“The Financial Supervisory Authority (ASF) plans to revise the investment policy of pension funds, in order to create the framework for directing more important parts of the portfolios to direct investments in the economy (in the sense of raising the proportion of financial instruments, such as listed shares and corporate bonds),” the institution announced. According to ASF, private pension funds have investments of RON 2.73 bn in companies listed at the Bucharest Stock Exchange (including financial-banking companies). “Private pension funds have participations in all the companies that made the object of primary public offers conducted by the Romanian state (Nuclearelectrica, Romgaz, Electrica), entering the top of shareholders in them,” reads a communique. Direct investments in the economy achieved through listings exceed RON 675 M and accounted for 19.47 pc of the internal demand of emissions of shares and bonds made by the state companies which wanted to attract capital for development. On June 30, private pension funds had investments worth RON 975 M in companies of national importance (Romgaz, Electrica, Transgaz, Transelectrica, Nuclearelectrica, Antibiotice, Oil Terminal), while the participations in companies listed on BVB amounted to RON 1.37 bn (financial banking companies excluded).