first_imgIn general, solvency levels among German Pensionskassen have increased from 135% to 138% year on year.As of year-end 2014, only one Pensionskasse – which, in Germany, are set up chiefly as an insurance-like vehicles – failed to meet its solvency requirements.BaFin warned that, if interest rates continued at their currently low levels, Pensionskassen would “suffer more than life insurers” because of their longer-term businesses and the fact they have to pay out life-long pensions.For 2014, the average interest granted on members’ assets in Pensionskassen amounted to 4.1%, slightly below the 4.4% average for the year previous.In total, the Pensionskassen regulated by BaFin managed nearly €140bn in assets, as per year-end 2014, having seen their assets grow by 6% through returns and contributions.Meanwhile, a spokesperson for BaFin confirmed to IPE that the supervisor had chosen a sample of Pensionskassen that will take part in the stress tests conducted by EIOPA later in May.It declined to reveal the size of the selected candidates to avoid speculation on the identities of the institutions.However, the spokesperson confirmed that the German government would meet EIOPA’s target of covering 50% of the balance sheet total of pension assets in the market.Several pension fund associations have warned that, because mostly large institutions are to take part in the stress tests, the results will reflect only one part of market. Only nine of the 126 Pensionskassen regulated and tested by German regulator BaFin failed national stress tests performed at year-end 2014, the watchdog announced.In its annual report, BaFin points out that this is two fewer than reported the year previous, and that solvency levels of Pensionskassen had improved slightly over the period.With its own stress tests, the regulator seeks to gauge the resilience of market participants to various market downturns in one or more asset classes.The tests do not include a quantitative assessment, as it is done under Solvency II.last_img read more

first_imgDortmund missed the chance to cut Bayern Munich’s five-point lead at the top of the Bundesliga with a compelling goalless draw in Der Klassiker at Signal Iduna Park.Bayern came into this crunch game looking to avoid a mini crisis following their shock 2-1 defeat at home to Mainz in midweek.Douglas Costa, without a goal since November, should have given the visitors the lead when he was sent clean through, but Dortmund keeper Roman Burki was quick off his line to make a vital save.Dortmund were slick on the counter-attack and had their chances too with Marco Reus and the impressive Erik Durm both going close.Bayern went up a gear in the second half and limited Dortmund’s chances to the occasional half chance on the break. Arturo Vidal, who finally seems to be recapturing his Juventus form in the red of Bayern, had the best chances of the game.A header went just wide and he was unlucky to be denied by a fine reflex save by Burki, who tipped the Chilean’s goalbound effort on to the bar from point-blank range. Arjen Robben was also dangerous and had a couple of chances to win it – as did late Dortmund substitute Adrian Ramos – but Dortmund held on for a point while Bayern avoided what would have been a hugely damaging defeat in their hopes of claiming a third consecutive Bundesliga title under Pep Guardiola.–Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more