Swiss pension funds will have to accept negative interest rates on cash holdings or find alternative ways to house liquidity, the Swiss National Bank has warned.Soon after the SNB cut the peg between the Swiss franc and the euro on 15 January, it also introduced negative interest rates for holding banks’ capital.A negative rate of 0.75% was introduced on the deposit account balances Swiss banks hold with the SNB, and banks are now passing the cost on to their clients.In its statement from January, the SNB said it was “lowering interest rates significantly to ensure that the discontinuation of the minimum exchange rate does not lead to an inappropriate tightening of monetary conditions”. However, it also introduced a minimum exemption threshold 20 times the minimum reserve requirements, and each bank has individually set a certain threshold for clients’ accounts, above which negative rates are charged.Christoph Ryter, president at ASIP, the Swiss pension fund association, said this threshold had been “primarily” introduced to “protect retail clients at least partly” from the negative interest rates.But he also pointed out to IPE that “the major part of private people’s assets is not in bank accounts but in Pensionskassen”, which must pay for putting liquid assets into bank accounts.According to a recent survey by Credit Suisse, approximately 6.5% of the assets held by a sample of Swiss Pensionskassen were categorised as “liquid” assets.Applying this figure to the whole of Switzerland’s mandatory second-pillar system would mean that around CHF45.5bn (€37.2bn) is currently held in cash or similar instruments.ASIP recently called for an exemption for Pensionskassen and recommended they be granted accounts at 0% interest with the SNB.Over the weekend, however, SNB president Thomas Jordan told a local radio station that this was “out of the question”.He said the measure of introducing a negative interest rate “can only work if there is no possibility of side-stepping it”.Jordan added that “allowing all participants in the financial market to have a zero-interest account with us would weaken the measure”.Publica, the pension fund for federal employees, already has a special arrangement with the SNB for an account with a minimum 0% interest rate.In its petition to the SNB, ASIP had argued that all Pensionskassen should have the same opportunity, particularly given the fact they are non-profit financial market participants, unlike banks.Ryter said ASIP was disappointed by Jordan’s rejection of its proposal.He said that, while buffers help Pensionskassen to deal with the losses suffered in the wake of the SNB’s shock decision to cut the peg to the euro, persistently low interest rates meant pension funds’ return prospects were “very limited”.He said this, in turn, would put more pressure on reforms such as the Altersvorsorge 2020 package.Find out where the reform package stands now by reading IPE’s latest update
