Government Pension Fund - GlobalGPFNorway |
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| The
Government Pension Fund - Global (Statens pensjonsfond - Utland in
Norwegian, GPF
in short ) is a Pension Fund in Norway replacing since January 2006 the old
Petroleum Fund (Oljefondet in Norwegian) established in 1990. The control of
the GPF is in charge of the
Norwegian Ministry of Finance, and the management of the Government
Pension Fund - Global is in charge of
Norges Bank
Investment Management (NBIM). GPF invests up to 50 % of its portfolio, coming from the revenues of the Norwegian petroleum, in the stock market outside of Norway, according to the guidelines issued by the Ministry of Finance, while the Government Pension Fund - Norway focuses its investments in the country. The capital of the fund comes from taxes of oil companies, license to explore as well as economic results of the partly state-owned company StatoilHydro. It is the largest pension fund in Europe and comparable in size with the the largest pension fund in US (California Public Employees' Retirement System: CalPERS), but smaller than the Japanese Government Pension Investment Fund. The size of its portfolio is well above US$100 billion, making GPF the third largest among the world Sovereign Wealth Funds: the ranking in terms of asset places the Government Pension Fund - Global after the Abu Dhabi Investment Authority, but before the Libyan Investment Authority and the State Administration of Foreign Exchange.
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The Scandinavian Monetary Union was a monetary union established by Sweden, Denmark, and Norway. The first two countries formed the union on May 5, 1873; Norway entered the union in 1875. The currency adopted was the krone, pegged to gold at a rate of 0.403g of gold per krone, replacing the legacy currencies at the rate of:
In 1914 The Scandinavian Monetary Union ended, due to the economic crisis following World War I. The Icelandic króna was established in 1918, after Iceland became a separate kingdom in union with Denmark, and then a republic in 1944.
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