Irish pension funds grew 0.4 per cent in the third quarter of 2021 to stand at a total asset value of €129.8 billion, according to new figures from the Central Bank.

Increases in investment fund shares and debt securities accounted for the bulk of the asset growth. Their rise was offset by a fall in holdings of pension fund reserves, although reserves continue to be the largest asset holding, standing at €51.5 billion, the Central Bank said.

Irish pension funds held €15.6 billion worth of debt securities at the end of the third quarter. The majority of holdings are invested in government bonds (€12 billion), followed by corporate bonds (€3 billion), structured notes (€340 million) and collateralised securities (€226 million).

Holdings of investment funds arrived at €48.9 billion at the end of the period. The primary issuer country for investment funds was Ireland (77 per cent), while those issued in Luxembourg accounted for 10.5 per cent of holdings. This was followed by the United States (5.1 per cent) and the Cayman Islands (3.3 per cent).