EU- The Spanish presidency has distributed a text to the various delegations to the working groups for pension supposedly clarifying its position on technical provisions, quantitative investment restrictions and solvency issues.

It was hoped last week that publication would clarify the presidency’s position on its definition of ‘prudent man plus’ and on funding levels.

However, the Spanish refuse to disclose the proposals. “We are working in collaboration with the commission and we have been presenting our proposals to the working groups,” says Jose-Carlos Garcia de Quevedo, of the Spanish delegation.

One member of another delegation that had previously expressed concern about the Spanish proposals said the paper’s recommendations are predominantly qualitative but with a couple of qualitative restrictions.

With regards funding levels they said the paper appears to propose a fairly flexible approach domestically while being stricter cross border.

The document runs to eighty pages and is described by the same person as “quite complicated and difficult to understand.”

Delegates met last week to discuss the first fourteen articles of the directive and, at the next meeting on the 26th, will tackle investment restrictions and solvency issues.