It has been revealed that the new National Pension Reserve Fund, set up by Minister for Finance, Charlie McCreevy, has suffered equity investment losses of up to €400 million because of the current turbulence in markets.

The agency which handles the Fund has revealed that, so far this year, it has invested €5.6 billion of the €8 billion contained in the fund mainly in Eurozone and US equities.

Pension experts say that an average of 10% has been lost by pension funds this year to date.