Ireland’s sovereign wealth fund National Pensions Reserve Fund (NPRF) has dropped to €5.27 billion, The Wall Street Journal reports. Currently, the NPRF owns €15.5 billion worth of assets transferred into its directed fund that supports Bank of Ireland and Allied Irish Banks. In the first half of 2011, the NPRF liquidated €10 billion of assets invested in global stock and debt markets that it held in the discretionary fund, to help Ireland in meeting the €17.5 billion target that it requires to contribute to refinancing its own bailout. The value of the directed fund dropped 9.1% in the second quarter of 2011, while investment returns on the €5.3 billion discretionary fund fell 0.7% in the same period.
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