Ladies and gentlemen, thank you for standing by. I'm your Delta core call operator. Welcome, and thank you for joining the Alpha Services and Holdings conference call to present and discuss the first quarter 2021 financial results and strategy update. All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question-and-answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I'm glad to turn the conference over to Alpha Bank management. Gentlemen, you may now proceed. Good morning, ladies and gentlemen, thank you for dialing into the conference call on such a short notice. This is Vassilios Psaltis, Alpha Bank CEO. I'm joined today by Lazaros Papagaryfallou, our CFO, by Nicholas Chryssanthopoulos, Head of Strategy, and Dimitrios Kostopoulos, our Head of IR. Today, together with announcing our financial results for the first quarter, we will provide you with our latest strategy update reflecting the changes in the market environment since our last strategy announcement, along also with an EUR 800 million growth capital increase. In terms of order, allow us to start with the strategy updates, and then towards the end of the presentation, Lazaros Papagaryfallou will apprise us on the first quarter results. Before, however, starting the presentation, allow me to express my great appreciation and thankfulness to the full transaction team that managed the impossible, to deliver on an accelerated schedule after working three days around the clock. Let's go straight to page four. Following an unprecedented financial crisis that has lasted for over a decade, on the back of the fiscal actions implemented to mitigate the impact of COVID pandemic, Greece has now come at the economic inflection point. It has managed to significantly improve its sovereign risk profile, has already regained the trust of capital markets on the back of highly successful issues of short and long-term government bonds, has facilitated the cleanup of the Greek banks and NPEs through the establishment of Hercules. Greece is also one of the largest beneficiaries from the unprecedented funding package from the NextGenerationEU Recovery and Resilience Facility, or RRF, as you will hear me calling it to the rest of the presentation, that is expected to bring both direct and indirect benefits to GDP growth and the economy as a whole. As a result, Greece is well positioned to grow at a rate above the European growth rate for the next few years, with the RRF expected to contribute at least 1.2 to 2 percentage points per annum to our GDP growth. Banks are expected to be both significant supporter of this growth and beneficiaries of the normalization of the economic outlook. The Greek banking system has already made great strides in cleaning up its legacy issues and is now looking ahead towards a period of strong growth and improved investor sentiment towards the Greek economy. Capturing the full potential of this opportunity is expected to be the single most important goal for the banking system and for Alpha Bank in particular. At no point in the medium term should banks be constrained to serve the duty of supporting the Greek economy, be that financial, governance, or skills-related constraints. With that in mind, we are proposing a bold but well-balanced plan to raise capital of approximately EUR 800 million in order to be in a position to fully reap the benefits from the RRF growth potential. Securing at the outset of this growth capital, we expect to deploy over the next few years. This will allow us to reach our profitability targets sooner, provide us with the flexibility needed to commit financing to high-value projects as deemed fit, allow us to be selective on the profitability profile of such projects, and simultaneously enjoy a position of meeting all of our capital requirements throughout our business plan horizon. Importantly, this will also provide us with significant flexibility to optimize our capital structure and deploy our dividend strategy. As you can see on page five, 2021 is expected to be a year of strong economic recovery, while during the coming years, real GDP is projected to grow at a higher pace. We need to focus on the following very significant drivers. Firstly, the economy is expected to rebound strongly on the back of strong base effects and a monumental RRF funding program. GDP is expected to grow by 4.6% on average in the period of 2021 to 2024, and this is considered conservative by most market participants as it only acknowledges a 1.2 percentage point increase in annual GDP stemming from the RRF. Secondly, GDP growth will be investment-based, with investment expected to skyrocket in the coming years, rising by 15.1% on average per annum in 2021 to 2024. This massive new investment inflow, both public and private, is expected to support economic expansion and create large fiscal multipliers for the economy. Finally, it seems we are now managing to attract significant foreign direct investments. The country's successful structural reform agenda, coupled with an improved debt risk profile, has been applauded by the market in recent