PLOVDIV (Bulgaria), February 28 (SeeNews) - The net assets of private pension funds operating in Bulgaria will grow 2.5-fold to 5.7 billion levs ($4.4 billion/2.9 billion euro) by 2010, the head of the Financial Supervision Commission's insurance department, Valentina Dinkova, said on Thursday.
Pension funds had invested only 2.0% of their portfolio abroad before January 2007, when Bulgaria joined the European Union, but at the end of 2007 the funds had invested some 18% of their portfolio outside the country, Dinkova told a Banks investments Money conference held in the city of Plovdiv.
"Our capital market is getting narrow for the growing assets of the pension funds," she added.
FOLLOWING ARE THE PROJECTED FIGURES BY 2010 (in billion levs)
| 2007 | 2008 | 2009 | 2010 | |
| Private pension funds | 2.318 | 3.300 | 4.400 | 5.700 |
| Mandatory universal | 1.228 | 1.850 | 2.500 | 3.300 |
| Mandatory job-related |
0.441 |
0.550 | 0.700 | 0.850 |
| Voluntary | 0.679 | 0.900 | 1.200 | 1.550 |
Private pension companies in Bulgaria run three types of funds - voluntary, mandatory job-related and mandatory universal. The country of 7.7 million has nine private pension companies, which run 27 funds.
(1 euro=1.95583 Bulgarian levs)
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