Losses involved? No problem? So how much all TC invested?
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News from CNA :
Town councils' sinking funds not substantially affected by financial turmoil
By May Wong, Channel NewsAsia | Posted: 28 October 2008 2029 hrs
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Town councils' sinking funds not substantially affected by financial turmoil SINGAPORE : The sinking funds under all 14 PAP-managed town councils are safe and not significantly affected by the failed Lehman Brothers products.
Town councils said only a small percentage of their total investments were spent on those affected products.
Town councils use their individual sinking funds to carry works such as repairing damages at HDB (Housing & Development Board) common areas or maintaining an HDB elevator.
Every PAP town council has between S$30 million and S$150 million in their sinking funds.
Under current guidelines, each town council can use 65 per cent of their sinking funds to invest in government bonds, while up to 35 per cent can be invested in other financial instruments like corporate bonds and equities.
Although some of the town councils have purchased Lehman Brothers-linked products, the investments are minimal.
"Maybe a couple of percentage out of the total investment portfolio (were used in those investments), so the exposure will not affect the overall investment portfolio or the sinking funds per se. There's definitely no fear that any of the PAP town councils' sinking funds will be wiped out. All the supporting PAP town councils' sinking funds are in safe hands," assured Dr Teo Ho Pin, Coordinating Chairman of the 14 PAP Town Councils. He is also the mayor of North West District.
For Jurong Town Council, it has not invested in any Lehman-linked products, but explains that it only spends about 18 per cent or S$15 million of its S$84 million sinking funds in slightly riskier products.
Even then, that investment guarantees the principal amount.
"The position that we've taken is really to be very cautious with our investments because we're very clear that these are public funds, and therefore we decided to err on the side of being conservative in our investment policy. The public do not have to worry... there will not be enough funds in order to take care of their needs," said Jurong MP Halimah Yacob.
Many agree the current financial turmoil has taught the town councils that they should further diversify their investments in the future.
Going forward, town councils are expected to exercise even greater prudence when investing their sinking funds. But it's hoped that they will still be able to get up to 4 per cent of returns on their investments annually. - CNA /ls----------------------------------------------------------------------------------------------
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1. the news gave impression to me that TC exposure is no biggie. Correct me if wrong. So how much is the total exposure?
2. Who funds the investments?
3. Who shall be the person ACCOUNTABLE for the success AND FAILURE of investments? or no one at home? Selamat pagi!
4. Which other things like TC also invested in the minibonds?
5. We need FULL TRANSPARENCY on all investments and the SOURCE OF FUNDING.
Indeed, when you do not have the ANSWERS , we can only QUESTION in order to see the light.
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I have to post here as my postings in TOC is not getting accepted.
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I was wondering who gave them the right to speculate our money. The higher the returns the higher the risk.
Why kept so much money and not lowering the charges.
Why bleeding us - for whose benefits?
Why not show their accounts and be transparent - afterall, its our money
Power is truly almighty and infallible? if so, then truly "This World is a Big Con Job"
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Under which organization is TC controlled or run by or managed by or influenced by?
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I am asking these questions of public interest because I have given up hope on Opposition to help me voice up these obvious questions.
I will support anyone who can help me voice up questions of public interest.
I also discount on TOC.
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I hope our questions posed will not get ZERO answers, as feared.
Time will tell.
Opposition, what are you doing?
TOC what are you doing?
People, what are you doing?
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Originally posted by likedatosocan:
Under current guidelines, each town council can use 65 per cent of their sinking funds to invest in government bonds, while up to 35 per cent can be invested in other financial instruments like corporate bonds and equities.
"The position that we've taken is really to be very cautious with our investments because we're very clear that these are public funds, and therefore we decided to err on the side of being conservative in our investment policy. The public do not have to worry... there will not be enough funds in order to take care of their needs," said Jurong MP Halimah Yacob.
----------------------------------------------------------------------------------------------35% and 65%, very conservative meh?
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eerrr...
you should diversify your investments?
but on the other hand, why are town council doing investing? shouldn't they like transfer the money to like CPF board, and invest together to make more money together? shouldn't they leave the investing to the experts in one government agencies?
