Most of the agency banks have since set up Centralised Pension Processing Centres (CPPCs) which will be responsible for receipt of the Pension Payment Orders (PPOs), calculation of pension/Dearness Relief etc. and crediting the amount directly to the pensioners’ accounts through this system.
At the same time, for the euro area as a whole, up to September there were no indications of a drying-up in the availability of bank loans to households and non-financial corporations. In particular, the maturity composition of loans suggests that non-financial corporations continued to obtain funding, also at relatively long maturities.