Government of Norway suggested to increase control over its sovereign wealth fund after its size exceeded the country’s economy by more than twice, Bloomberg reports. It shall be noted that fund was created two decades ago.

The proposal assumes creating a new committee within central bank so that bank’s board could focus on general supervision. The government dropped the idea of separating fund from the central bank that was offered earlier, but decided to change the structure of fund’s management. Governor of bank’s board will also manage the new committee. Two deputy governors will focus on activities of fund and bank separately.

Giant fund created from Norway’s oil wealth is evaluated at $1 trillion and owns 1,4% of world stocks. Its continuing expansion means that its share in country’s budget rises as well as complexity of its governance.

In last three years fund faced difficulties in reaching target return as interest rates fell to record low. Fund expanded holdings into real estate and increased holdings in stocks to 70% of its portfolio. Besides, it raised holdings in emerging markets.