Just over 10 years ago, the Republic of Ireland decided to put some money aside to pay state pensions as its population ages. By the end of 2007 it was worth €21bn - but then the financial crash happened. This week, the fund reported that its investment portfolio is now worth just €5bn, providing a sobering reminder of how the country's future has been mortgaged.

Ireland's National Pensions Reserve Fund was initially told to invest its money as widely as possible, just like national pension funds or sovereign wealth funds the world over. But when a banking crisis engulfed the Irish economy in 2008 to 2009, politicians told the NPRF to put its shoulder to the wheel.