Smiley’s Racing Products Southern SportMods – 1. Dean Abbey, Roanoke, Texas, 230; 2. Kevin Manning, Colleyville, Texas, 156; 3. Gregory Muirhead, Mabank, Texas, 152; 4. Damon Hammond, Burleson, Texas, 149; 5. Kevin Ward, Abilene, Texas, 139; 6. Gabe Tucker, Carbon, Texas, 120; 7. Christopher Stewart, Tatum, N.M., and Mark Patterson, Merkel, Texas, both 119; 9. Kaden Honeycutt, Aledo, Texas, and Brandon Blake, Odessa, Texas, both 110; 11. Brantley Beatty, Lubbock, Texas, 92; 12. James Skinner, Burleson, Texas, 90; 13. Danny Cavanagh, Fort Worth, Texas, 85; 14. John “Jay” Coone, Weatherford, Texas, 81; 15. Jake Upchurch, Red Oak, Texas, and Kale Westover, Altus, Okla., both 75; 17. Lawrence Mikulencak, Corpus Christi, Texas, 69; 18. G.W. Egbert IV, Belton, Texas, 68; 19. Matt Mueller, Stamford, Texas, 67; 20. Jason Cook, Grand Prairie, Texas, 65. Junior National Championship – 1. Raymond Doyle, Chandler, Ariz., 359; 2. Kollin Hibdon, Pahrump, Nev., 341; 3. Justin Erickson, Glendale, Ariz., 295; 4. Chandler Dodge, Casa Grande, Ariz., 273; 5. Michael Thing, Campo, Calif., 233; 6. Jerry Flippo, Bakersfield, Calif., 161; 7. Brock Rogers, Yuma, Ariz., 120; 8. Kaden Honeycutt, Aledo, Texas, 110; 9. Jake Pike, Pahrump, Nev., 100; 10. T.J. Wyman, Laveen, Ariz., 94; 11. Abby Meulebroeck, Gilbert, Ariz., 74; 12. Dann E. Perry III, Laughlin, Nev., 70; 13. Cameron Williams, Mohave Valley, Ariz., 58; 14. Matthew Day, Farmersville, Texas, 57; 15. Jerrett Bransom, Burleson, Texas, and Dylan Thornton, Santa Maria, Calif., both 49; 17. Zachary Taylor, Irving, Texas, and Colby Thornhill, Enumclaw, Wash., both 37; 19. Jack Bransom, Burleson, Texas, 36; 20. Connor Danell, Visalia, Calif., 35. IMCA Sunoco Stock Cars – 1. Chanse Hollatz, Clear Lake, Iowa, 562; 2. Cody Center, Mesa, Ariz., 425; 3. Brendon LaBatte, Noonan, N.D., 409; 4. Raymond Doyle, Chandler, Ariz., 359; 5. Andy Altenburg, Truman, Minn., 342; 6. Aaron Spangler, Dove Creek, Colo., 337; 7. Leslie Gill, Odessa, Texas, 324; 8. J.C. Parmeley, Peoria, Ariz., 319; 9. Irvin Kevin Roberts, Gresham, Ore., 307; 10. Steffan Carey, Bloomfield, N.M., 305; 11. Westin Abbey, Comanche, Texas, 261; 12. Derek Green, Granada, Minn., 260; 13. Ty Warner, Glendale, Ariz., 251; 14. Ricky Thornton Jr., Adel, Iowa, 239; 15. Troy Jerovetz, Iowa Falls, Iowa, 224; 16. Lonnie Foss, Glendale, Ariz., 223; 17. Dennis Losing, Apache Junction, Ariz., 222; 18. Jeffrey Abbey, Comanche, Texas, 218; 19. Jason Josselyn, Alamogordo, N.M., 217; 20. Gene Henrie, Cedar City, Utah, 213. IMCA RaceSaver Sprint Cars – 1. Brendan Warmerdam, Lemoore, Calif., 40; 2. Rob Solomon, Fresno, Calif., 39; 3. Grant Champlin, Hanford, Calif., 38; 4. Colby Thornhill, Enumclaw, Wash., 37; 5. Mike Schott, Tulare, Calif., 36; 6. Connor Danell, Visalia, Calif., 35; 7. Michael Pombo, Easton, Calif., 34; 8. Albert Pombo, Fresno, Calif., 33; 9. Brooklyn Holland, Fresno, Calif., 32; 10. Rick Bray, Fresno, Calif., 31; 11. Gordon Rodgers, Winton, Calif., 29; 12. Jacob Pacheco, San Martin, Calif., 28; 13. Philip Heynen, Visalia, Calif., 27; 14. Benjamin Catron, Fresno, Calif., 26; 15. Blaine Fagundes, Hanford, Calif., 24; 16. Lance Jackson, Kingsburg, Calif., 22; 17. Steven Wenzel, Clovis, Calif., 21; 18. Sean Quinn, Clovis, Calif., 20; 19. Mauro Simone, Fresno, Calif., 19. IMCA Sunoco Hobby Stocks – 1. Brad