Welcome to this Grupo Financiero Galicia fourth quarter 2020 earnings release conference call. This call is being recorded, and at this time, I would like to turn the conference over to Pablo Firvida. Please go ahead, sir. Thank you, Jenny. Good morning, and welcome to this conference call. I will make a short introduction, and then we will take your questions. Some of the statements made during this conference call will be forward-looking statements within the meaning of the safe harbor provisions of the U.S. security laws and are subject to risk and uncertainty that could cause actual results to differ materially from those expressed. According to private estimates, the Argentine economy recorded a 4.6% year-over-year contraction during the fourth quarter of 2020. Consequently, the economy accumulated a 10% fall during the year, and the primary fiscal deficit reached 6.5% of GDP. The National Consumer Price Index recorded an 11.7% increase during the quarter, accumulating a 36.1% inflation in 2020. On the monetary front, the Argentine Central Bank expanded the monetary base by ARS 76.6 billion in the quarter, recording a 30.3% increase in the last 12 months. Throughout the year, the monetary base expanded by ARS 574.9 billion, increasing from 8.8% of GDP to 9.1% by year-end. Meanwhile, the exchange rate averaged ARS 82.72 per USD in December, a 9.1% depreciation against the average for September 2020. When compared to December 2019, the Argentine peso recorded a 27.6% depreciation. In December, the average interest rate on ARS-denominated private sector time deposits for up to 59 days was 34.7%, 4.3 percentage points higher than the average recorded last September. Private sector deposits in ARS amounted to ARS 5.1 trillion, increasing 10.4% during the quarter and 84.6% in 2020. Transactional deposits in ARS rose 17.9% during the quarter and 91.5% in the year, while ARS-denominated term deposits increased 2.5% in the fourth quarter and 81% during 2020. Private sector deposits in USD amounted to $16 billion, decreasing 1.6% during the quarter and 18.2% in the last twelve months. As of the end of December, ARS-denominated loans to the private sector amounted to ARS 2.7 trillion, increasing 11.1% in the quarter and 49.6% when compared to December 2019. In turn, USD-denominated loans amounted to $5.3 billion, recording a 12.4% decrease during the quarter and almost 50% decrease in the year. Turning now to Grupo Financiero Galicia, net income for 2020 amounted to ARS 26.4 billion, 11% lower than in the previous year, which represented a 2.6% return on average assets and a 15.8% return on average shareholder equity. The profit was mainly due to profits from Banco Galicia for ARS 22.2 billion, from Tarjetas Regionales for ARS 1.8 billion, from Galicia Administradora de Fondos for ARS 1.1 billion, and from Sudamericana Holding for ARS 1.1 billion. Going to the fourth quarter, net income amounted to ARS 3.1 billion, up 133% from the year-ago quarter, mainly due to profits from Banco Galicia for ARS 2.7 billion, from Galicia Administradora de Fondos for ARS 272 million, from Tarjetas Regionales for ARS 152 million, and from Sudamericana Holding for ARS 42 million. This profit represented a 1.2% annualized return on average assets and a 7% return on average shareholder equity. Banco Galicia ARS 2.7 billion net income for the quarter was significantly higher than the ARS 212 million of the year-ago quarter, mainly due to a 37% decrease in administrative expenses. Net interest income decreased 28%, as interest income was down 13% and interest expenses were down 3%. Ladies and gentlemen, our presenter has disconnected at this time. Please stand by while we work to reconnect him. Please go ahead. Thank you. Sorry for that technical problem. I will resume with Grupo Financiero Galicia numbers. Net income for 2020 amounted to ARS 26.4 billion, 11% lower than the previous year, which represented a 2.6% return on average assets and a 15.8% return on average shareholder equity. The profit was mainly due to profits from Banco Galicia for ARS 22 billion, from Tarjetas Regionales for ARS 1.8 billion, from Galicia Administradora de Fondos for ARS 1.1 billion, and from Sudamericana Holding also for ARS 1.1 billion. Going to the fourth quarter, net income amounted to ARS 3.1 billion, up 133% from the year-ago quarter, mainly due to profits from Banco Galicia for ARS 2.7 billion, from Galicia Administradora de Fondos for ARS 272 million, from Tarjetas Regionales for ARS 152 million, and from Sudamericana Holding for ARS 42 million. This profit represented a 1.2% annualized return on average assets and a 7% return on average shareholder equity. Banco Galicia's ARS 2.7 billion net income for the quarter was significantly higher than the ARS 212 million of the year-ago quarter, mainly due to a 37% decrease in administrative expenses. Net interest income decreased 28%, as interest income was down 13% and interest expenses were down 3%. Average interest earning assets