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The DNB said the largest increase in schemes' eurozone exposure was seen in France and, to a lesser extent, Germany. The Dutch regulator said pension funds for the most part increased bond portfolios, but they also divested some holdings to take profits. Investments in French government paper increased by approximately 5 per cent, due to market rises, it said.
According to the DNB, holdings of German government bonds remained virtually unchanged, with market issues and divestments cancelling each other out. The supervisor also noted that pension funds largely divested their holdings in Spanish government paper.
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