DCV and Centro de Estudios Financieros of ESE Business School Renew their Partnership and Hold a Seminar

“A Capital Market without any Capital?”.

Under that title, both institutions held a seminar that gathered academic leaders
and the financial world to analyze the impact of the pension
funds withdrawal in the local capital market.

On Friday, December 3, Depósito Central de Valores (DCV) together with Centro de Estudios Financieros of ESE Business School, Universidad de los Andes, held a seminar called A Capital Market without any Capital? In which experts analyzed the impact of the pension funds withdrawal in the local capital market.

Rodrigo Roblero, General Manager of DCV, was part of this initiative among other managers that set the renewal of the partnership between both entities that seeks to promote several aspects of DCV and the Center, such as the depth of the market, the leadership, and innovation of its players.

The seminar included a presentation from Cecilia Cifuentes, Executive Director of CEF. She cautioned about the effect of these public policies on long-term savings, which are vital to have the necessary resources to satisfy the social demands of Chileans.

Afterwards, Jaime Munita, Vice Chairman of DCV and General Manager of AFP Capital, emphasized that beyond the availability of immediate resources, these withdrawals have a negative effect on people, reflected in lower access to mortgage financing or an increase in inflation rates. Similarly, José Manuel Mena, Chairman of the Banks and Financial Institutions Association (ABIF), stated that before the withdrawals, Chile was amongst the 15 countries in the world where mortgages were given at 30 years and at a fixed rate. “To reach those levels once again, we must develop a plan to re-build long-term savings,” he added.  Finally, María Alicia Montes, Chairman of CFA Society Chile, indicated that the capital market has also suffered deterioration due to a higher risk perception from investors.