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

2. Transition under 5% real rate of return on pension assets

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

4. 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

5. 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