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17. Funds
Fund evolution is shown below:
The following schedule shows the investments, updates and usages through 12/31/2008:
The amount of R$26,334,000 was invested in the Certain Income Fund, using resources from the Plan Revision Reserve, regarding the inclusion of new beneficiaries on account of the survey of the respective financial bases.
b) Administrative ProgramThe Administrative Program Fund aims to ensure excess expenditures relative to the maintenance of PREVI’S administrative structure. It is constituted by the positive result found in the Program’s revenue and expense calculation. In December 2008, the Administrative Fund added up to R$552,205,000 (R$644,872,000 in 2007).
c) Investment ProgramThe Investment Program’s Funds are constituted of percentages, charged monthly in the Simple Loan and Mortgage installments, as determined in the Regulations in effect.
The Liquidation per Death Funds are aimed at liquidating obligations falling due in the event of the borrower’s death.
In the Real Estate property, the Liquidity Fund is aimed to cover possible existing residues at the end of the contractual term, except those related to delinquent amounts, and to support discounts in the owing balances for mortgage contracts that adhere to the New Carim.
In the Simple Loan portfolio, the appropriate Liquidity Fund resources are aimed to ensure the coverage of the portfolio’s credit risk after all possible measures to recover delinquent credits have run out.