increased ARS 86 billion, or 16% year-over-year, mainly due to the 33% growth of ARS-denominated loans and 91% of ARS-denominated government securities, partially offset by a 59% decrease of dollar-denominated loans and a 73% decrease of dollar-denominated government securities. In the same period each year, decreased 537 basis points, primarily due to a lower yield on ARS-denominated government securities and loans. Interest-bearing liabilities increased ARS 63 billion from the fourth quarter of 2019, primarily due to an increase in the average balance of peso-denominated saving accounts and time deposits, offset by a decrease in dollar-denominated saving accounts, and its cost decreased 315 basis points, mainly as a result of a lower interest rate on peso-denominated time deposits. Net fee income decreased 6% in the last 12 months, mainly due to lower fees on deposit accounts. Net income from financial instruments increased 47% due to a 322% increase in results from other government securities, and of 260% from private sector securities, which includes results from the valuation of Prisma Medios de Pago. Gains from gold and foreign currency quotation difference were down 68% from the year-ago quarter, reaching ARS 1.5 billion, including a ARS 933 million profit from foreign currency trading. Provision for loan losses were 109% higher than the same quarter of the prior year. During the quarter, the provision for possible losses as a consequence of the context of COVID, considered in other operating expenses, was included in the expected credit loss model. Personnel expenses decreased 26% from the same quarter of 2019, mainly due to a 6% decrease in staff and lower charges for severance payments, while administrative expenses decreased 26% as compared to a year before, as a consequence of lower maintenance and repair of goods and IT, and lower fees and compensation for services due to the reimbursements of expenses. Other operating expenses for the quarter resulted in an ARS 1 billion gain as a consequence of the incorporation of the provision for COVID to the expected credit loss model. The bank's financing to the private sector reached ARS 497 billion at the end of the quarter, up 3% in the last 12 months, mainly due to an increase of loans in pesos, partially offset by a decrease of dollar-denominated loans. Net exposure to the public sector increased 58% year-over-year, and excluding the LELIQs, it represented 5% of total assets compared to 4% at the end of the fourth quarter of 2019. Deposits reached ARS 678 billion, up 25% in a year, as peso-denominated deposits increased 49%, while dollar deposits fell 16%. The bank's estimated market share of loans to the private sector was 13%, 153 basis points higher than at the end of the year-ago quarter, and the market share of deposits from the private sector was 10%, 15 basis points higher than in the same quarter of 2019. As regards asset quality, the ratio of non-performing loans to total financing ended the quarter at 1.3%, recording a 288 basis points improvement as compared with the 4.15% of the fourth quarter of the prior year. The coverage with allowances reached 501%, up from 110% covered from a year ago. As of the end of December 2020, the bank's consolidated computable capital exceeded by ARS 101 billion, or 180%, the ARS 15 billion minimum capital requirement, and the total regulatory capital ratio reached 22.9%, increasing by 535 basis points from the end of the same quarter of 2019. In summary, in a very challenging and volatile macro environment, Grupo Financiero Galicia has shown good results and was able to keep asset quality, liquidity, solvency, and profitability metrics at good levels. We are now ready to answer the questions that you may have. Thank you. Thank you. If you would like to ask a question, please press star one on your telephone keypad. If you're using a speakerphone, please make sure that your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We will pause for just a moment to allow everyone an opportunity to signal for questions. We will go first to Juan Recalde of Scotiabank. Hi. Good morning. Thank you for taking my question. I have two questions. One is related to the profitability outlook in 2021, and the second one related to the reversal of provisions that I saw in the quarter. The first question related to the profitability. Inflation is expected to increase in 2021. I think it was around 36% in 2020, and your ROE in inflation-adjusted terms was around 16% in 2020. Now inflation is expected to pick up to around 48% in 2021. I wonder, what's the ROE outlook for 2021? What's your ROE expectation? Do you expect it to be lower than in 2020 or to improve? And the second question related to the other provisions that are booked in other operating expenses. I saw a reversal of ARS 5.5 billion provisions in the fourth quarter. Can you provide a little bit of color on this? Were those provisions reversed and included in the loan loss provisions, or any color