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Norway Oil Fund Takes Minor US Mortgage Crisis Hit - Report

Last Update: 8/26/2008 7:25:52 AM

STAVANGER, Norway (Dow Jones)–Norway’s oil fund has taken a “minor” hit from the
U.S. mortgage crisis, the fund’s chief Yngve Slyngstad said Tuesday according to
a report in Norwegian daily newspaper Aftenposten.

Norway stores its oil wealth in the so-called Pension Fund Global, for use by
future generations.

Slyngstad said the fund “has suffered some losses on bonds issued by the U.S.
mortgage finance agencies Fannie Mae and Freddie Mac, but they’re relatively
minor,” Aftenposten reported.

Total exposure amounts to about 88 billion kroner ($16.38 billion), an amount
Slyngstad called relatively little. He added: “But it is that big because we
consider this the second most secure investment in the United States,” he said,
Aftenposten reported.

Newspaper Web site: http://www.aftenposten.no

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Technorati Tags: Aftenposten, Bonds, Daily Newspaper, Dow Jones, Fannie Mae, Fannie Mae And Freddie Mac, Finance Agencies, Freddie Mac, Future Generations, Kroner, Losses, Mortgage Finance, Newspaper Norway, Norwegian, Oil Wealth, Pension Fund, Stavanger Norway, Yngve