Oireachtas Joint and Select Committees

Wednesday, 31 May 2023

Committee on Budgetary Oversight

Sovereign Wealth Funds: Discussion (Resumed)

Mr. Svein Gjedrem:

It is fluctuating to a very large extent. The gross figure last year was extremely high. There was more than €100 billion in one year in inflow. In 2017 and 2018, if I remember the numbers, it was more like €20 billion or €30 billion. The biggest reason for what happened last year was due to the very high gas price. It fluctuates a lot, but the numbers in some years are very high. In the same year that we had a negative real return of almost 20%, we had a huge inflow to the fund.