there will be helpful? Yes. Thank you, Juan. Well, as you mentioned, inflation for 2020 was around 36%, and our real ROE was 16%. Our current estimate for 2021 inflation is 45%. We visited or changed the estimate recently. Of course, this is a moving target. Keeping everything constant, the higher the inflation, the lower real ROE. The thing is that typically, when the inflation grows, interest rates tend to grow, perhaps with a lag. We adjust prices wherever we can in products that are not regulated. It's not that direct to consider that meaning a higher inflation will mean necessary lower profitability in the same proportion. We can assume that if inflation is 45%, ROE could be something lower, I would say between 10% and 15%, lower than 16%. I mean, that's a wide range that I'm giving you. We have also many regulations that affect margins and interest rates, floor on time deposits, and also maximum or minimum rates for different lending. We must see how a pass-through to costs and the interest rates we can charge is feasible. This is the kind of profitability we see. In terms of provisions, in the second quarter of 2020, the bank built a provision for certain accounts that were off balance sheet, mainly guarantees granted and unused amounts of checking accounts and also credit card limits. This type of balance sheet accounts must have a provision classified within other operating expenses. In the fourth quarter, we had a reclassification. We reduce the other provisions account, and we increase the allowance for loan losses. If you look at the consolidated cost of risk of Grupo Financiero Galicia in terms of total financing, you will see that changes are not that important, I would say. The reclassification is not seen, and you can see that the cost of risk increased to 4.7%, if I'm not wrong with the numbers. I don't know if that was clear enough, Juan. Yeah, that was very clear, Pablo. Thank you. You're welcome. We'll go to our next question from Ernesto Gabilondo of Bank of America. Hi, good morning, Pablo, and again, thanks for the opportunity. My question is on your expectations for the payment behavior of the deferred portfolio once clients have finished their grace period. Also, how much is the percentage of your portfolio under a grace period or that is deferred? What was the amount of additional provisions related to COVID-19 that were built during last year? Okay. Hi, Ernesto. If we consider our deferred loans, basically installment of personal loans that our clients chose to defer, plus the deferral, or I would say refinancing of credit cards, that basically has two moments, one in April and the other in September. This considering both the installment of personal loans and this credit card. As of December, represented 4.2% of total loans. We had some questions from some different analysts why numbers of banks defer. My answer would be that depending what the different banks consider as deferral, if some of our peers consider not just the amounts of the installments that were deferred, but also the total outstanding capital of the personal loan. If the outstanding capital of the personal loan is ARS 100,000, and the not paid installment is ARS 20,000, we just consider ARS 20,000, not the total amount. Basically, because the clients have the possibility to defer around nine monthly installments, and in most of the cases, the clients defer one, two, or three installments. Basically, in the months in which the quarantine was very strict. We have a big coverage, using the expected loss model. You saw that the coverage stands at around 500%. When we look at the total provisions, around ARS 31 billion. Out of that amount, roughly ARS 11 billion are related to provisions of COVID-19. Okay. Don't you think that given the high reserve coverage ratio and this ARS 11 billion that you created last year, don't you think maybe you are over-provision, considering that the deferred portfolio is only 2.4% of total loans? With our models and the information we have today, we think that during 2021, the cost of risk will go down and the coverage will go down. We feel that we have a coverage that is enough for, I would say, different scenarios that we project, but we are very comfortable with the provisioning level that we built during 2020. Perfect. Do you have a guidance range for the cost of risk this year or it's still soon to predict? In the fourth quarter, the consolidated cost of risk was 4.7%. In the third quarter, was 4.8%. In the fourth quarter of 2019, was in the 3.6% level. Right now, we are thinking that perhaps for the full year could be around 4%. We are seeing very good asset quality metrics, not only in the bank but also, and even more, I would say, even surprisingly, in Naranja. We have to consider that last year, as I mentioned in my previous speech, GDP contracted 10%, and for this year, we are forecasting a rebound of between 6% and 6.5%. Asset quality should, despite this forbearance from the central bank, the asset quality