The effects of the crisis on Norway's SWF

Norway's sovereign wealth fund, the Norwegian Pension Fund, has been hard hit by the crisis, said Jan Qvigstad, the deputy governor of Norges Bank.

Results in 2008 were weak in both absolute and relative terms. In the fixed income portfolio, the crisis revealed that the fund's risk exposure was not sufficiently independent.

Qvigstad emphasised that the fund was a long-term savings plan and capable of riding out large market swings. In response to the losses, Norges Bank's executive board has

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