Pension fund depleted by banks

Only €3 billion to €4 billion will be left in the National Pension Reserve Fund (NPRF) after the bank recapitalisations are completed this summer, according to an analysis by Glas Research.

16th April, 2011

Only €3 billion to €4 billion will be left in the National Pension Reserve Fund (NPRF) after the bank recapitalisations are completed this summer, according to an analysis by Glas Research.

Glas has calculated that €20.7 billion of the cost of recapitalisation will be met from the fund, whose total assets were valued at €24.4 billion at the end of December 2010.

Before the EU/IMF rescue programme, €7 billion had been invested from the fund in...

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