GGB issues. The average 10-year GGB spread averages 1.6% during January 2020 to April 2021, and this compares to an average spread of 8.3% in the previous decade. Turning on to page six. There you can see that the National Recovery Plan, coined in Greece 2.0, is expected to provide a unique opportunity for revitalizing the Greek economy and transforming its productive model towards an investment-driven growth, supported also by increased extroversion of the business sector. As depicted in the graph, the course of economic growth in coming years is expected to acquire distinct and critical quality characteristics based on the high ratio of investment funds as compared to the past, when the increase of the GDP was mainly driven by consumer spending, which in turn was fueled by rising public debts. The National Recovery Plan anticipates a 7% increase in real GDP by 2026. This implies a 1.2% towards per annum on average, beyond the expected recovery over the medium-term, with a prerequisite of the full absorption of available funds and the implementation of the already planned structural reforms. Long-term benefits beyond the 2021 to 2026 horizon are much greater, driven by the restructuring and re-engineering of the country's production model. As you can see on page seven, you can depict in the left-hand side graph the crisis of the last decade left an adverse legacy through causing considerable impairments on the country's capital stock and productivity. This investment peaked while physical capital depreciation remained higher than fixed capital formation for a prolonged period, resulting in the erosion of capital stock and the expansion of the investment gap. It is apparent from the graph that the main driver of investment reduction in the last decade was the collapse of residential investment. The impact of the pandemic on total investment in 2020 was relatively small, thanks to a timely increase in public investment and strong construction activity, which operated with limited restrictions during the lockdown periods. According to the Greek Ministry of Finance, fresh investment is expected to increase rapidly, with the share of investment to GDP rising from 10.3% in 2019 to 16% in 2024. Thus, investment-led recovery is under focus, relying on the available resources of the National Recovery Plan, as well as the banking sector efficiency to optimize money allocation through the loans from the RRF. Moving on to the right-hand side graph, there you can see that gross savings ratio remained negative from 2011 until 2019, reflecting that households spent a large amount of their savings during the period of 2012 to 2019 to cover their consumption needs as well as their fixed other tax obligation payments. In 2020, the reduction in private consumption outpaced the drop in households' gross disposable income, and the sizable fiscal impetus aiming to support employment and alleviate tax obligations underpinned households' disposable income and prevented further losses. Thus, households' gross savings ratio recorded gains in 2020, returning to a positive territory after nine years. According to the latest available forecast by the European Commission, households' gross savings ratio is projected to remain on positive grounds. The efficient implementation of the vaccination campaign is expected to enable the realization of purchases contributing to private consumption growth from 2021 onwards, while households are expected to benefit from savings accumulated during the pandemic. The expected increase in the propensity to save of the private sector, combined with a low negative interest rate environment, can support demand and prices in financial investing. On page eight, you can see that the real estate market is exiting from an 11-year steep downward repricing as a result of the deep recession that hit the Greek economy. Since 2018, there are clear signs of recovery of the real estate sector as a result of increased stability of the macro front and attractive pricing of Greek real estate. Most assets are still traded at below replacement cost levels. Values in all real estate asset classes are on a long-term upward trend. Office, logistics, and residential assets retained or increased their price levels even throughout the pandemic. Based on the latest published data from the Bank of Greece, residential prices in the first quarter of 2021 compared to the quarter before in 2020. During this whole period of one year, we have seen them increasing by 3.2%. The outlook for the real estate market is positive on the back of solid fundamentals and increase in foreign investor interest, primarily in office, residential, hospitality, and logistics. Turning on page nine, we see that the Greek economy is the recipient of a multitude of stimulus packages, all aimed at different and complementary parts of the value chain. The RRF is the most important of the programs, with a total pocket of circa EUR 34 billion. The National Development Program, the European funds, and the cohesion funds all contribute to a total envelope of EUR 82 billion over