GEMLOC: Peer Group Dialogue Meeting Minute 9. Conference call led by the WB/Gemloc Team in DC Supported by GoToMeeting conference tool
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1 GEMLOC: Peer Group Dialogue Meeting Minute 9 Date: May 2, 2012 Place: Time: Attendees: Conference call led by the WB/Gemloc Team in DC Supported by GoToMeeting conference tool 8 am- 9:30 am (EST time) Country Participants: Brazil: David Rebelo Athayde, Lena Oliveira de Carvalho, Flavia Barbosa, Roger Castro (Brazilian Treasury) Colombia: Juan Manuel Quintero (Ministry of Finance and Public Credit) Hungary: András Réz, Zsolt Bangó (Government Debt Management Agency) India: Rabishankar Tavarna (Reserve Bank of India) Kenya*: Chris Legilisho (Central Bank of Kenya) Malaysia: Adrian Wong, Beh Cheng Hoon, Danny Zulkarnain Md Salleh (Bank Negara Malaysia) Mexico: Juan Manuel Govea, Benjamin Detraux (Ministry of Finance) South Africa: Phumzile Maseko (National Treasury) Turkey: M. Tolga Yucel, Taşkın Temiz, Arzu Gok, Harun Akkas (Undersecretariat of Treasury) World Bank Group Participants: Anderson Silva, Catiana García-Kilroy, Tamuna Loladze, Phillip Anderson, Varsha Marathe, Evans Osano, Vincent Ntalami. *Kenya was a guest participant in this peer group. Discussion topic Retail government debt programs: main models, issues, and experiences Objectives: Introduction of the topic by the World Bank. Presentation by Mexico on its retail debt program Cetesdirecto. Presentation by Kenya on its new retail debt initiative Treasury Mobile Direct. Discussion and Q&A
2 Issues discussed: I. Retail Debt Programs -- Overview Trends and recent developments. A number of advanced economies (AEs), such as Sweden, Canada, US, UK, and Italy, have used retail debt programs (RDPs) for various purposes (e.g., postwar financing), which have been changing overtime. Usually, as their financial systems developed, their retail debt programs diminished in size, but they were still maintained for strategic reasons. Since the 2008 financial crisis, a lot of countries saw their RDPs increase even in countries that were not as affected by the crisis. This was the case in Sweden, Ireland, UK, and Italy. Italy has one of the largest retail debt programs today, representing 12% of total debt. Key decisions in designing RDPs Instruments retail-specific or same as those available for wholesale investors? Liquidity options given more limited access of retail investors to markets, debt managers could provide some special exit mechanisms to facilitate redemption by retail investors. Distribution channels cost and complexity of distribution channels could determine the viability of an RDP. Costs two approaches: (1) Subsidized approach, whereby the government is prepared to bear the cost of the program due to the strategic importance of an RDP (e.g., Italy); and (2) Cost charged to investors through lower yields (e.g., Sweden, UK), which are higher than what retail investors can obtain in financial markets but not as high as the those offered to wholesale investors. Key policy issues Interaction between the retail debt program and the wholesale market. An RDP, whatever its features, needs to be designed in such a way that does not distort the wholesale market. Potential for cannibalizing bank deposits if an RDP is very successful. Social benefits: increasing savings and financial inclusion. Role of RDPs: as a major source of funding for government debt or as a complementary instrument to other instruments that are offered? II. Mexico: Cetesdirecto Objectives: Increase penetration of financial services in the local population; encourage savings; promote financial literacy; and mitigate perception that investment products are only available for large
3 investors. Overview. Cetesdirecto was launched in November 2010 as part of the government s plan to offer government securities directly to the public and is run as a subsidized program through a special budget allocation from Congress. It was developed based on RDP models used in the US and Brazil. It is an internet platform that allows individuals to invest in government fixed income instruments across the whole maturity spectrum, offering attractive returns with no commissions costs and no intermediaries. In addition, investments are available at very small minimum amounts of 100 pesos (USD 7). Interest rates available to Cetesdirecto investors are the same as those available to institutional investors. The government has dedicated resources for promoting the program through media and educational seminars. How it works. Step 1: Registration and acceptance of the program s conditions. Step 2: Purchase order either through the Internet or call center. Step 3: Transfer of funds. Cetesdirecto guarantees the title to the securities a customer is buying and provides account management. Cetesdirecto account is linked to a customer s bank account. Key features: Automatic reinvestment; recurring savings; express registration, and application for mobile devices. Available instruments include: inflation-linked bonds, T-bills, and