Pension funds hit as shares lose €2bn value

PENSION funds took a fourth hit in a month yesterday as a further €2 billion was wiped off the value of Irish shares.

Over 16 billion euro, or 20%, has been wiped off the Irish Stock market since the start of the year, with the 50 billion in public and private pension funds hardest hit.

Finance Minister Charlie McCreevy faces a grilling next week on the management of the National Pension Reserve Fund the body he set up to invest 4.6 billion proceeds of the sale of Eircom along with a sum of 1% of Gross National Product to pay for State and public pensions.