the next six years. As the RRF is the real catalyst going forward, we're going to spend some time in the next few pages to go over its components in a bit more detail. Starting on from page 10, you can see that the National Recovery Plan, which operationalizes the RRF, constitutes a real game changer for the Greek economy. Not only because of its sheer size relative to GDP, which is the highest in Europe, but more importantly because it's a detailed, cohesive, and well-researched program. Greece is expected to be benefiting by around EUR 31 billion, of which EUR 18.2 billion will take the form of grants and EUR 12.7 billion the form of loans. Additional funds of up to EUR 26.5 billion are expected to be mobilized, both in the form of bank debt and sponsor equity, resulting in total mobilized program funds of EUR 67 billion. The allocation of the National Recovery Plan, as disclosed, is evenly balanced between green transition, employment and social cohesion, digital economy, innovation, and private investment and extroversion. Now, let's go on slide 11, where we can see the opportunity for the Greek banking sector through the total envelope of EUR 67 billion of the RRF. The EUR 18 billion of RRF grants are expected to mobilize an additional 40% of funds, or circa EUR 7 billion. Of those, banks are expected to finance circa 60%, claiming around EUR 4 billion of potential credit. The EUR 13 billion of RRF loans are expected to mobilize an equal amount of bank loans, i.e., another EUR 13 billion, while also mobilizing nearly EUR 6 billion of equity. Banks would probably consider financing of up to 20% of certain equity positions subject to sponsor balance sheet structure. This would result in circa EUR 14 billion of potential credit for banks. The above EUR 18 billion of RRF derived credit expansion is only part of the growth story. The economy is also expected to grow on a standalone basis, enabling credit expansion of another EUR 15 billion. The RRF fiscal multipliers would probably contribute to part of this growth. Sectors that are not direct recipients of the program would still enjoy its contribution to economic activity. The expected total business credit growth until 2026 is EUR 33 billion, while the same amount during our planning period, i.e., up until 2024, is estimated at around EUR 24 billion. Let's turn to the next page 12. Our launchpad on this inflection point for the Greek economy is our venerable franchise on the corporate and SME segments. Alpha Bank has long been the corporate bank of choice in Greece. As a result, we had a substantial market share from which we will hold upwards. Why? We take a holistic corporate finance approach, advising our clients on the optimal capital solutions. This approach is of particular significance in the project-heavy RRF, which will rely on PPPs, concessions, and asset privatizations. This approach enables us to generate business beyond the straightforward balance sheet lending and to offer the full spectrum of capital tools to both corporates and investors, starting with our market-leading asset management units. On page [13], you can see some credentials on our side spanning across the capital stack. Now, on page 14, on the back of this positive macroeconomic backdrop, our franchise's strong positioning and our operational readiness to capitalize on this opportunity, we are launching an EUR 800 million capital raise, which will allow us to secure the growth capital we expect to deploy over the next few years. This is the last piece of the puzzle that will allow us to reach a 10% return on tangible book value by 2024. The way we see the buildup of the 10% return on tangible book value target for 2024 is as follows. First, we are continuing with our NPE cleanup with focus and discipline. With Galaxy already signed, we are launching EUR 8.1 billion of new NPE transactions that will allow us to normalize cost of risks at 60 basis points by 2024, as we will be reaching a group NPE ratio of circa 2%. Non-performing assets management operating expenses are also expected to be significantly reduced by circa 65% as a result of the decrease in our non-performing asset stock. This will contribute at least four percentage points to return on tangible book value. Secondly, we are streamlining the core bank, driving efficiencies through our transformation plan. We expect an annual cost reduction of more than EUR 60 million between 2021 and 2024, while front-loading more than 75% of the restructuring cost to achieve such savings. This will contribute circa one full percentage point to return on tangible book value. Thirdly, we expect to see significant growth in fee income driven by RRF-driven lending activity, sustained growth in wealth management assets under management, and the development of our bancassurance partnership with Generali. We will focus on our partnership DNA to expand our fee-generating potential. This will contribute another percentage point to return of tangible book value to reach 6%. Fourth, the releveraging of our balance sheet is expected to have one of the