King, New Town, N.D., 451; 2. Jason Duggins, Farmington, N.M., 356; 3. Steve Bitting, Phoenix, Ariz., 296; 4. Paul O’Connor, Surprise, Ariz., 281; 5. Chandler Dodge, Casa Grande, Ariz., 273; 6. Joshua Cordova, Yuma, Ariz., 267; 7. Scott Tenney, Yuma, Ariz., 256; 8. Jason Beshears, Yuma, Ariz., 244; 9. Tim Gonska, Brainerd, Minn., 237; 10. Jason Penny, Yuma, Ariz., 236; 11. James Robinson, Yuma, Ariz., 228; 12. Francisco Cordova, Yuma, Ariz., 217; 13. Ron Roe, Phoenix, Ariz., 196; 14. Andrew Pearce, Meadow, Utah, 175; 15. Oscar Duarte, Yuma, Ariz., 174; 16. David Callis, Yuma, Ariz., 139; 17. Kyle Williams, Glendale, Ariz., 138; 18. Charles McDaniel, Phoenix, Ariz., 128; 19. Eric Knutson, Slater, Iowa, and Rick Hibbard, Yuma, Ariz., both 113. Karl Kustoms Northern SportMods – 1. Taylor Kuehl, Cave Creek, Ariz., 549; 2. Cody Thompson, Sioux City, Iowa, 511; 3. Clay Erickson, Glendale, Ariz., 392; 4. Shelby Frye, Casa Grande, Ariz., 383; 5. Mark Madrid, Laveen, Ariz., 369; 6. Ty Rogers, Somerton, Ariz., 341; 7. Camron Spangler, Dove Creek, Colo., and David Pitt, Rock Springs, Wy., both 307; 9. Chris Toth, Holtville, Calif., 300; 10. Michael Wells, Pahrump, Nev., 298; 11. Justin Erickson, Glendale, Ariz., 295; 12. Miles Morris, Yuma, Ariz., 288; 13. Manny Baldiviez, Yuma, Ariz., 265; 14. Slade Pitt, Rock Springs, Wy., 261; 15. Kyle Salo, Peoria, Ariz., 253; 16. Brian J. Carey, Aztec, N.M., 234; 17. Jimmy Davy, Yuma, Ariz., 230; 18. Tate Johnson, Homestead, Mont., 214; 19. Darin Center, Mesa, Ariz., 213; 20. Ron Schreiner, Tucson, Ariz., 212. IMCA Modifieds – 1. Chaz Baca, Mesa, Ariz., 649; 2. Alex Stanford, Chowchilla, Calif., 491; 3. Ricky Thornton Jr., Adel, Iowa, 432; 4. Jeff Taylor, Cave City, Ark., 387; 5. Lance Mari, Imperial, Calif., 382; 6. Zachary Madrid, Phoenix, Ariz., 357; 7. Tim Ward, Chandler, Ariz., 348; 8. Kollin Hibdon, Pahrump, Nev., 341; 9. Jake O’Neil, Tucson, Ariz., 336; 10. Casey Arneson, Fargo, N.D., 335; 11. Braxton Yeager, Green River, Wy., 286; 12. Spencer Wilson, Minot, N.D., 272; 13. Jason Noll, Peoria, Ariz., 256; 14. Bricen James, Albany, Ore., 249; 15. Ryan Roath, Peoria, Ariz., 248; 16. Joey Price, Great Falls, Mont., 243; 17. Jesse Sobbing, Malvern, Iowa, 238; 18. Michael Thing, Campo, Calif., and Bill Miller, Yuma, Ariz., both 233; 20. Marlyn Seidler, Underwood, N.D., 231. Mach-1 Sport Compacts – 1. Darren Sage, Yuma, Ariz., 101; 2. Billy Ayres, Glendale, Ariz., 100; 3. Jacquelyn Parmeley, Phoenix, Ariz., 96; 4. Steven Bevills, Granbury, Texas, 80; 5. Steve Riojas, Waxahachie, Texas, 77; 6. Bondy Cannon, Mineral Wells, Texas, 69; 7. Kaleb Watson, Mineral Wells, Texas, 61; 8. Harold Clifton, Stephenville, Texas, 55; 9. Frank Cordova, Yuma, Ariz., 40; 10. Jesse James, Yuma, Ariz., 39; 11. Anthony Vandenberg, Dublin, Texas, and Ryan McNaughton, Yuma, Ariz., both 38; 13. Zachary Taylor, Irving, Texas, 37; 14. Jack Bransom, Burleson, Texas, Howard Watson, Weatherford, Texas, and Matthew Schlamann, Yuma, Ariz., each 36; 17. Dylan Rivers, Irving, Texas, and Zachary Kelly, Yuma, Ariz., both 34; 19. Patrick Miller, Rhome, Texas, 33; 20. Mike Smith, Mansfield, Texas, 32.