should be, I would say, healthy or better than in the previous year. Okay, perfect, Pablo. Just let me make a second question in terms of NIMs. How should we expect the evolution of NIMs, considering the subsidies on loans and the cut rates on credit cards? Do you think that the economic recovery should be enough to accelerate the credit card portfolio and support NIMs? What do you think will be the driver or the risk for NIMs in this year? Yes. NIMs were lower in the fourth quarter than in the average or the total NIM for 2020. For the year, it was around 20%, the NIM, and in the fourth quarter was 17%. In the fourth quarter, we saw, I would say, all the impact of the minimum interest rates on term deposits and the maximum interest rates on, I would say, directed lending. We think that NIM could be similar to the fourth quarter of 2020. There are, as always, many variables play in different directions, but with our current estimates, we think it can be stable at around 17%. Okay, perfect. It will be stable when compared to the fourth quarter and some pressure when compared to annual basis, correct? Exactly. Okay, perfect. Thank you very much, Pablo. You're welcome, Ernesto. We'll move to our next question from Gabriel Nóbrega of Citi. Hi, Pablo. Good afternoon. Thank you for the opportunity for this session. Just a follow-up here. You guys reclassified those additional provisions that you had placed in the other operating expenses into provisions this quarter. If I'm not mistaken, provisions would have been around ARS 6.4 billion. If this is correct, I just wanted to understand if you ended up generating additional provisions related to COVID or related to any client here. I have a second question afterward. Thank you. Hi, Gabriel. Basically, it was a reclassification of a provision that we had in other operating expenses, other provisions of around ARS 5.5 billion. That now is in the allowance for loan losses. Basically, because we had built that provision in the second quarter related to off-balance sheet accounts and due to Central Bank accounting rules, when you have other provision related to off-balance sheet accounts, you have to include it not within the line, I would say, of the typical cost of risk. What we did was this reclassification that basically had to do with the new calculation of the expected loss model. Now, you can see the provisioning for our financing within the allowance for loan losses provisions. As I mentioned earlier, the key, I would say, number is the cost of risk of Grupo Financiero Galicia, considering the, I would say, not only provisions on loans, but also on other financing. That includes historically, not only in the fourth quarter, but also in the previous quarters, both provisions. That, I would say, clean the effect of this reclassification. Okay, perfect. Let's go on the second question. When we start looking at the NPL of Naranja X, sorry it has already decreased from a high of around 14% in 2018, and now it's around 1.8%. We have actually been seeing that you continue to accelerate write-offs in the third quarter and in the fourth quarter. Here, just wondering two things, actually. First, if this improvement in the NPL of Naranja X comes from all these write-offs, which you have been doing. The other part is, as we have reached 1.8% of NPL, does this give you more confidence to continue accelerating and originating more in the segment? Thank you. Well, in Naranja or in Tarjetas Regionales, many things caused the NPL ratio to go down to 1.75%. One thing is that we changed the charge-off policy. Now once the NPLs are 300 or one year, basically, non-performing, we write off. In the past, we have additional months of these non-performing loans within our balance sheet. That is why the write-offs grew. Also, all the collection efforts and all the, I would say, the behavior of the clientele improved. One additional reason could be that in the case of banking cards, clients could defer payments. They could also defer personal loans installments. In the case of Naranja, they didn't have that ability. They paid the Naranja statement. Also, Naranja is stronger interior of Argentina. There the agricultural sector behaved better. Also, the lockdown due to COVID was shorter and not so strict. Also, the loan book grew fast in the fourth quarter. All these reasons explain the 1.75% NPL ratio. If we do not consider the additional 60 days from 90 to 150 days to consider a loan non-performing, even in that scenario, the NPL ratio would have been 2.3%, so really very low, going forward we feel some figuration basically historically very low. We are comfortable also with the level of coverage we have around 300%. Just to follow up here, with these low levels and the apparently comfortable coverage, do you expect to maybe accelerate more in the segment throughout 2020, or are you still a bit more conservative? In terms of loan growth on Naranja X? Sorry. Yes. Definitely during 2020, Naranja was very conservative, mainly