The National Pensions Reserve Fund has been valued at €20.9bn after a recovery in world stock markets.

Figures from the National Pensions Reserve Fund show that it gained 7.5% in value in the third quarter of this year.

It has now gained 8.9% in the first nine months of 2009, bringing its total value to €20.9 billion.

The reserve fund is now using two separate categories to calculate its figures, as it invested €7bn in AIB and Bank of Ireland earlier this year.

The fund is currently holding the bank shares at cost price, though the banks will be paying a dividend.

The bank investments account for more than a third of the fund's total assets.

When the bank investments are stripped out, the value of what the fund calls its discretionary portfolio rose by 11.7% in the third quarter, and is up 16.4% so far this year.