floating-rate notes. The program does not employ market makers. Customers can participate in primary auctions on a non-competitive basis at the price determined by the market (e.g., average price for multiple price auctions). They are not able to purchase securities in the secondary market through this program. Redemption of securities can be done anytime, however, at a 1% discount off the price as a way of encouraging saving as opposed to trading. In case of redemption, securities are sold directly to the government and are essentially canceled instead of being sold to the market. Results since launch: 56,000 registered customers, concentrated around Mexico City, where the population is more financially educated USD 57.5 million in accumulated funds, which represents less than 1% of total government debt. 80% of Cetesdirecto investments are in T-bills. Average account balance is USD 3,800, with 65% of accounts having a balance of less than $1500. The program has had a positive impact on financial sector competition, urging banks to decrease commissions in an effort to
4 continue attracting customers. Main challenge and next steps: diversify and expand the users of the program through greater financial education. III. Kenya: Treasury Mobile Direct Overview. The initiative, which is supported by the World Bank, aims to distribute government securities to retail investors (both banked and unbanked) through mobile phones, building on the success of mobile money transfer services in Kenya. The objectives are to increase access to investments in government securities, promote a savings culture among low income households, and alleviate some of the resource challenges of processing retail requests at wholesale auctions. How it works. Central Depository System Corporation (CDSC) will provide custodial services through a contractual agreement with the Central Bank of Kenya (CBK). CDSC will appoint authorized mobile network operators (MNOs), who will serve as distribution channels for the securities. The Capital Markets Authority is implementing specific rules for this arrangement to ensure that there is full compliance with Know Your Client (KYC) requirements. MNOs will open accounts for retail investors and take retail cash deposits; they will also be responsible for ensuring the flow of data, securities, and cash between investors and CBK. Retail investors will be required to open mobile money accounts with MNOs, as well as custody accounts with CDSC. It is envisioned that MNOs will charge a small fee for their services. Key features of the pilot phase Offered only to banked customers as a start Main objective: to test the robustness of the operational architecture using mobile phones Minimum investment amount: KES 100K (USD 1,200). Cap on investment: KES 20 million Securities offered on tap basis following an auction over the period of time until the next auction. (T-bill auctions are usually held on a weekly basis.) Available instruments: T-bills (91-, 182-, 364-day maturities) Yield: weighted average of previous auction Payment of principal at maturity: payments under KES 140K will be transferred to a customer s mobile account; payments over KES 140K to a customer s bank account. KES 140K is the maximum amount one can hold in a mobile account. Other aspects. Early redemption will be allowed but details are still under discussion. Access to the service is password protected on one s phone; thus, if a phone is lost, the account cannot be accessed without a password. In case of losing a phone, the customer has to instruct an MNO to transfer all his/her data and services from the old SIM card to a
5 new one. Retail market in Kenya and potential demand for the program: Retail investors currently represent about 2.6% of government securities holdings (USD 262 million out of USD 10 billion); however, they account for the largest share of the number of bids placed in the primary market. Currently, there are 19 million mobile money accounts out of a total population of 40 million, holding about USD 700 million money that is not earning any interest. A more detailed assessment of demand is being planned through focus groups to be conducted by the Financial Sector Deepening Kenya initiative. IV. Other peer group country experiences South Africa has a mobile money service, but it is not as widely used as in Kenya; also, the funds are in terms of units and bundles rather than hard cash. South Africa s retail debt program uses the Internet as a means of distribution. Brazil does not have a mobile money service developed. It has a very robust banking system. And the Internet is the main medium for accessing retail customers. In Colombia, a few banks have recently started to work with mobile operators to create a mobile money transfer service similar to that in Kenya, but its usage is still very low. Documents discussed: Presentations on Cetesdirecto (Mexico) and Treasury Mobile Direct (Kenya) Next steps: Solicit other topics for discussion in future PGD meetings.
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