AP7, one of Sweden's state pension funds, has fallen in value by about Skr5bn (€533m), or nearly 6%, since the end of June thanks to the fall in global equity markets following the onset of the credit crunch.

According to Richard Gröttheim, executive vice president and chief investment officer of the fund, the Skr80bn scheme has seen its assets fall from Skr 85bn, a decline of 5.9%, over the period.