biggest positive uplifts to our return on tangible book value on the back of approximately EUR 8 billion credit growth we expect in Greece. This is the reason we are raising equity capital, as it will allow us to double our expected loan growth in Greece by 2024, allowing us to increase our net interest income by EUR 150 million in the next four years, as well as generate additionally EUR 35 million net fee and commission income. All this comes on top of what we would be able to do without the capital increase. This will contribute circa three percentage points to return on tangible book. Finally, we have a strong franchise in Romania, the only Greek bank to have retained a presence in this large and high-potential market. We want to become a tier 1 bank in the country, and we will deploy capital towards profitable growth. This should contribute the final percentage point to our return on tangible book so as to reach 10%. Moving on the next page, Alpha Bank is entering the last mile of the NPE cleanup that has started in 2017. Since then, we have managed to reduce our NPE stock by almost EUR 18 billion through both organic and inorganic means, with the latest step being the Galaxy securitization transactions for which closing is expected in June. Project Galaxy has been the largest securitization transaction ever executed in Greece. Despite the outbreak of the pandemic crisis in 2021, Alpha Bank managed to successfully launch and follow through the transaction until signing within just 10 months. Once again, we draw great confidence for our internal capacity and capability to deliver large-scale transactions, even amidst very adverse conditions. The final leg of our NPE cleanup includes additional NPE transactions that we will discuss in more detail later on. The respective capital impact is fully absorbed within our existing capital buffers and internal capital measures. This will allow for a group NPE ratio of 7% and a group NPL ratio of 5% already by the end of 2022, which is a reduction by 90% versus the 2017 levels, while by 2024, the balance sheet is expected to be restored to full health. The decisive reduction of the NPE stock, apart from restoring the health of the balance sheet, will also restore the health of our P&L, as the primary driver of our current cost of risk is the management of the NPE portfolio rather than any deterioration of our performing loans. As such, cost of risk is expected to be reduced at circa 60 basis points over net loans, thus providing an uplift for our return on equity of circa 4%. On page 16, we outline the main driver of cost efficiency enhancement within the next two to three years that will allow our recurring cost basis to be reduced from over EUR 1 billion in 2020 to almost EUR 850 million in 2024. As you can see, more than EUR 120 million of cost improvement is expected from the reduction in NPE management cost, in line with the resolution of our NPE portfolio and reduction in associated servicing costs. Moreover, Alpha Bank has already launched its Operations Transformation Program, which aims at modernizing the bank, increasing speed and quality of processes through optimization and investments in technology and automation, delivering a better and faster service to our customers. The Transformation Program is also focused on optimizing third-party spend throughout spend categories, both through internal demand management and through renegotiation of arrangements with service providers. We expect significant benefits from this effort in outsourcing costs and in property and facility management expenses. On page 17, there we portray some additional details of our transformation program across its three dimensions, growing with our customers, tailoring our operating model to their needs and characteristics, revamping our internal operations, streamlining processes and third-party spend. Also empowering our people through a modern performance management and reward system, the transformation will support our targets in both enhancing our revenues and increasing our efficiency through investments of more than EUR 160 million. On page 18, we lay out our ambitions on increasing fee and commission generation, as well as key pillars we expect to drive this. Our expected strong growth in fee income is driven by a mix of favorable external conditions. Our strong strengths that make us very well positioned to benefit from these external drivers, as well as our business approach based on forming strategic partnerships in order to benefit from specific expertise that partners can bring in. External environment, such as unprecedented lending volumes in coming years, is expected to drive lending-related fees for the sector in general. Additionally, expected growth in the affluent segment and wealth creation is expected to drive the demand for asset management products and related asset management fees. Alpha Bank's strong position in corporate banking, including advisory business, as well as our market leadership position among the mass affluent clients, should allow us to benefit from this market