Published: 4 July 2008
General government net financial assets turned to a decline in the last quarter of 2007 and fell further by EUR 5.9 billion to EUR 121.9 billion in the first quarter of 2008. Central government's net financial assets decreased by EUR 3.9 billion and those of social security funds by EUR 2.1 billion. The declines in the net financial assets of central government and social security funds came especially from holding losses caused by unfavourable development in stock market prices. No appreciable change from the previous quarter took place in the net financial assets of local government.
In consequence of negative development in share prices, the market value of the shares and other equity held by general government fell by EUR 7.7 billion, even though general government increased its investments in shares by EUR 2.4 billion at the same time. For a long time now employment pension schemes have been increasing their holdings in foreign funds. At the end of the quarter they had invested in them as much as 40 per cent of all their investments in shares.
Shares and equity of employment pension schemes 1998-2008
General government net financial assets
Source: General government financial accounts
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Last updated 4.7.2008