Who has created in the past year, money on equity markets, could not be satisfied with the result. The difficult beginning of the year in Europe was also offset by later gains. In North America, especially the weak final quarter of hailed a positive year-end results. The same is true of the 30 German companies listed in the Dax index and for the operation of pensions for its employees, capital to create. According to estimates by the consulting company Mercer, you have made for European stock returns of minus 10 per cent, for the North American stock retracted minus 5 percent and fixed-income securities with a slightly positive yield. This but have not been sufficient to compensate for the losses with the stock. Overall, the total expected yield of the 30 companies is estimated at about minus 3 percent.

Philipp Krohn

editor in the economy.

F. A. Z.

the values in the Mercer determined on the Basis of the annual reports and are accessible to all capital market information, and has put them to the F. A. Z. in advance. The developments in the markets always have different levers impact on the pension plans. A case of interest, for example, causes the current (cash)value of the future obligations and the corporations need to on the balance sheet, bear a higher load. In this and last year, however, the interest rate increased slightly at a low level, which leads Vice versa to a balance sheet relief. In contrast, the development of the capital equipment with which the corporations to cover these obligations. Their value falls, which can lead to a lower funded status.