growth. Additionally, as we already discussed in our full-year results, we have signed an exclusive bancassurance agreement with Generali, which is the second largest non-life and the third largest life insurer in Greece, and we expect noticeable growth also in bancassurance fees. Lastly, in light of our rationale of attracting strong partners with specific expertise, we also intend to sell a stake in our merchant acquiring business in order to form a joint venture with a strong partner. This will allow us to capitalize on the growth of the Greek payment sector while leveraging the technological expertise of a partner. Page 19 underpins the reason for our capital raise and demonstrates the growth benefits that it allow us to achieve. As shown on the top left-hand side, we expect a total of EUR 24 billion sector net credit growth for businesses in Greece fueled by the RRF. As shown on the top right-hand chart, Alpha Bank expects to capture at least EUR 5 billion of that by 2024, after taking into account the participation of IFIs for debt capital markets in the total envelope. Here, we outline our projections for the total net new loan disbursements for business across the business plan's duration, but also our estimates for the period until 2026. As you can see, the growth is higher in the initial years of the plan after our RRF program is launched, and we want to be best placed to take opportunity to capture this growth. The projected EUR 5 billion of net new disbursement to businesses is expected to contribute almost 50% of the expected total net credit growth for the group of EUR 10 billion by 2024. That also includes loans to households and to shipping, as well as net credit growth of EUR 2 billion in Romania. The loan growth is expected to be the key driver behind the enhancement of our group return on tangible book by an additional three percentage points through both the interest income generated by the increased loan volumes, but also through the fee and commission income to be generated upon underwriting and through ancillary business associated with the new lending volumes. On page 20, you can see this is what happens when opportunity meets preparation. A dedicated RRF PMO will act as the nexus of activity accommodated by an already sanctioned risk appetite framework and middle office function right-sized for the occasion. We have set up an open architecture to leverage our efforts with a partnership network of Big Four firms and [RRF feed] service providers. We aim not only to throw a wider net, but also to support our clients to promote better the RRF projects. In addition, we want to offer the RRF opportunity directly to investors and individual savers via RRF feed investment products. Now on page 21, we're moving to our international footprint. We believe Romania is an attractive growth market with a GDP that is similar, actually higher, to that of Greece and with a growth outlook that is commensurate to Greece as it is also a significant beneficiary of the NextGenerationEU funds. The Romanian banking sector is relatively under-penetrated, with significant catch-up potential to broader EU levels. At the same time, it is quite profitable, with an average return on average assets ranging from 13%-15%, which is one of the highest in Europe. Having said that, though, it is evident that size matters in Romania, hence our willingness to further expand our asset base. Finally, we cannot ignore the fact that the banking sector is also ripe for consolidation, given the relatively low concentration market share of the top five players. This is something that always we would be willing to look and potentially contemplate. On page 22, there you can see that all the strategic initiatives, supported by capital increase and the base of financial targets for 2024, enhancing shareholder value. As you can see, by 2024, Alpha Bank will be profitable. Well-capitalized bank with an NPE ratio on par with European average. Such financial standing will also give us flexibility for dividend distribution. On page 23, Alpha Bank is well-positioned for transformation and will rely on its core competencies to deliver the strategic plan. We are the oldest privately owned bank in Greece with strong competitive positioning, not only overall in Greece, but more particularly, we are also perceived as a reference bank for corporate customers in Greece. We have delivered significant digitalization efforts already and have become a leaner and more agile bank. These efforts were also more accelerated by COVID crisis, which have already helped us deliver significant efficiency gains. Additionally, historically, we have been seen as the best-in-class bank in Greece in terms of organic capital generation and the largest bank in absolute NII terms. We believe our plan will set us apart from our peers even further. Lastly, our advanced strong corporate governance structure, strong management team, and reinforced performance culture will be the key enablers for us to deliver on the plan we have set forward. I think at this stage, I shall pass the