Pension fund hit by US bailout of Fannie Mae and Freddie Mac

The National Pensions Reserve Fund (NPRF) could lose up to €30 million on its equity investments in Fannie Mae and Freddie Mac, the mortgage giants that were rescued by the US government last week.

13th September, 2008

The National Pensions Reserve Fund (NPRF) could lose up to €30 million on its equity investments in Fannie Mae and Freddie Mac, the mortgage giants that were rescued by the US government last week.

Figures provided by the fund, which was set up to invest a portion of tax revenues each year to provide for the state’s future pension bills, show that it owned shares worth almost €40 million in the mortgage agencies at the...

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