaporeans to speak about anything related to Singapore on 9 August as national day belongs to all Singaporeans.
There will be 3 speakers every half an hour, check out the event page here:
https://www.facebook.com/events/271583499702725
http://www.tremeritus.org/wp-content/uploads/2014/07/N-day-rally-hong-lim-640x237.jpg
Roy Ngerng and Leong Sze Hian
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?186835-A-banker’s-questions-for-the-Govt-on-CPF&goto=newpost).
A banker’s questions for the Govt on CPF (http://www.tremeritus.com/2014/07/29/a-bankers-questions-for-the-govt-on-cpf/)
http://www.tremeritus.org/simages/dmca_protected_sml_120n.png http://www.tremeritus.org/wp-content/themes/WP_010/images/PostDateIcon.png July 29th, 2014 | http://www.tremeritus.org/wp-content/themes/WP_010/images/PostAuthorIcon.png Author: Contributions (http://www.tremeritus.com/author/contributor/)
http://www.tremeritus.org/wp-content/uploads/2012/08/CPF-logo.jpgA TR Emeritus reader asked its editor to forward the following questions (edited by us) to Roy Nerng and Leong Sze Hian – and hope that either you can help to answer or get “the Government to answer”:
1. What are the year-on-year returns of GIC and Temasek from inception?
2. What are the year on year compensation to officers and directors of GIC and Temasek?
3. How much has been the year on year extraction of NIRC from inception?
4. On what basis does the Finance Minister consider the present near zero real yield of the 30-year Singapore government Securities (SGS) a good return, given international real yields are much higher? If he points to the exchange rate policy delivering additional returns to foreign investors, then why should it matter or mean to Singaporeans?
5. On what basis does the Finance Minister consider the low real return of combined OA and SMRA – a good return considering the length of investment and the illiquid nature of that investment?
6. What is the legal basis for the Government’s non-transparency and the retention of excess returns when CPF monies are kept in trust and are used to buy what is now considered artificial securities, Special Singapore government Securities (SSGS) which then do not transfer trust monies into “real” debt issuance proceeds?
7. As such, then CPF has an equal right to returns from wherever the trust monies are allocated from SG Government Treasury, i.e. GIC and Temasek? What is the legal basis for not doing that?
8. Further, how can the investment relationship between the CPF Board and the Government via SSGS be regarded as “arms length”, since the Government is essentially dealing with itself – further compounded by Government ministers and officials serving as trustees for CPF? Is this is not “arms length” – how can SSGS be considered a bona fide investment?
Note: The reader is an experienced banker working in the finance industry.
We will discuss this together on National Day!
Dear Singaporeans,
An event has been created for people who failed to get tickets to the national day parade.
This event aims to raise awareness about how Singapore has changed over the past 49 years and how we should make Singapore’s 50th birthday a memorable one.
We’re looking for 30 concerned Singaporeans to speak about anything related to Singapore on 9 August as national day belongs to all Singaporeans.
There will be 3 speakers every half an hour, check out the event page here:
https://www.facebook.com/events/271583499702725
http://www.tremeritus.org/wp-content/uploads/2014/07/N-day-rally-hong-lim-640x237.jpg
Roy Ngerng and Leong Sze Hian
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?186835-A-banker’s-questions-for-the-Govt-on-CPF&goto=newpost).