That trend ran its course as participation peaked around 2000 and has declined steadily since then as a result of the aging of our population and other longer-run trends, notably the decline in participation by men in the heart of their working-age years.
And against the backdrop of low profitability, abundant liquidity and high competition, this is not a purely hypothetical concern. As a result, we are not only scrutinising business models and profitability drivers, but are also taking a close look at risk management. This is reflected in our supervisory priorities today and for the coming years.