floor to Lazaros for his part of the presentation. Thank you, Vassilios, and good morning to everyone. We are now on page 25. As Vassilios has portrayed in the first part of the presentation, Alpha Bank aims to achieve a double-digit return on [tangibility value] and approximately EUR 0.6 billion net income by 2024. Let me walk you through the key profitability levers and initiatives behind these through the rest of the presentation. Going to page 26. The first pillar of profitability increase for the group is already in motion. After the imminent completion of Project Galaxy, the group NPE ratio will stand at 26%, and it is expected to be reduced to 7% by the end of 2022, following a series of NPE securitization and sales transactions, as well as the organic evolution of the remaining book. On the back of Galaxy, we expect to reduce NPEs by another 75% until the end of 2022, reaching a 90% reduction by 2024. We will discuss more of the planned NPE securitization and other transactions in the coming page. The NPE stock reduction is expected to drive cost of risk down to approximately 80 basis points over net loans in 2022 towards full normalization in 2024 at a modest 60 basis points. Turning to page 27, we're confidently delivering an upsized ambition on our NPE deleveraging through a series of new transactions on the back of, A, the successful Galaxy transaction and the forging of a partnership with Davidson Kempner and Cepal, and B, our capital buffers, which are sufficient to absorb the cost of the additional transactions. Our planned transactions add up to a total gross book value of EUR 8.1 billion, equally split between HAPS and non-HAPS deals. Our asset protection scheme transactions include Project Cosmos and Project Solar. Project Cosmos is a mainly heavily secured portfolio, EUR 3.5 billion gross book value. We're quite advanced on the timeline and expect to receive the pre-rating within the summer of 2021, so as to have a finalized transaction by year-end. Cepal is going to be designated servicer. Project Solar is an SME portfolio of EUR 0.4 billion gross book value for Alpha Bank that has been assigned by all systemic banks for management to an independent servicer. This is a portfolio which is quite mature in its underwriting and is expected to greatly benefit from a HAPS structure. We expect the process to run in early 2022. On non-HAPS transactions, we include Project Orbit, Project Sky, and certain single ticket wholesale and leasing exposures. Project Orbit is a retail unsecured portfolio of EUR 1.3 billion gross book value. It was initially part of Galaxy and was excluded on the back of unfavorable market conditions during the COVID lockdown of 2020. Significantly, unsecured portfolios across Europe and Greece have proven resilient and investor interest appears strong. We expect to launch the transaction in the second half of the year with an aim to finalize by year-end. Project Sky is a mixed portfolio of residential mortgages and corporate SME exposures in Cyprus of a total gross book value of EUR 2.2 billion. Having created our own credit acquisition company in Cyprus, we have already assigned all NPEs of the Sky perimeter to this entity, and we are quite advanced in our preparations to launch the transaction in the second half of the year. Our target is to finalize the deal in the first half of 2022. Finally, we have a small number of wholesale and leasing exposures of up to EUR 0.7 billion gross book value, for which we're working with Cepal to identify the optimal transaction structure for a trade in 2022. As a result of the overall transaction activity, we expect to incur a total incremental loss of EUR 1.3 billion or 16 basis points per billion of gross book value sold. Around 25% of this loss budget, namely EUR 0.3 billion, has already been provided for in our first quarter 2021 results. Our total expected RWA relief is EUR 4 billion. Turning on to page 28, we further elaborate on our view on NPE formation in coming years on the left-hand side of the slide. As you can see, in 2021, we expect elevated NPE inflows, half of which expected from moratoria. We expect a positive overall NPE inflow this year of around EUR 0.6 billion. However, going forward, we expect to return to the trend seen in previous years of net NPE outflows, partly driven by our effort on closing procedures. On the right-hand side of the slide, you can see further information on our cost of risk evolution. As you can see on the top part of the slide, a large proportion of our cost of risk was historically driven by transaction costs, which we expect to normalize after 2021, when we finalize NPE cleanup. A large part of our annual loss provisioning relates to remedial management of a legacy stock of NPEs as opposed to new defaults. As shown on the bottom graph, we expect the underlying cost of risk to also decrease significantly going forward as we reach normalized NPE levels. On the next page, slide 29, there we show that Alpha Bank aims to achieve significant cost reduction in the period of the business plan and reach a cost-income