The Ft 3 trillion (12 Mrd. Fr.) taken from private pension funds in 2011, when the government nationalised such funds, had dwindled to Ft 218.7 billion (49 Mio. Fr.) by the end of July, Világgazdaság writes. The bulk of the money, Ft 1.85 trillion, was spent on reducing the state debt, including the repayment of IMF loans. The state pension fund received Ft 406 billion in 2011, and now manages Ft 218.7 billion after paying Ft 233 billion to former pension fund members.