SIFs Refused Offers of Over One Billion Euro

A former manager of SIF, who had not wanted publicity, tells how in 2007 SIF’s management received offers from investors to sell them bank holdings, even before the first effects of the financial crisis started.

No one from SIF dared to sell holdings of banking or lessen his exposure on market, although last year the total assets of the five-SIF sites were depreciated three times, with 2.2 billion euro and their actions have fall 10 times until February.

Currently, the value of the bank amounted to a sum close to that offered to SIF for less than one quarter of the shares, its capitalization reaching 1.2 billion euro.

If the former manager said is true, SIFs could now stand on a mountain of cash, up to 700 million euro each. At present, SIFs have difficulties to sell holdings on the market, whose value is still more diminished, and because of it , was recorded last year revenue in decrease and budgeted revenues more lower for 2009.