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Dutch Shell pension fund has $45 mln exposure to Madoff

Reuters

Wed Dec 17, 2008 6:02am ES

AMSTERDAM, Dec 17 (Reuters) – The Dutch pension fund of Anglo-Dutch oil giant Royal Dutch Shell (RDSa.L: QuoteProfileResearchStock Buzz)(RDSb.L: QuoteProfileResearchStock Buzz) said on Wednesday it has a $45 million exposure to the alleged $50 billion fraud by prominent Wall Street trader Bernard Madoff.

“Even when these investments would have to be written off in their entirety, the impact on the financial position and the funding status of the Pension Fund would not be material,” the fund said in a statement on its Web site.

All pension schemes in Europe are investigating potential losses from Madoff’s asset management firm via fund of funds structures. Possible losses by fund managers and banks range from a few million dollars to the $3 billion potentially faced by Santander (SAN.MC: QuoteProfile,ResearchStock Buzz), Spain’s largest bank.

The Dutch Shell pension fund last week said it had fallen into deficit as share market turmoil knocked 40 percent off the fund’s value, forcing the oil major and employees to increase contributions.

(Reporting by Harro ten Wolde; Editing by Rupert Winchester)

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