We have estimated for instance, that in the current scenario, a 30 per cent reduction in the stock market could reduce the portfolio of some pension funds by about 10 per cent. As regulator, we have a responsibility to ensure that pension funds exercise good prudential risk management.
However, this inflow of capital fluctuated sharply from R16,6 billion in 1995 to R3,0 billion in 1996, R21,3 billion in 1997, R8,8 billion in 1998, R29,3 billion in 1999 and R8,2 billion in 2000.