Published: 19 December 2008
General government financial assets decreased by as much as EUR 20 billion in the third quarter of 2008. The fall in share prices that was accelerated by the deepening financial crisis shrunk the values of the share portfolios of especially central government and employment pension funds. Financial assets were also reduced by significant amortisation of central government debt. At the end of September, general government's net financial assets, i.e. financial assets less liabilities, stood at EUR 114 billion, which was EUR 14 billion less than in June.
The financial assets of employment pension schemes and other social security funds have decreased by nearly EUR 9 billion since the beginning of the year. At the end of September their value fell to the level where they were two years back, or to EUR 104 billion. The fall came largely from share and mutual fund holding losses, which amounted to EUR 12 billion. At the same time, the value of central government's share holdings also fell by EUR 9 billion.
In the third quarter of the year, general government liabilities contracted by good EUR 7 billion, mainly due to amortisation of central government debt.
General government net financial assets
Source: General government financial accounts. Statistics Finland
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Last updated 19.12.2008