requirements. The FGS held us$27 billion in government bonds at the end of 2011; a further US$6.5 billion finances fixed investment by the state or sponsored enterprises. The agency's stock portfolio, nearly half of which is in Telecom Argentina, Banco Macro, and Siderar, prompted an initiative in April 2011 to extend the number of companies with an ANSES member in the Board of Directors from 27 to all 42 in which it holds a significant stake. Techint, Siderar's parent company, became the least amenable among these companies to the proposal; a quarter of Siderar stock is owned by ANSES, but company bylaws limited the agency's voting rights to 5%. An agreement was ultimately produced in July whereby Economy Ministry official Axel Kicillof would be seated at the board of directors in return for government approval of the company's dividend policy. The importance of ANSES in the nation's social policy was further enhanced in June 2012 with the announcement of the PRO.CRE.AR initiative. Funded by ANSES and managed by the National Mortgage Bank, the home loan program was projected to make over us$4 billion available over four years to finance the construction of 100,000 new homes for private ownership. These loans would be available to those earning from 1,800 to 30,000 pesos (us$400 to 6,650) a month at relatively low interest rates and long terms (4 to 16%, with initial rates 2% below these, and 20 to 30 years, in each case depending on income), and would be complemented by a grant of 1,820 hectares (4,500 acres) by the National Government. In December 2015, president Mauricio Macri appointed Emilio Basavilbaso as executive director. Executive Directors References External links Public pension funds Government agencies established in 1992 Government of Argentina Economy of Argentina Finance in Argentina 1992 establishments in Argentina