because of COVID. We thought that asset quality was going to be much worse than it actually happened. Naranja basically didn't change the limits for expenses and payment installments, so the loan book didn't grow. For this year, we are thinking that the loan book could grow at around inflation plus five percentage points. Of course, being conservative, but not as conservative or cautious as it was the case in 2020. All right. Thank you so much, Pablo. You're welcome, Gabriel. We'll move next to Alonso Garcia at Credit Suisse. Hello. Good morning, everyone. Thank you for taking my question. My first question is regarding fees. They declined 4% in real terms last year. What do you expect for this year? Are you seeing room for increasing prices in some of your products already or just not yet? Second, regarding Tarjeta Naranja, we saw a very sharp increase in loan growth in the fourth quarter, close to 30%. Just wanted to check if this was related to seasonality, probably some pent-up demand from customers, or if there was something special driving growth in the quarter. In that sense, what kind of loan growth do you expect for the bank and as a whole Galicia in 2021? Thank you. Thank you, Alonso. Well, fees last year, we were not able to raise prices on most of our products. This year, the Central Bank allowed some price increases in two stages, 9% each on some regulated products. The rest of the products, we will be raising prices in order to catch up the inflation. Of course, looking at our competitors. What is important, I would say, to have in mind is this evolution of fees. It must be compared with the evolution of administrative expenses. Our target is to have the difference between fees and expenses to be positive, basically that efficiency improves. Why? Because perhaps fees will not be able to grow this year above inflation. Perhaps inflation less a couple of percentage points. As our target is to grow our administrative expenses less in terms of percentage points, there will be saving in that equation. In terms of Naranja, in the first three quarters, as I said, Naranja was more conservative. They didn't raise spending limits. In the fourth quarter, many limits were updated. For this 2021, we expect that Naranja loan book could grow between or around inflation plus five percentage points. If inflation is 45%, as I mentioned, perhaps 50% in nominal terms. Similar to the loan growth we are forecasting for the bank in pesos. There, our, I would say, guidance and calculations on loans are basically in pesos. The USD bracket, both in deposits and loans, is kind of stable at the levels of December. They are not either growing or shrinking as it was the case during 2019 or 2020. These are the loans growth we are forecasting. Perfect. Thank you very much, Pablo. You're welcome, Alonso. We'll next go to Carlos Gomez of HSBC. Hello, Pablo. Good morning. I have three brief questions. The first one to clarify on the provisions that you classified, it was ARS 5.5 billion, if I recall correctly. Originally, I think you had made about ARS 7.2 billion. Has the entire balance either been used or been transferred to loan loss provisions, or is there something that could still be reclassified in the future? The second refers to the tax rate, which was quite elevated throughout the year. We understand that also has to do with the inflation adjustment and the fact that you cannot take full advantage of it. Do you expect for next year? Finally, Galicia is in the rare position that you have rather significantly more capital than you have historically had. A Tier 1 of almost 19%. We know that you are constrained in the ability to pay dividends, although you are paying some. Would you consider either acquisitions or buybacks at this point? Thanks. Hi, Carlos. Regarding the first question on provisions, yes, we classified around ARS 5.5 billion, and there is still some other provisions in that account, basically related to guarantees granted and also certain financing of balance sheet. Regarding tax rate, as you said, the inflation adjustment on taxes is different from the accounting one. Also the main difference is that the cost of risk or the, I would say, the loan loss we have in our P&L cannot be taken as a deductible expense for tax reasons. That is basically the difference. I would say the nominal income tax rate is 30%, but it's really very hard to estimate what will be the effective tax rate this year because of these differences between the tax accounting and the reported accounting. The last question, sorry, the third one was related to? Yeah, the use of capital, either for buybacks or acquisitions. Actually, the result from the exposure to inflation was high, was around ARS 11 billion in the quarter because our liquid net worth is high. Of course, we would prefer to be able to pay dividends. There's not too much alternative in order to protect from that. Of course, we have real estate, we are not willing to increase real estate. We analyze different