Ouch. The National Pension Reserve Fund has 17,181 shares in Bear Stearns according to their 2006 annual report. In 2006 those share were worth €2,123,556.
Once the JPMorgan deal is finished, the NPRF’s holding will be worth €34,362.
That’s a loss of €2,089,194.
Worse still, the fund reported it had €11,526,645 of shares in Lehman Brothers in 2006. The share price has fallen by more than 50% since then, meaning the holding is probably now worth around €6m. If recent rumours about Lehman prove true that could fall much further.