National Pension Service holds 138.9 billion won in SVB stocks and bonds that went bankrupt as of last year
It was revealed that the National Pension Service held a total of 138.9 billion won worth of stocks and bonds of the bankrupt Silicon Valley Bank (SVB) as of the end of last year.
According to the data submitted by the National Pension Service on the 15th to the Office of the Democratic Party of Korea’s lawmaker Choi Hye-young, the National Pension Service invested 96 million dollars (121.8 billion won) in SVB Financial Group stocks as of the end of last year.
Among them, the direct investment was worth 29.4 billion won and the consigned investment was regarding 92.3 billion won. The exchange rate applied to the data reported by the National Pension Service is 1267.3 won.
The National Pension Service said, “SVB trading has been suspended since the 10th and we have not had a chance to sell. In fact, short-term responses such as selling are not possible.” We plan to determine whether to sell or hold while looking at the terms of the acquisition.”
As of the end of last year, 17.1 billion won was invested in SVB Group bonds through consignment. There was no direct investment in bonds.
The National Pension Service said, “The consigned management company sold some of the exposure right before the decision to close SVB on the 10th,” and added, “In addition, due to the decline in the SVB group’s credit rating, the management company was instructed to sell according to the management regulations, and the remaining stocks were sold. We will communicate directly and monitor closely.”