CER bonds or dollar-linked bonds or UVA products. The asset and liability management committee is working on that. Definitely, the high inflation takes a toll on real profitability. About acquisitions for products? Sorry, I couldn't hear you properly. Yeah. Would you consider any possible acquisitions of other banks or buybacks? Well, the answer tends to be the same in all the years since we met many years ago. Basically, we are always open to analyze any M&A opportunity that is in the market. Right now, there is nothing. Perhaps, in the last couple of years, the question could be if it's worth acquiring a typical bank or perhaps some fintech that could complement some part of our business or processes. Yes, we are always open to M&A. Again, we have nothing in the pipeline. Thank you very much. You're welcome, Carlos. Pablo Firvida, do we have time for any further questions? Okay. If we have no more questions. I was just confirming. We have two more questions in the queue. Do we have time to take them, sir? Yes, sure. Okay. We'll go to Yuri Fernandes of JPMorgan. Hi, Pablo and Etienne Thank you. First one regarding expenses. I guess you already touched a little bit on that topic when we were discussing fees. Just to have some sense, basically the idea is for both fees and expenses to grow below inflation in 2021. Regarding expenses, how much more room do you see for optimization? The data for this quarter was very good, right? Like you had the headcount reduction. Just confirm that those numbers are right, like should be below inflation. If you can provide a number, I guess that would be helpful or some kind of range would be nice. Where you want to cut expenses, you plan to keep reducing headcount, start closing more branches, I think the number of branches has been more stable. What's the strategy to deliver on costs? My second question is regarding asset quality. Just a follow-up. I understood from Ernesto's questions, I think, that 4.2% of your portfolio is under relief, that number only includes installments. It does not include the full balance of that client. My question is this correct? Can you provide the balance of the total balance, like the total exposure? I guess the concern here is that credit card has some more automatic kind of release, and you have a bigger exposure to credit card. If those loans go bad, I guess it's not only the installment, right? The impact for NPL is going to be the full balance. If you can provide some color on the total exposure for reliefs, considering the full balance. Also the peak of NPLs, when do you plan to see reliefs ending, like the NPLs peaking? This quarter, you had many helps, right? As you said, charge-offs were super high. You had loan growth accelerating. When do you see NPLs peaking? If you can provide a number for us. I got the message that asset quality is better than you expected, but just for us to know about your expectations on the peak. Thank you. Okay. Hi, Yuri. First, the cost reduction was very significant in Q4 compared with Q4 of the previous year. If we consider a full 2020 compared with 2019, I would say it's more fair for comparison. There you can see that the saving was around 5% in real terms. This is the kind of saving we could see in 2021. We try to save in many different lines, not only in terms of number of people. That basically, people retire, people change jobs, and we try not to replace these people. That is why you can see that in the last couple of years, the number of people is going down around 5% per year. The objective is to have fees growing a couple of percentage points below inflation. That is our estimate for this year. The saving in cost will offset that reduction in fees. In terms of asset quality, yes, the refinancing of the payments of credit cards in April and September, plus just the installments in personal loans that were deferred represent 4.2% of total loans as of the end of December. If we were to consider all the outstanding personal loans of these clients, this number will grow. Traditional debt on credit cards, the number could grow to levels of 8%. This is, as I tried to explain, not fair because after the clients deferred certain payments of credit cards and also certain installments of personal loans, they were paying the next installments. If they accumulate debt, they lose the limit, and they cannot use the credit card anymore. Even considering the worst-case scenarios, we feel comfortable with the coverage we have. Regarding the third question on NPLs, as you said, the information is not so easy to analyze because of these deferrals and forbearance. NPL, instead of being 1.3 at the bank without the additional 60 days, would have been 2.2% in the case of Naranja, from 1.8%-2.3%. If there are no additional regulatory deferrals, we are estimating that the peak could be around July this year. Coming from these levels that I mentioned of 2.2%, 2.3%, that are the, I would say, the old ones without the forbearance could grow to levels