I just read this report by the Irish public sector pension fund. This was once a big deal, worth nearly €30 billion, and steering well clear of Irish property related investments, which it regarded as "over-valued".

Since then the NPRF has been looted to pay for the bailout of two banks, Allied Irish Bank and Bank of Ireland. The other banks, like Anglo, were recapitalised by other means.

The Pension always was one of the best managed funds in the world, with a well diversified portfolio and solid, steady growth. The reckless "investments" in these two Irish banks, directed by politicians, has reduced the capital of the fund by more than half. The boffins there must by crying over their Excel spreadsheets:

http://www.nprf.ie/Publications/2012/Q2_2012_Performance_and_Portfolio_update.pdf

Highlights (with annotations):
The Discretionary (normal, non-banking) Portfolio delivered a return of +2.1% in 2011...
In 2011 the Directed (AIB and BoI) Portfolio returned -58.1%...

Since 2009 the Fund has invested €20.7 billion in preference shares and ordinary shares in the two banks, comprising €4.7 billion in Bank of Ireland (where the Fund’s shareholding is 15.1 per cent) and €16.0 billion in Allied Irish Banks (where the Fund’s shareholding is 99.8 per cent).

The Directed Portfolio (public policy investments in Allied Irish Banks and Bank of Ireland made at the direction of the Minister for Finance) was valued, following the completion of an independent valuation review, at €8.1 billion at 30 June 2012.