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_imgNORTH SOUND, Antigua (CMC) – Left-hander Sonal Dinusha displayed nerves of steel to deny a strong West Indies comeback, as Sri Lanka dealt the hosts their second straight loss of the Under-19 Tri-Nations Series here yesterday.In a nerve-jangling end to a dramatic run chase, Dinusha swept a full-length delivery from off-spinner Matthew Patrick to fine leg for a single to lift his side past their target of 138, off the first ball of the 41st over at the Vivian Richards Cricket Stadium.West Indies had looked a safe bet to pull off victory when they reduced the Sri Lankans to 101 for nine in the 32nd over before Dinusha, batting at number seven, produced a sterling unbeaten 46 off 63 balls with four fours to change the course of the game.Crucially, he anchored an invaluable unbroken 37-run, last-wicket stand with Amshi De Silva (10 not out) which frustrated the hosts.He had earlier also featured in a 31-run seventh-wicket partnership with captain Nipun Dananjaya who struck 31 off 45 deliveries with three fours.Left-arm seamer Ramon Simmons led the West Indies fightback with three for 31 while pacers Jayden Seales (2-23) and Nyeem Young (2-37) finished with two wickets apiece.West Indies had only themselves to blame after they were held to 137 for nine off their 50 overs in an unflattering batting effort.Sent in, they crumbled to 67 for seven in the 34th over and needed middle order batsman Kevlon Anderson’s top score of 43 to rescue some pride.He counted a single four in an attritional 70-ball knock, putting on 37 for the eighth wicket with Ashmead Nedd who finished on 21 not out.When Anderson missed a heave at a full-length delivery off Dinusha’s left-arm spin and was bowled in the 44th over, Nedd added a vital 33 for the ninth wicket with Seales who struck 23 off 27 deliveries.Leg-spinner Kavindu Nadeeshan claimed four for 20 – including Young (3) and Matthew Forde (0) off successive deliveries in the 34th over – while seamer Amshi de Silva picked up three for 18.West Indies have now lost two of their three matches in the tournament, following their defeat to England Under-19s on Sunday.last_img read more