The Banco Master scandal promises to leave a trail of losses for public servants in at least two Brazilian states, Rio de Janeiro and Amapá. Node CNN Behind the Scenes This Wednesday (27), economics analyst Fernando Nakagawa explained the possible consequences, although not immediate, of the breach.
Rioprevidência, the fund responsible for the pensions of all public servants in the state of Rio de Janeiro, directly or indirectly, in assets of Banco Master. “This investment turned to dust. That money no longer exists, it is gone,” said Nakagawa.
In the case of Amapá, the latest available report indicates that the state pension fund, Amprev, had allocated . The value is equivalent to almost 5% of the fund’s entire assets.
In the short term, active employees and those already retired may not notice the immediate impact, as other financial operations tend to temporarily compensate for the loss.
However, Nakagawa warned that, over time, the leak will appear. “Instead of receiving X in the future, people will receive X minus something, which is the loss suffered currently”, he explained. The analyst highlighted the seriousness of the situation when comparing the allocations made by Amprev.
“They put more money into Banco Master than into gigantic banks, such as Itaú Unibanco, Bradesco, Santander, BTG Pactual. In other words, they were trusting more in a small, niche bank than in these gigantic houses.”
Another point highlighted by Nakagawa is that this type of operation does not have the protection of the Credit Guarantee Fund (FGC), a mechanism that covers individuals in cases of bank insolvency. “In this case, it really is a loss,” said Nakagawa.
