In this respect, experience in the US has shown that in some cases pension fund surpluses were channelled back to the sponsor, while deficits were borne by pension fund participants via premium increases or entitlement cuts. This criticism admittedly also applies to the behaviour of some Dutch pension funds in the 1990s.
Additionally, we have taken several measures to ensure that euro area banks can pass on these low interest rates to the real economy, in particular where they are needed the most. The measures include providing banks with as much liquidity as they need – against adequate collateral.