National Pension Reserve Fund still intact despite 4% drop in shares value

THE fall in the value of the National Pension Reserve Fund has been offset by interest earned while the money was being invested by fund managers, according to the National Treasury Management Agency.

Dr Michael Somas, NTMA chief executive, said despite a near 4% fall in the value of the shares invested, the fund was still intact.

“The fund at the end of June was down 3.95%. In terms of Irish managed funds, the average fund was down 9.96%. In fact, if you look at the position of this fund from the day it started, the principal that was put in is still intact. If the funds were cashed in the end of June, the interest earned and the reduction in the value of the stocks more or less offset each other,” he said yesterday.