Kazakhstan instituted an ambitious pension reform program in 1998. As of 1 January 2012, the pension assets were about $17 billion (KZT 2.5 trillion). There are 11 saving pension funds in the country. The State Accumulating Pension Fund, the only state-owned fund, was privatised in 2006. The country's unified financial regulatory agency oversees and regulates the pension funds. The growing demand of the pension funds for quality investment outlets triggered rapid development of the debt securities market. Pension fund capital is being invested almost exclusively in corporate and government bonds, including government of Kazakhstan Eurobonds. The government of Kazakhstan is studying a project to create a unified national pension fund and transfer all the accounts from the private pension funds into it.