INSS auction: interest from banks surprises, despite legal imbroglio

Even with the Court’s decision to bar a new rule for payroll loans, the National Social Security Institute (INSS) resumed, on Wednesday (23), the payroll auction for the period between 2025 and 2029, expected to generate R$6 billion annually for the National Treasury coffers.

Judging by the first hours of trading, the results promise to exceed the government’s expectations. At least that’s what Alessandro Stefanutto, president of the municipality, says.

According to him, the interest of banks and the first offers indicate a favorable scenario for the government, with 25 financial institutions competing for the 26 lots. The tendency is for the event to last until Friday (25).

In an exclusive interview given to InfoMoney A few hours after resuming operations, he commented on the challenges faced in court and reinforced his conviction in reversing the unfavorable injunction to the government as quickly as possible.

But if the expected victory in the Judiciary does not occur, he says that the institution would be willing to hold a new auction to eliminate legal uncertainty among interested agents, since part of the demand above what was projected may be a reflection precisely of the change in the rules for consigned loans. .

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The auction establishes an order of preference among financial institutions to make payments for benefits administered by the INSS. To participate, banks must have multiple institutions – to meet the large volume of payments –, not charge service fees to policyholders and allow the beneficiary to maintain a current account with the banking institution of their choice.

Furthermore, an innovation in this auction is the requirement that paying agencies have at least one ATM or physical ATM to pay benefits. The INSS estimates that 437,322 benefits will be granted monthly, of which 46% are permanent benefits and 54% temporary, such as sickness benefit. The benefits will have an average value of R$1,824.67.

The point contested by the Brazilian Association of Banks (ABBC), whose complaint was upheld by the TRF-1, changes regulations that imposed a 90-day block on the accounts of retirees, pensioners and other INSS beneficiaries for contracting payroll loans.

Under the new rule, immediate contracts could be made in cases of direct personal loans with the first financial institution paying the benefit. But other institutions would need to respect a nineteen to offer services and carry out portability for interested parties.

In Stefanutto’s assessment, the clause challenged in court could bring some market restrictions during the 90 days in which the exclusivity rule is in force in favor of the financial institutions that won the auction. But he argues that the tendency is for there to be greater competitiveness later, given the interest of other banks in attracting potential customers after the end of the nineteen years.

And he says that the clause gives more rights to retirees when taking out immediate payroll loans, in addition to shielding them from situations of bank harassment — a frequent complaint in this market.

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