The deficits of the defined benefit pension schemes of Ireland's largest private and semi-state companies have more than doubled so far this year, according to a new report.
According to Lane Clark and Peacock Ireland (LCP), aggregate deficits for 33 of the largest companies in Ireland stood at €16 billion on 30 September, up €9 billion since 1 January.
The LCP report analysed the performance of the defined benefit pension schemes of the top 25 companies listed in the ISEQ and 12 State-owned bodies as reported in their annual accounts for 2009.
The report also found the aggregate deficits for the 12 state-owned companies stand at an estimated €7.3 billion.
Three of the 33 companies reported that they had sufficient assets in the pension scheme to meet their accounting liabilities in their 2009 accounts, according to the report.
The highest funding level disclosed was that of Anglo Irish Bank with a funding level of 108% of assets over liabilities. Significantly, Anglo Irish Bank has the lowest proportion of equity holdings at 34%.
ESB reported the largest deficit at €2.2 billion, with Bank of Ireland clocking up the second largest at €1.6 billion. ESB also reported the largest deficit in 2008.
