IMSS finances with its resources to private companies

National
The IMSS is on verge of breaking only it is a smoke curtain
IMSS finances with its resources to private companies
By: Carlos Damián January 11, 2011
Suspicious silence of the companies benefitted by the federation
México. – In contrast with the speech of the federal government that warns of the collapse of the financial reserves of the Mexican Institute of the Social Security (IMSS) and the consequent bankruptcy risk in the pensions and disease insurances, during the present six years era have been destined 13 thousand 183 million of pesos originating of the funds from the same institute to invest in seven companies deprive for the purchase of their actions, two of they hypothecates in serious economic problems and of liquidity.

Between 2006 and 2010 seven receiving companies of the resources of the arks of the IMSS with America Movil, with thousand 98 million 91 thousand pesos; Cemex, 7 thousand 50 million 140 thousand; Coppel, 300 million; Hipotecaria Fincasa, 750 million; Hipotecaria Su Casita, 2 thousand 526 million 88 thousand; IXE Automotriz, 200 million 2 thousand, and Telefonica Finanzas, a thousand 257 million 53 thousand pesos. 4 of past November, Daniel Karam, directing of the Institute gave foot to the speculation in around to the future of the organization upon evidencing the fall of the financial reserves and the probable bankruptcy stage in the funds of the IMSS.

The problems that faces the organization is focally in the payment of the pensions and pensions regime to the workers of the own institute that entered before 2008 and the deficit of the sure of diseases and maternity. Such financial pressure, it alleged equals to almost 11 percent and more than 45 percent of the gross internal product, respectively. The financial report more recent of the IMSS considered than in 2011 the Risks Insurance of work will present a surplus of 2 thousand 564 million. But if it did not exist the pressure of the pensions and pensions regime the amount would ascend to 13 thousand 652 million. In so much the excess in those of invalidly and life will be of more than 50 billion of pesos.

The federal government recaptures friend companies with public money
At this moment, the deputy of the PRI Augusto Cesar Santiago Ramirez (CASR), presented before the full cameral a point according to the purpose of demanding information to the federal government in connection with the managing of the public resources in the IMSS, the PGR and the CFE. The legislator intends to obtain answers from the use and destination from the financial reserves of the IMSS and from the investments and availabilities that possesses the CFE. "Since then the president Calderon was annoyed by those questions, and it decided to tend a smoke curtain with the advertisement of the supposed bankruptcy of the IMSS. He tries to avoiding that is known the names of the financed by the government, and it refuses to accept that they are being recapturing with public money".

The IMSS to be a social risks manager that offers coverage against the principal contingencies that face the families of families which working assured were created reserves to guarantee its solvency in the middle and long term, and we to have the financial capacity to make front adequately to the various risks that faces its assured population. Such reserves are the operations that affect all the income by worker-employer quotas, as well as the quotas, contributions and federal contributions, in addition to the quotas of the insurance voluntary; of operation for contingencies and financing created with the purpose of procuring stability and certainty in the daily operation of the IMSS and to facilitate its plan of middle term action.

From 2001, the reform to the law of the IMSS envisages the investment of the reserves to reach the balance and viability financial. Nevertheless the investment horizons should be preponderance short term. For them was imposed as risk limit until 10 percent of the reserves for investments in debt instruments designated in dollars. The past 16 of November, the Liaison Unit of the IMSS answered to the information request of CASR. For conduit of the Finances Address, and with documentation of the Financial Investments Unit, detailed the amounts of the used resources so only in Cemex, Coppel, America Movil, Hipotecaria Su Casita, Ixe Automotriz, Hipotecaria Fincas, and Financiera Telefonica.

The documents that they were certified by the notary Gerardo Aparicio (notaría 245 of the D.F.) and of those which has copy, remove each one of the investment operations that accomplished the IMSS in the cited companies. The greater amounts were destined for the transnational Spanish Telephonic Financiera Telefonica with a thousand and a million 96 thousand pesos (February of 2006); Cemex, a billion (February of 2007); Cemex, 501 million (October of 2006); Cemex, 500 million (September of 2006); America Movil, 350 million (November of 2007).

The five companies cited by the legislator of the PRI have answered on the accusations ventilated in the Deputies Camera. Even it is assured that these private companies are in bankruptcy, therefore demanded CASR an explanation to the federal executive. Why it is invested in companies deprive in bankruptcy if the IMSS is in bankruptcy according to the president? (La Jornada, politica, p. 14, December 2, 2010).