NewsWhore
04-28-2010, 05:00 PM
The new Superintendent of Pensions, Architect Joaquin Geronimo says that a consensus has been reached for the submission of a bill aimed at promoting the use of RD$100 billion in pension funds accumulated by the banking system, as reported in Hoy.
In a recent meeting, the Monetary Board reached agreements on differences on regulatory matters over the use of the funds. The bill will now be presented to President Leonel Fernandez for submission to Congress at the start of the next legislative session in August 2010. By then, the ruling PLD party, which already has the majority in Congress, is expected to have an even stronger representation.
Geronimo says that the pension funds would be used to build 20,000 low-cost dwellings in the first two years of the approval of the bill. As planned, low-income individuals will be able to purchase their homes by depositing a 15% down payment.
More... (http://www.dr1.com/index.html#8)
In a recent meeting, the Monetary Board reached agreements on differences on regulatory matters over the use of the funds. The bill will now be presented to President Leonel Fernandez for submission to Congress at the start of the next legislative session in August 2010. By then, the ruling PLD party, which already has the majority in Congress, is expected to have an even stronger representation.
Geronimo says that the pension funds would be used to build 20,000 low-cost dwellings in the first two years of the approval of the bill. As planned, low-income individuals will be able to purchase their homes by depositing a 15% down payment.
More... (http://www.dr1.com/index.html#8)