The unfolding European sovereign debt crisis is a concern to the Norwegian oil fund but it hasn't prompted a change in its investment strategy with regard to European Union government debt, the fund's deputy chief executive said Thursday.
The unfolding European sovereign debt crisis is a concern to the
Norwegian oil fund but it hasn't prompted a change in its investment strategy
with regard to European Union government debt, the fund's deputy chief executive
said Thursday.
Any planned change will happen as a result of a strategic decision to reweight
its EU sovereign debt holdings, said Tornd Grande, deputy chief executive
officer of Norges Bank Investment Management, the company that manages
Norway
's massive
$620 billion oil fund.
"We have a large interest in the European project success but we are
concerned by the risks unfolding," he told Dow Jones Newswires in an
interview.
Grande said that EU sovereign debt, including Spanish sovereign debt, currently
accounts for about 12% of the fund's portfolio. The fund has largely maintained
such a weighting since 2003 and 2004, he added.
The lack of transparency on structural imbalances is a concern and "there
is still adjustments in the real economy to be made," he said
NBIM plans to change the weighting of the different types of EU sovereign debt
held within the portfolio to reflect the gross domestic product of each EU
member state, Grande said without giving a timing for implementing such a
change.
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