Minister of Social Security stated that he started audits in November; Rio de Janeiro and Amapá lead the exhibition list
The Minister of Social Security, Wolney Queiroz, declared to the Poder360 this Thursday (November 20, 2025) which identified an exposure of R$ 1.87 billion from 18 RPPS (own Social Security schemes) of States and municipalities in Financial Bills from Banco Master.
According to the minister, the purchase movement of these assets – which are not guaranteed by the FGC (Credit Guarantee Fund) – was detected by the ministry’s risk metrics in the 1st half of 2024. Queiroz said that the ministry issued preventive alerts and began audits of the funds involved.
According to data extracted from Cadprev (Information System for Public Social Security Regimes), applications were made between October 2023 and December 2024. The minister highlighted that “no new investments in financial bills from Banco Master were verified during the 2025 financial year”.
The largest volumes are concentrated in the State of Rio de Janeiro (R$970 million) and Amapá (R$400 million).
AUDITS AND ALERTS
Asked about the delay in issuing alerts, the minister explained that there was an atypical movement in the market at the end of 2023, when banks started to offer letters of credit with long terms and above-average remuneration.
He cited the publication of Technical Note 203/2024, in April, and Opinion 146/2024, in July, as measures to guide managers on the duty to verify credit risk, regardless of the bank’s eligibility.
In-person audits of the RPPS that purchased the shares began in November 2024. The ministry reported that it coordinates actions with the Audit Courts for inspection, as the ministry’s competence is limited to general standards and the issuance of the CRP (Certificate of Social Security Regularity).
LEGALITY
The minister pointed out that, technically, Banco Master complied with the requirements of the CMN (National Monetary Council) at the time of the applications. The institution was classified in the S3 segment of the Central Bank and had audit and risk committees in place.
“It is important to clarify that RPPS can invest up to 20% of their resources in fixed income financial assets issued with obligation or co-obligation by banking financial institutions authorized to operate by the Central Bank”informed Queiroz.
These assets for application by the RPPS include financial bills issued by banks that belong to segments S1, S2 or S3.
However, Queiroz reinforced that the legality of the institution does not exempt the pension fund manager from his fiduciary responsibility. According to the CMN resolution, it is up to the RPPS to observe principles of “security, profitability, solvency and liquidity” before approving contributions, especially in assets not guaranteed by the FGC.
