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Friday, October 19 de 2018

The Financial Committee meets with representatives from the Central Bank of Chile

The Financial Committee (FC) met for the fifth time this year on Friday, October 19th, 2018. The meeting began with a welcome speech by the Chairman, José De Gregorio, to the new member of the FC, economist Paulina Yazigi, that was recently appointed to the FC by Finance Minister, Felipe Larraín. The General Treasurer of the Republic, Ximena Hernández Garrido, also attended the meeting.

Subsequently, FC members discussed the main objectives and criteria that will be considered as part of the Economic and Social Stabilization Fund investment policy study.

Afterwards, the FC met with a delegation from the Central Bank of Chile (CBC) led by the Financial Market Division Manager, Beltrán de Ramón, that made a presentation on cybersecurity, in the context of the CBC’s attributions. The CBC, in its role as Fiscal Agent, is responsible for managing part of the resources in the Economic and Social Stabilization Fund and the Pension Reserve Fund. The FC Chairman expressed his appreciation to the CBC team for the relevance of the analysis.

Additionally, the Technical Secretariat reported to the FC about the status of the selection process of external managers responsible to invest two new asset classes: US Agency MBS and High-Yield bonds. These mandates are expected to be funded early in 2019. It should be noted that the CBC is conducting the selection process with the support from staff of the Ministry of Finance.

Finally, FC members analyzed the performance of both Sovereign Wealth Funds and the portfolios’ positioning relative to their respective benchmarks.

The FC—an external, independent committee—is made up of the following six experienced professionals and experts: Jose De Gregorio (Chairman), Cristian Eyzaguirre (Vice Chair), Ricardo Budinich, Jaime Casassus, Martín Costabal and Paulina Yazigi.

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