Parmalat scandal hits Irish pensions

The National Pension Reserve fund has confirmed that it has suffered a loss of €1.4m as a result of the financial scandal at the Italian Group Parmalat.

Meanwhile the Irish Association of Pension Funds have estimated that an additional €5m was lost by pension funds here due to the scandal.

Parmalat, the fourth largest food group in Europe, was declared insolvent last month after revealing a hole in its accounts which prosecutors investigating for fraud believe could exceed €10bn.