ratio of below 45% by 2024. A major part of this reduction is going to be driven by the reduction of the cost associated with the management of our perimeter of non-performing assets. After the already implemented carve-out of our NPE management operations to Cepal, the key component of non-core costs is external servicing fees. The reduction of the applicable perimeter will also drive the respective costs, which give us high certainty of achievement. The second pillar of efficiency gains is our transformation effort, which is going to affect both internal and external costs through cost optimization and automation, as well as a reduction of third-party spend through internal demand management and through the reconfiguration of a major outsourcing contract. In our international perimeter, costs are going to be further reduced through the sale of our operations in Albania and the United Kingdom. A reduction, however, that is going to be counterbalanced by our growth initiatives in Romania. Overall, cost reduction from 2021 to 2024 is expected to reach more than EUR 170 million, and the bank is expected to be operating at a cost-to-income level of below 45% in 2024. Moving on to the revenue generation slide 30, Alpha Bank aims to leverage its leadership position among affluent segment clients and the partnerships it has entered into to grow our net fee and commission income by approximately EUR 140 million by 2024 from 2020 levels, which we know have been affected by COVID, and as such should represent the absolute base for our fee income. By 2024, we expect to almost double our fees contribution to revenue versus levels seen in 2020. On the following page, we elaborate more on the key drivers for the fee growth. One of the key drivers for higher fee income in the coming years is expected to be higher business activity and improvement in lending volumes in light of higher RRF-driven lending, which would drive the growth in lending-related fees, as well as any ancillary M&A advisory, as well as ECM and DCM business fees by approximately EUR 35 million versus 2020 levels. We believe there is scope for us to double the bancassurance fee income by 2024 on the back of the exclusive partnership that we signed with Generali in December 2020. This partnership expands our product offering across life and non-life segments and allows to benefit from Generali's expertise combined with our distribution capabilities. We also expect to see significant growth in asset management-related fees. With higher economic growth, we expect to see growth in assets under management from current low base. Whilst we do expect to see some pricing pressure, especially from digital competitors, which we have embedded in the plan, we still see a scope for approximately EUR 45 million expansion in asset management fees by 2024 on the back of almost double AUM volumes by 2024. When it comes to cards and payments, we expect to form a partnership by selling part of our stake in our merchant acquiring business later this year to a strategic partner. This would have a potential for improving the overall growth in cards and payment fees on the back of additional expertise. Due to the deconsolidation on merchant acquiring, we expect the card and payment income fees to have net zero impact on our income statement by 2024. On one hand, it might appear an ambitious target to grow our fees by close to 10% per year by 2024, we see this as a realistic target as we have significant room to still improve our fee generation capacity, not only when we think of our own operations, but also when compared to our southern European peers in pre-COVID years. All the initiatives we have put in place and higher economic activity should allow us to significantly narrow the gap to them by 2024. On the following slide, we zoom in on our expected Net Interest Income evolution until 2024. As a result of the deleveraging of NPE book by approximately 90%, driven by our planned NPE transactions, the net interest income associated with these exposures would also be fully gone. This will result in a reduction of our interest income by approximately EUR 400 million. This reduction, however, is partially set off by the expected growth of our performing book by close to EUR 8 billion of net new disbursements in the period in Greece, which will contribute an increase of close to EUR 300 million in interest income. This is taking into account some expected pressure to the tune of 35 basis points on our lending margins for business loans, which will constitute the key component of the overall increase. While for household lending, we expect a stable evolution of spreads during the business plan period. No significant change is expected for the contribution of our securities book in total net interest income, as the interest income from new assets booked for LCR purposes is expected to counterbalance the spread pressure on the existing book of sovereign debt. On the funding side, we expect to continue growing our deposits base in line with recent trends of growth and of a continued shift of