The audit approved by the Federal Court of Audit (TCU) on Wednesday (5) on the management of the Welfare Box of Banco do Brasil (Previ) employees was justified by the Court’s supervisory function, experts heard by CNN.
The central point of the investigation is the negative flow of $ 14 billion in the so -called plan 1 between January and November 2024. The scenario arouses doubts, mainly due to the fact that most of the portfolio is in fixed income, which should present good performance in high interest periods.
Gilberto Braga, professor of economics at IBMEC-RJ, points out the contradiction. “In the midst of the high interest scenario in 2024, it would not make sense a fund with such fixed income allocation not to deliver positive income. Losing on bag [com juros altos] Is it understandable, but low profitability in fixed income securities? ”He asks.
According to Previ, Plan 1 has R $ 228.47 billion in assets, of which 62.49% (about R $ 142.79 billion) are allocated in fixed income.
For economist Ecio Costa, from the Federal University of Pernambuco (UFPE), the probable reason for losses was the acquisition of lower rates, devalued by interest rates throughout the year.
“This climb caused the ‘damage’ to be generated,” Costa explains, adding that while this situation can reverse in the long run, a well -managed fund should also have gains in the short term.
The lawyer Emanuel Pessoa points out that if the fund continues to accumulate losses, the Union may be called to contribute, which would further aggravate the already unfavorable situation of public accounts.
Mariana Rech Hoffmann, lawyer and teacher acting in the social security area, argues that the audit is essential due to potential economic and social repercussions.
TCU Minister Walton Alencar Rodrigues justified the auditing pointing.
The Court of Auditors has previously ruled that state funds, such as, are under their supervisory jurisdiction for receiving contributions from public companies.
Luigi Micales, Black Swan manager, argues that losses, although expressive in absolute values, represent a relatively small drop to a fund of almost $ 230 billion.
“Look at the general result: Previ’s performance was similar to that of Ibovespa from January to November 2024,” says the economist.
Still, Gilberto Braga recalls that the focus of a pension fund is the medium and long term, but it ponders that “there is no reason to hire losses in the short term.” The portfolio structure should protect the fund from expressive falls, especially in a year of high interest rates.
This Thursday (6), PREVI countered the opening of the audit, stating that its.