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Originally posted by skythewood:
eerrr...
you should diversify your investments?
but on the other hand, why are town council doing investing? shouldn't they like transfer the money to like CPF board, and invest together to make more money together? shouldn't they leave the investing to the experts in one government agencies?
shouldn't put everything in 1 basket. but i agree it should be left to the experts to invest and town council shouldn't be handling any investments. -
If only 1 party, is it a single basket? i must say no.
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Originally posted by likedatosocan:
If only 1 party, is it a single basket? i must say no.
ask the 66.6%.
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You live in that area?
That means you gave the mandate to the TC to invest your funds.
Probably some people at the top will give you this kind of warped reasoning.
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sorry need to hijack this thread to ask a pressing question:
I no no why electricity price hiked by a whopping 22% in this period of crisis.
Why need so much more Revenue?
Correction me if the wrongs.
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to top up our reserves...
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Originally posted by GHoST_18:
to top up our reserves...
But how can you REALLY know for sure as in with Black and White Evidence that proves beyond any reasonable doubt?just being smart nowadays after lesson learnt from the Lehman boo boo of the ultimate kind where investors TRUSTED blindly and never insisted on salesmen typing it down what they claimed or promised in legal contract and signed.
Now, if a mee siam man tells me he promise / guarantees / will ensure / will help / will look into the matter / will give you rebates , I tell him straight off, "show me a legal contract that indicates clearly beyond reasonable doubt what you just said" .
If everyone follows this method, I guarantee you will not suffer as badly as the 10000 private investors. I do not know who are the public investors. But you should ask me to write down in black and white and signed to play safe and being due-diligent.
;)
(most apathetic sporeans do not read this forum i am sure. they believe it does not affect them. so smart ;P )
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Originally posted by likedatosocan:
sorry need to hijack this thread to ask a pressing question:
I no no why electricity price hiked by a whopping 22% in this period of crisis.
Why need so much more Revenue?
Correction me if the wrongs.
You think hosting F1 night race very cheap ah?
Need to use a lot of lights you know?
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In the Article :
PM Lee says buyers of Lehman-linked products should seek resolution with banks first
By Channel NewsAsia's China Correspondent Wong Yee Fong | Posted: 26 October 2008 2203 hrsIt was reported that , i quote , "
"I think this is a very difficult and not very satisfactory way in the long run. First of all, government should not be making decisions for individuals; individuals should have the right to decide for themselves, their circumstances, their preferences, their needs. And secondly, the government is not in a position to guarantee what is safe and what is not safe because there is nothing which is 100 per cent safe," he said.
Prime Minister Lee said the government's role is to make sure that the financial system proceeds fairly and properly, not to guarantee the outcome but to make sure that its people know what they are doing. For the investors, this would mean that they are properly educated and understand the products they buy and their rights as consumers. " ", unquote.By this, I like to clarify, does he mean the same for TC's Lehman investments as well?
Recently, a TW political commentator praised Singapore to have the ability
to use the People's CPF related money to invest. She/He admitted that such things
could never have happened in TW. I wonder what does she mean by that ?Ok, investments cannot be guaranteed safe is one thing, but who is RESPONSIBLE and ACCOUNTABLE for an investment success ? Likewise, WHO is RESPONSIBLE and ACCOUNTABLE for an investment fiasco? Is this a logical question begging to be asked? If you know better than me, kindly reply.
As I feel that it would take a while or long time, for our alternative party to raise this question, I wonder is it a way to better utilize our Hong Lim Park by holding a discussion with the public on this topic which seems like a topic of public interest.
Unfortunately, I am not an eloquent speaker. I hope the Linguistically Bombastic, ABLE, CAPABLE, Knowledgeable and Compassionate and BRAVE could kindly step forward and contribute to the discussion. Else, things will remain as it is, as in no one from the public will discuss the issue to get clarifications.
Ideally, I hope the authorities can send their representatives who has the power to make decisions to discuss on 'live' TV, unrehearsed.