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Fico: I'm not in second pillar, and you shouldn’t be either

Slovak PM Robert Fico said following the government session on April 23 that it appeared the global financial crisis was having a great impact on the appreciation of savings in the second pension pillar, the TASR newswire wrote.

Slovak PM Robert Fico said following the government session on April 23 that it appeared the global financial crisis was having a great impact on the appreciation of savings in the second pension pillar, the TASR newswire wrote.

"I'm not in the second pillar, but I would recommend that anybody who is quickly get out," Fico said.

Labour, Social Affairs and the Family Minister Viera Tomanová reported to the cabinet on the influence the crisis is having on global financial markets and on the appreciation of assets in funds of pension savings.

According to Finance Minister Ján Počiatek, the information wasn't sufficiently detailed and that's why his ministry will work out a more in-depth analysis, in co-operation with the Labour Ministry. Počiatek also pointed out that the efficiency of the funds of pension management companies (DSS) had significantly decreased under the influence of global financial crisis, especially in the first quarter of this year.

He added that the ratio of the shares in the funds was at the level of some 20 percent. TASR

Compiled by Zuzana Vilikovská from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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