Stabfund: How to Slice Up a Pie? Government View Our View 8.8% GDP 1.2% GDP Future Generation Fund Reserves

Transition under 5% real rate of return on pension assets

Key Features of Integrated Asset-Liability Management System Concentration on the long-term target Flexible risk management Global diversification

List of Spin-Offs Increase in number of institutional investors supplying long-term money Deeper domestic financial markets More skilled specialists in the financial sector Long-term consistent decision making Less fragile domestic financial markets Positive effect on the social policy

ALM Agency vs. Central Banks Targets Maintain stability of financial system with short-term liquidity limits Effectively manage national assets and liabilities aiming at long-term return Behavior Cooperative Non-Cooperative