Assets worth €1.07 trillion held in Irish funds industry - Central Bank

Tuesday 25 March 2014 12.10
Holdings in peripheral countries' debt also increased in the last three months of 2013
Holdings in peripheral countries' debt also increased in the last three months of 2013

The net value of assets in the Irish investment fund industry rose 2.8% to €1.07 trillion in the final three months of 2013, according to data from the Central Bank.

There was an inflow of €14.3 billion into funds during the final quarter of last year, which accounted for almost half of the overall increase in asset value.

The value of funds was also boosted by positive re-evaluations of some portfolios, which the Central Bank said was driven entirely by a rise in equity prices in Europe and the United States.

The final three months of 2013 represented the eight successive quarter to see a net increase in the value of Irish investment funds. The fourth quarter of 2011 was the last time there was an outflow.

There was also an increase in the amount of peripheral countries’ debt held during the three month period, according to the data.

Holdings in Spanish debt rose by €1.1 billion to €7.5 billion, while Italian debt holdings rose €400m to €16 billion.

The amount of German and French debt fell, however, which the authority says could be seen as a return to more normal market conditions.

Meanwhile, a number of funds reclassified their type following a review by the Central Bank in conduction with the industry.

The number of bond funds increased as a result of this, while the number of private equity and exchange-traded funds also rose.