The Romanian Postal Service at the beginning of next year will launch a monetary mutual fund, which will target pensioners, banking sources told Ziarul Financiar.
According to the above-quoted sources, the money raised from the population will be placed in T-bills, banking deposits and, generally, in all instruments specific to the money market. One fund unit will be worth 10,000 ROL, while their distribution will be done through the Romanian Postal Service network.
The territorial network of the Romanian Postal Service (several thousands of postal offices) and the "success enjoyed by the distribution of certain baking instruments through the postal offices" (i.e. Banc Post deposit certificates, for instance) are some of the reasons that made the Postal Service management go for it.
The fund units will be issued for very short periods of time (3-6 months), in order to facilitate the access to money at any time.
"If, let's say, the pensioners need the money one month after depositing it, they won't be facing any problems. We are focussing on finding a very simple operating method. The depositing bank and the management company have not been selected yet, with the selection tenders to be organised at the beginning of next year," the above-mentioned sources say.
The Romanian Postal Service will initially allot ten billion ROL for launching the project, but will also team up with other companies after a while, ideally a bank and an insurance company.
According to financial sources, the initiative of launching this fund belongs to the Romanian Postal Service treasurer, Cosmin Calinescu, the former vice-president of Bancorex during the time of Florin Ionescu and Vlad Soare, and former dealing chief with the Romanian Development Bank.
The Board of the Romanian Postal Service includes one more former member of Bancorex management, under the Razvan Temesan ruling: Razvan Haritonovici, who is also chairman of the Board of the only state-owned insurance company, Astra.
The mutual fund market is going trough a tough time now, following the collapse of Fondul National de Investitii (National Investment Fund - FNI), which occurred last summer and shook population trust in such saving instruments.
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