Kelechi Iheanacho Racist abuse towards Kelechi Iheanacho that was allowed to stay on Twitter for more than 12 hours will be included in a dossier the Professional Footballers’ Association is going to present to social media bosses this month.Leicester striker Iheanacho was subjected to vile abuse following his late miss against his former club Manchester City, whose 1-0 win left them in pole position for the Premier League title.Several racist messages were posted between 9.45pm and 10pm and they remained online on Tuesday night, with Twitter having not removed them. One branding the Nigeria international a ‘f***ing n*****’ had attracted more than 150 retweets and likes. The PFA is aware and will be raising the comments when they sit down with social media companies at a scheduled meeting to discuss online racism.The players’ union wants to outline the severity of the issue, while they will also present a collection of racist messages that have been sent to Sports Minister Mims Davies.It was abuse such as that directed to Iheanacho after Monday night’s match which prompted Premier League players to stage a 24-hour social media boycott last month.That campaign, led by the PFA and under the hashtag #Enough, aimed to bring players together to demand social media companies such as Twitter, Facebook and Instagram do more to tackle the problem.It was supported throughout football, with Chelsea’s Eden Hazard, Tottenham’s Dele Alli, Manchester United’s Marcus Rashford and Arsenal’s Pierre-Emerick Aubameyang among those who backed the protest.A Twitter spokesperson said: “We do not comment on individual cases for privacy reasons. Our abusive behaviour policy strictly prohibits any attempts to harass, intimidate or silence another person’s voice and we take strong enforcement action where violations are found.“The health of the conversation online is our singular priority. To reach this, we’ve introduced more than 30 changes in the last 18 months to achieve a healthier Twitter.“We are now suspending 3 times more abusive accounts within 24 hours of receiving a report compared to this time last year. We’ll continue building on this progress, improving our action rates and ensuring the health of the conversation is prioritised.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
KINGSTON, Jamaica, CMC – Exciting Bayer Leverkusen winger, Leon Bailey, will not feature for Jamaica’s Reggae Boyz in their CONCACAF Nations League fixture against El Salvador this month.Jamaica Football Federation general secretary, Dalton Wint, said this was in an effort to avoid “disruptions” especially with the squad already chosen. “We are not looking to invite him. The coach (Theodore Whitmore) has named a squad already, and persons have been contacted,” Wint said.“The situation is that we are at a critical juncture with the Nations League and we do not want any sort of disruptions at this time because we have to perform well in this game.“So he (Bailey) was not considered by the coaching staff for either the Nations League or the practice game. The same squad will be used for both games.”Jamaica are scheduled to play Costa Rica in a friendly three days after the Nations League qualifier, scheduled for March 23.The 21-year-old Bailey has never played senior team football for Jamaica, despite his exploits in the Bundesliga in recent seasons.He was expected to make his debut in a Nations League qualifier last October against Bonaire but controversially pulled out at the last minute.Wint said, however, the Federation was still open to calling up Bailey but the player needed to also indicate his interest.“Possibly, he (Whitmore) will consider him in the near future because we have other games coming up for the Gold Cup, and it is always the plan to invite Mr Bailey,” Wint said.“But he has to indicate that he is ready for that invitation. The moment he shows that he is interested in having his name in the squad, he will be called.”Jamaica have a perfect 3-0 record in their Nations League campaign and are on course for automatic Gold Cup qualification.