2009年-世界发展银行全球_Egyptian_National_Postal_Organization___Review_of_Asset_Management_Operations_28页_1mb

报告摘要

Egyptian National Post Office (ENPO) Asset Management Review Summary

I. Core Content

This report provides a review of ENPO's asset management operations, focusing on its role as a postal operator and financial service provider. It outlines the current state of ENPO's financial services, the evolution of its asset management practices since 2006, and recommendations for improving governance, accountability, and operational efficiency.

II. Main Points

1. Background

A World Bank mission visited Cairo from March 8 to March 12, 2009, to review ENPO's asset management operations.
The mission aimed to assess the effectiveness of ENPO's management of savings deposits and its investment strategies.
ENPO's scope of work was narrowed to include benchmarking, investment manual review, and reporting system proposals.
The mission was unable to review the Investment Manual and current procedures due to lack of access.

2. Overview of ENPO

ENPO was established in 1865 and has a clear mandate of public service.
It operates two major categories of services: postal and financial.
Financial services now account for a significant portion of ENPO's income, with savings deposits being a key component.
ENPO has 18 million savings accounts, making it the largest financial institution in Egypt by number of accounts.
Despite the large number of accounts, total savings held by ENPO are less than 10% of the overall savings in the country.
ENPO's savings deposits grew at a CAGR of 24.7% from FY02 to FY08, surpassing the growth rate of the entire banking sector.

3. Summary of Recommendations

Governance Framework: ENPO needs to establish a clear institutional oversight for its asset management activities. The current framework lacks clarity and needs to be aligned with international standards.
Responsibility and Accountability: ENPO should have more control over the management of savings deposits it collects. The current system allows only 20% of new deposits to be managed directly by ENPO, and this allocation is not fixed.
Investment Policy: ENPO should develop a formal investment policy and guidelines, approved by the Board and the High Investment Committee.
Organizational Structure: ENPO should streamline its structure to include front, middle, and back offices, along with a Cash Management unit, all under the Investment Department.
Asset Allocation: ENPO's current allocation of 70% fixed income and 30% equities is not well-aligned with its deposit liabilities. A more conservative approach is needed, especially regarding equities.
Portfolio Management System: ENPO needs to acquire an appropriate information system to manage its investments effectively.
Accounting Standards: ENPO should adopt International Financial Reporting Standards (IFRS) to align with international accounting practices.
Reporting: ENPO needs to design a comprehensive reporting system tailored to different stakeholders, including the Board, Investment Committee, and internal managers.

III. Key Issues Identified

1. Regulatory / Institutional Oversight

ENPO's asset management is not clearly regulated by any institution. MCIT oversees postal operations, but it is unclear which entity oversees financial activities.
There is a need for an independent regulatory body to ensure prudent management of savings and investments.

2. Alignment of Responsibility and Accountability

ENPO has limited control over the investment of 80% of the savings it collects.
The allocation of 20% of new deposits to ENPO is not fixed and is subject to negotiation.
The current remuneration rules are not based on market rates, limiting ENPO's ability to perform adequate asset liability management (ALM).

3. Asset Allocation and Risk Management

ENPO's current asset allocation is not well-suited to its deposit liabilities, especially with a high equity allocation.
The investment in Etisalat may cause risk mismatches between deposit liabilities and investments.
There is a need for a more conservative investment strategy that matches the risk profile of deposit liabilities.

4. Staffing and Internal Expertise

ENPO requires specialized staff and systems to manage its investment activities effectively.
The current internal expertise is insufficient to support the full range of asset management functions.

IV. International Postal Operators' Experience

1. Poste Italiane (Italy)

Manages 5 million deposit accounts through Banco Posta, a non-bank department.
Invests in government bonds and uses a model to match deposit liabilities with investment duration.
Has a sound governance framework with an Investment Committee and a Risk Management Committee.

2. La Poste (France)

Evolved into a full bank through three phases and the creation of Efiposte, a subsidiary.
Implemented a prudent investment strategy with a focus on liquidity and risk management.
La Banque Postale, a full bank, was established in 2006.

3. Deutsche Post (Germany)

Established Deutsche PostBank in 1990, which manages about 20 billion euros in savings.
Previously operated under a restricted banking license and invested in low-risk instruments.
The transition to a postal bank allowed for more diversified investment strategies.

4. Postal Savings (Japan)

Transferred to Japan Post in 2003, becoming the world's largest holder of personal savings.
Operates under a strict investment policy with limited equity allocation.
The investment strategy is based on an ALM approach, considering liability costs and cash flows.

V. Action Plan

Develop and adopt a formal investment policy and guidelines.
Establish a clear regulatory framework and assign oversight responsibility.
Streamline the organizational structure to include front, middle, and back offices.
Acquire an appropriate information system for portfolio management.
Align accounting practices with IFRS.
Design a comprehensive reporting system for different stakeholders.
Enhance internal expertise and ensure adequate staffing for asset management functions.

展开完整摘要