of 4%. This, of course, is a very dynamic situation and is a gross estimate we are having in our models. No, super clear, Pablo. Very helpful. Thank you. Okay. Thank you, Yuri. We'll go to Nicolas Riva of Bank of America. Thanks, Pablo, for taking my questions. I have two quick questions, more than anything, to confirm things. You now report inflation-adjusted financials, and I wanted to confirm, for the loan book, you reported 5% loan growth last year. I assume the loan book is not adjusted for inflation. I assume this was 5% loan growth in nominal terms, which compares to 36% inflation approximately in 2020 for the country, but I wanted to confirm that. Also that in the income statement, that the impact from inflation is only reflected in that line, results from monetary position, so that net interest income, pre-income, all of those figures, I wanted to confirm those are all in nominal terms. In other words, that they don't need to be adjusted, but I wanted to confirm. Second, on the FX restrictions, we saw that the central bank extended the restrictions to buy dollars to pay dollar debt until the end of this year. I believe for you, there is no impact because you don't have any dollar bonds coming due this year. I know that you can call the 2026 bond this year. I would assume you're not going to call that, but I wanted to confirm that with you and that there is no impact from the FX restrictions for you. Thanks, Pablo. You're welcome. Hi, Nicolas. First, in the speech when I spoke about the growth rates of the financial system as a whole, these are nominal figures without adjustment because it's not an accounting figure. In our press release, when you look at the charts within the level of activity part of the press release, these are accounting numbers, and yes, they are adjusted by inflation. The growth rates are real. Actually are similar to the growth rates we thought we were going to have when we spoke perhaps one year ago. One more thing regarding that question. Of course, the behavior between the peso loans or deposits are very different from the dollar loans or deposits. Yes, we are seeing important nominal growth rates in peso, both in deposits and in loans. It's not the case for the dollar parts. You can see the breakdown in the different charts. Regarding the monetary position or the effect of inflation in our accounting, I would say that most of it is within that line, reflected in the monetary position. There is, in our case, a tiny impact within other comprehensive income. In the case of other peers in recent quarters, they had, within the results from monetary position, even a positive result, and because they had a big impact within other comprehensive income. The Central Bank has said that all the impact of the monetary position must be reflected in the P&L. To be precise in the answer. You can assume that in our case, most of the result from inflation is in that line. Regarding the restrictions to purchase dollars to pay financial debt, as you said, we have a call on our subordinated bond in July this year. Also, in that day, we have a reset on the interest rate we pay. With information on the numbers we have today, the coupon should be lower than the current one. It really shouldn't make sense to call that bond, and with the restrictions, they are perhaps even impossible. It's likely, of course, I cannot say this is 100% true statement. It's likely that the subordinated bond will be paid in its maturity in 2026. Perhaps it's likely that we will not be able to call it. Of course, from 2021 to 2026, the bank could be purchasing or buying back part of those loans if regulations permit it, and also taking into account that each year in the last five years, we can compute a decreasing percentage of the subordinated bond as Tier 2 capital. Okay. Thanks very much, Pablo. You're welcome, Nicolas. We do have one more question in the queue. Do we have time to take it, sir? Yes. Okay. We'll go to that last question in the queue, and that's from Diego Uribe of Inter-American Advisors. Hi. My question is about the capital restrictions. Don't they affect the Tarjeta Naranja amortization in April? Hello. Well, the Naranja financial team is working on that. The last information I have is that they will not have any problem with that bond. Really, I should have to double-check if there is any more recent information. As far as I know, they will be able to pay, but we can speak perhaps later in the day to check. Okay. Thank you. Thank you. I'm sorry for not having 100% of the answer. There are no other questions in the queue. I'll turn the call back to you, Mr. Firvida, for any additional comments. Okay. Jenny, just to say thank you for everybody for attending this call. If anybody has any further questions, we are more than happy to answer them, and do not hesitate to contact us. Good morning and good afternoon. Bye-bye. That does conclude the call. We would like to thank everyone for your participation, and you may now disconnect.