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Pension Fund Back On Track

 

Updated : Jul 24, 2009

The National Pensions Reserve Fund regained more than €3bn in the first half of this year, it was revealed today.

The figures are contained in the annual reports of the National Treasury Management Agency (NTMA).

The national debt increased from €37.6bn at the end of 2007 to €50.4bn at the end of last year.

NTMA has said the National Pensions Reserve Fund experienced its most challenging year yet in 2008, as the credit crunch escalated into the most serious financial and economic crisis since the 1930s.

The fund lost €5bn last year to stand at €16.1bn at the end of 2008, but has recovered in the first six months of this year to now stand at €19.4bn.

The fund was set up in 2001 to help meet social welfare and pensions costs from 2025 onwards - this year it invested a total of €7bn to recapitalise AIB and Bank of Ireland.

Meanwhile the NTMA's report also shows that to date in 2009 it has raised €21.7bn in the bond markets to fund the Exchequer deficit - this represents 87% of the target for the year.



 

 

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