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Impairment Loss with Irish Banks Hurts NPRF

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According to the Report of the Comptroller and Auditor General, “the National Pension Reserve Fund (NPRF) was valued at €22.7 billion at the end of 2010.

Up to the end of 2010, the NPRF had invested, pursuant to directions from the Minister for Finance, an aggregate of €11.35 billion in Ireland’s two main banks, Allied Irish Banks plc and Bank of Ireland. This included reinvestment of €0.53 billion of dividends received in the form of ordinary shares.

At the end of 2010, as a result of an impairment loss of €3.7 billion, the value of these directed investments had fallen to €7.6 billion.

In 2011, the value of the directed investments has been further impaired. By the end of July 2011, the value of ordinary shares held as part of the investments had fallen from the end-December 2010 values by 67% (Allied Irish Banks plc) and 72% (Bank of Ireland).

In 2011, the NPRF has reinvested a €288 million dividend received in the form of ordinary shares from Allied Irish Banks plc and has liquidated €10 billion of assets in its discretionary portfolio. The NPRF deposited this cash in Irish commercial banks pending further direction from the Minister for Finance.

In July 2011, the Minister for Finance directed that the €10 billion be invested in Allied Irish Banks plc and Bank of Ireland and that the NPRF sell shares to the value of €1.05 billion in Bank of Ireland to a group of institutional investors.”

Source: Report of the Comptroller and Auditor General

QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Discloses Investment in Khairat Bahrain

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Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.

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Temasek Acquires Cybersecurity Firm Sygnia

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Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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