Created by the 1962 Constitution, the Fonds de Réserve Constitutionnel (FRC) is Monaco’s sovereign wealth fund. It is an autonomous accounting entity with its own assets and enjoys a special status. Its income consists of the excess of revenue over expenditure of the budget as well as income from the management of its assets and the sale of its assets while conversely its expenditure includes the excess of expenditure over revenue of the budget as well as the expenses of the various managements or the purchases of goods. As of December 2020, the FRC had US$ 6.8 billion assets.