OFE's financial support unsatisfactory says ING deputy president

After four years of business activity in open pension funds (OFE) have invested approximately zł. 1 billion. in the economy, whereas zł. 400 million were in share issues, zł. 600 million in corporate bonds issues. A considerable majority of contributions financed the country's budget deficit, before the funds launched their operation it was hoped that they would contribute to the development of the financial sector. According to Rzeczpospolita's estimations, the expectations came into fruition in a very minimal degree. "The importance of OPE in the financial support of the private economic sector was very unsatisfactory" said Jarosław Tamka deputy president of ING Nationale-Nederlanden Polska PTE. Marek Góra, the co-initiator of the pension funds reform, claims that pension funds should concentrate on investing contributions not only financially but economically. (Rzeczpospolita, p. B1) A.Z.