The future need for funds to finance infrastructure projects in Brazil could be met by the accumulated amounts in reserve requirements on demand deposits and savings deposits, according to a proposal presented by banks to the federal government. The model which has been studied predicts that those funds, considered a source of safety in moments of systemic risks in the domestic financial market, would help to meet partially the potential demand of more than R$ 1 trillion on a three year period.
According to the Itaú BBA Director of the Project Finance area, Alberto Zoffmann, this is one of the suggestions presented by financial institutions to the government in response to a request made by the federal sphere itself to the banks in December 2012. In general, the banks suggestion is that part of the amount of the reserve requirements on demand deposits referred to the Central Bank will be used to finance new infrastructure projects. Today, this feature does not have any compensation.
Another possibility would be to use a slice of the accumulated savings deposits for the same purpose, thereby reducing a portion of the supply of funds transferred to the Central Bank or used in the provision of home loan resources.
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In principle, 65% of the savings deposits must be applied in real estate loan, amount which not always can be passed on by the banks, according to Itaú BBA Director. “An alternative might be to destine to the infrastructure sector which is not loaned to the housing market”, synthesized Zoffmann. Other funds, these from the compulsory deposit on the value of savings, could also supply the demands of the infrastructure sector.
The subject gains relevance before the expectation of a growing need for funds to the sector. On a simulation presented by Zoffmann, which considers the country’s goal of guarantying a Gross Domestic Product (GDP) growth at the order of 5% per year and a participation of the investments on the GDP at the order of 25%, the infrastructure projects would require R$ 1 trillion from the banks on a period between 2014 and 2016. The scenario presented by the executive on an event organized by the Federations of Industries of the States of São Paulo (Fiesp) and Rio de Janeiro (Firjan) takes into consideration that the demand growth for funding will not be entirely met by the Brazilian Development Bank (BNDES).
“At this point there is no lack of funds. But it is possible that they will be missed if the agenda (of projects) goes the way we wish”, affirmed Zoffmann. “We speak about solutions for subsidized resources which could complement BNDES actions”, added Itaú BBA Director.
Portfolio
Throughout his lecture, Zoffmann highlighted the existing challenges and opportunities at the current moment on the Brazilian infrastructure sector. The road and airport concession models, already in progress by the federal government, present a more attractive scenario for investments. The ports and railways segments, on the other side, are still marked by uncertainties.
The assets portfolio Itaú BBA has in projects sums, today, R$ 10 billion, according to the executive. The institution’s income with that projects area shall grow 47% this year in relation to 2013. Last year, Itaú BBA expansion rate was 35% – the executive has not revealed numbers.
Those incomes are from loans and granted guarantees, as well as activities in the areas of financial advisory and structuring ventures. Itaú BBA shall, for example, participate on the highway BR-153 auction, scheduled for the next Friday. Zoffmann has not revealed, however, which company or consortium shall be represented by the institution.
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