The amendments, which have been published in the country’s official journal, add Croatia  and Macedonia  to the list of countries where local pension funds could invest. The market has been already opened for the European Economic Area. At present, pension funds have been required to allocate funds to deposits in banks, which hold long term-credit rating of Ba2 assigned by Moody’s or BB assigned by S&P and Fitch. With the latest adjustments, the state financial commission should publish a list with admissible credit rating agencies and minimal credit rating levels corresponding to Moody’s Baa3 or BBB- of S&P and Fitch. The eight pension insurance companies operating on the local market achieved double-digit return rates for all funds with voluntary savings for last year and for most of the mandatory (second-pillar) instruments. The state financial supervision commission reported weighted average annual return rates of 11.96% of professional funds, 11.29% for universal pension funds and 11.67% for voluntary pension insurers for the 24-month period ending in December 2007.