Autoridade Bancária e de Pagamentos de Timor-Leste - Press Release - Dili, 5 September 2007
There have been recent reports in the media concerning alleged “losses” suffered by the Petroleum Fund. One headline was: “Petroleum Fund loses $5.8 million in a year”. It was implied that the “losses” arose as a result of poor management, whether by the Banking and Payments Authority (BPA), the Minister of Planning and Finance, the Investment Advisory Board, or as a result of defects in the Operational Management Agreement.
The BPA believes that such statements do not reflect the actual results achieved by the Fund, and the figures quotes do not indicate mismanagement by the authorities responsible for determining the investment policy or investing the Petroleum Fund.
To assist members of the public to better understand the issues, the BPA has prepared a Briefing Paper “Valuation and Financial Reporting of Investments in Government Bonds” that explains some of the underlying concepts associated with the Petroleum Fund’s investments in US Government bonds.
The Briefing Paper explains how the original purchase cost of a bond in the market is almost certainly different from its face value, whereas its maturity value is always equal to its face value. The difference is a function of market interest rates and the coupon rate of the bond, and is recognised as part of income over time in a process known as amortisation. If a bond is purchased at a higher price than the face value, the amortisation will be negative. If a bond is purchased at less than face value, the amortisation will be positive. The amortisation arises as a result of bond market mathematics, and is not an indicator of whether the Fund is being managed well or not.
The paper explains how the most appropriate method of assessing the management of a bond portfolio is not by studying the amount of the amortisation, but by comparing the financial results achieved with a benchmark index. The Fund’s Quarterly Reports contain information that allows members of the public to regularly assess performance on this basis.
The overall income of the Petroleum Fund for the past two years has been almost identical to the benchmark index determined by the Minister of Planning and Finance.
This achievement by the BPA has been the subject of favourable comment from international financial agencies such as the IMF and World Bank.
The Paper is available for download from the BPA’s web site
http://www.bancocentral.tl/Download/Publications/Briefing%20Paper%20-%20Bond%20Performance_en.pdf
For further information, please contact: Venancio Alves Maria, Executive Director, Department of Petroleum Fund Management, Banking and Payments Authority of Timor-Leste; Telp: (670) 331 3718
segunda-feira, setembro 10, 2007
Reporting of Petroleum Fund Results
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Sobre os resultados do Fundo do Petróleo
Autoridade Bancária e de Pagamentos de Timor-Leste – Comunicado de Imprensa - Dili, 5 Setembro 2007
Houve relatos recentes nos media dobre alegadas “perdas” sofridas pelo Fundo do Petróleo. Um título era: “Fundo do Petróleo perde $5.8 milhões num ano”. Estava implícito que as “perdas” eram resultado de má gestão, quer pela Autoridade Bancária e de Pagamentos (BPA), o Ministro do Planeamento e Finanças, a Comissão Consultiva de Investimento, ou como resultado de defeitos do Acordo de Gestão Operacional.
A Autoridade Bancária e de Pagamentos (BPA) acredita que tais afirmações não reflectem os resultados actuais alcançados pelo Fundo, e os números citados não indicam má gestão pelas autoridades responsáveis pela determinação da política de investimento ou de investir no Fundo do Petróleo.
Para assistir à população a melhor compreender as questões, a BPA preparou um Documento Informativo “Avaliação e Relato Financeiro de Investimentos em Obrigações do Governo” que explica alguns dos conceitos fundamentais associados com os investimentos do Fundo do Petróleo em obrigações do Governo dos USA.
O Documento Informativo explica que o custo da compra original de uma obrigação no Mercado é quase de certeza diferente do seu valor facial, enquanto que o seu valor de maturidade é sempre igual ao seu valor facial. A diferença é em função das taxas de juros do mercado ou da taxa de cupom da obrigação, e é reconhecida como parte do rendimento durante o tempo num processo conhecido como amortização. Se uma obrigação é comprada a um preço mais alto do que o seu valor facial, a amortização será negativa. Se a obrigação é comprada a menos do que o seu valor facial, a amortização será positiva. A amortização sobe em resultado das matemáticas do Mercado das obrigações, e não é um indicador se o Fundo está a ser bem gerido ou não.
O Documento explica como o método mais adequado de avaliar a gestão de um portfolio de obrigações não é estudar a quantia de amortização, mas comparando os resultados financeiros alcançados com um índice padrão. Os Relatórios Quadrimestrais do Fundo contêm informação que permite à população avaliar regularmente a execução nesta base.
O rendimento geral do Fundo do Petróleo dos últimos dois anos foi quase idêntico ao do índice padrão determinado pelo Ministro do Plano e das Finanças.
Esta realização do BPA tem-lhe merecido comentários favoráveis de agências financeiras internacionais como a FMI e o Banco Mundial.
O Documento está disponível para descarregar do web site da BPA
http://www.bancocentral.tl/Download/Publications/Briefing%20Paper%20-%20Bond%20Performance_en.pdf
Para mais informações, por favor contacte: Venâncio Alves Maria, Director Executivo, Departamento de Gestão do Fundo do Petróleo, Autoridade Bancária e de Pagamentos de Timor-Leste; Tel: (670) 331 3718
The Democracy Center
Briefing Series– Bolivia Takes Back Control of its Gas and Oil
The popular demand for public control of the nation's gas and oil resources has been a long-standing one in Bolivia, and has been at the forefront of national politics for three years. In July 2004 more than 90% of the voters in a national referendum supported a measure to recover control of Bolivia's gas and oil reserves. Nationalization was also a central pledge by President Evo Morales during the 2005 elections. On May 1, 2006 Morales, issued an executive decree declaring the "nationalization" of Bolivia's oil and gas reserves. The Democracy Center is dedicated to providing its readers with up to date and accurate analysis of this issue as it unfolds.
April 6, 2006
Oil and Gas Policy in Bolivia – Post-election Update
By: Aaron Luoma, Gretchen Gordon and Jim Shultz – The Democracy Center
In power now just over two months, Bolivia's new MAS government, led by President Evo Morales, has moved swiftly to announce plans for changes in the hydrocarbons sector. These include breathing new life into the state-controlled oil and gas company (YPFB) and securing investment for new development projects. Many of these initial changes stem from the 2005 Hydrocarbons law that was passed during the Mesa administration, but which has not yet been fully implemented.
The international investment community seems to be regarding the new Bolivia with eager interest, as opposed to the capital flight some analysts predicted. In terms of a more radical restructuring or complying with the promised nationalization of the industry, progress has been limited. While rhetoric remains strong, the failure to meet the public demand for profound change could bring social unrest in the future. Things to watch for are the upcoming April announcement of a more detailed government plan for oil and gas, and a June deadline for the revision of all contracts as mandated in the May hydrocarbons law.
A note to readers: This briefing has been compiled from various news sources, documents, and informal contacts with Bolivian academics. The briefing is meant to be a summary
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