BCR & BRD, custodians of compulsory private pensions funds

The two largest banks in the system in terms of assets, BCR and BRD-SocGen, were approved as depositories for assets of compulsory private pensions (the 2nd pillar), announced the Private Pensions Supervision Commission. The two banks will be the custodians of future pensioners’ capital, therefore becoming another guarantor for the compulsory pensions system. Under current legislation, concerning the private pensions system, the depository of the funds’ assets must have an equity capital of over 100 million euros, as well as meet other technical and professional criteria, which are verifiable by the Commission. In addition to being approved for the 2nd pillar, the two banks are currently the only banks also approved for the 3rd pillar (optional private pensions). In fact, the four optional pension funds that have already started selling have their assets placed in the custody of BRD-SocGen, the first credit institution to receive the CSSPP’s approval.