In some cases, adjustments to contribution rates and benefit levels will be part of the solution.13  8  Pension funds that invest directly in real estate or infrastructure, for example, sometimes borrow against this collateral to help to finance their purchases or they may invest indirectly in related funds, whose managers may also borrow.
We could have gone up to March 31, 2019, but that would have overshot the Basel III prescription by three months and would have attracted adverse notice. Our assessment is that the cost of that adverse notice will far exceed the marginal burden of a slightly earlier close date. So, we settled for March 31, 2018. 46.