the product mix towards core deposits, thus producing an overall positive impact on net interest expense. In compliance to our MREL requirements in the period, we have planned additional senior debt issues, which we expect will more than counterbalance the positive effect from deposits, thus driving an overall marginally negative on net interest income from the funding side. Finally, our projected net assets growth in the international perimeter is expected to have a small positive contribution to the overall net interest income delta. All in all, we expect a slight decrease of net interest income in the period of the business plan, albeit with a substantial improvement in its quality. While we expect net interest margin to maintain a healthy level of 2%. Next page, moving on to our expected loan book evolution. The first thing to note is the significant de-risking of the portfolio, as non-performing exposures are expected to be reduced by over 90%. At the same time, performing exposures are expected to grow in total by close to 35% in the period, on the back of the RRF fueled growth that we foresee for the coming years. We also expect a noticeable shift in the composition of the book towards business credit exposures, as business lending is expected to grow at more than double the pace of household lending overall for the period, with household lending growth coming also at a later stage. As already discussed, Alpha Bank holds a strong position in business lending, and our credit risk appetite is aligned on capturing our fair share of the upcoming opportunities as we see significant value creation potential, targeting a return on risk-adjusted capital of more than 15% on the new business. Moving on to the next page. Our ambition in Romania, as discussed, is to develop into a true Tier 1 franchise. We are currently the only Greek bank with presence in this market and rank 6th based on gross loans among privately owned banks. We are convinced that asset size and return on tangible book value are closely correlated in this country, with the largest banks commanding a significant performance premium versus mid-tier players. Valuations for such top-tier players are among the highest in Europe, with an average price to book of 1.1-1.5x and a P/E multiple of 10. Our operation benefits from a very strong management team, a comfortable capital position with over EUR 400 million equity deployed, a balanced funding position, a specialization in mortgage and green lending, and a platform that has been built for a larger balance sheet size. We have also forged strong partnerships with IFIs and are exploring options to further enhance our scope of cooperation. Our plan is one of organic and inorganic expansion, aiming to nearly double our net loans in the period and to deploy all of our excess capital in new risk-weighted assets. Through this strategy, we will conduct with rigorous discipline, we will aim to quadruple our net profit and deliver return on tangible book value of more than 11%. That will also allow Romania to contribute more than 10% of group's net income in 2024. Moving on to slide 35. We also have four smaller projects ongoing, meant at generating additional capital through disposals or partnerships. The most significant one, Project Prometheus, includes finding a partner for our merchant acquiring business. This transaction should conclude this year and result in strong positive capital impact. The next two projects with Riviera and Crown involve sale of our subsidiaries in Albania and London. The overall impact on capital from those should be positive. However, we view this exercise as more of a streamlining our operations and limit management's attention spent on markets where the relative contribution to our business remains negligible. Finally, Project Skyline involves forming a joint venture with a real estate partner, so as to capture the positive momentum and form a unique investment proposition in the Greek market. This would be a capital accretive transaction through the consolidation of non-performing assets, but would also serve a significant business development role, generating management fees and profits for the group. Overall, we expect a meaningful capital gain from the above transactions, coupled with the release of almost EUR 1 billion of risk-weighted assets, which further supports mobilizing capital for growth we are envisaging. Slide 36 provides additional clarity as to how we see the capital development and use of proceeds in the context of our business plan. As you see from steps 1 and 2 in the first waterfall, Alpha Bank has enough capital to absorb all the negative effects of the ongoing NPE cleanup exercise and still have a pro forma total capital ratio of 16.9%. I want to pause here and reiterate this point. For several quarters now, we, as the management, have been adamant about the ability to deliver NPE cleanup without resorting to shareholders for additional capital for that. This slide demonstrates that, indicating that nothing has changed in this respect. We do, however, see significant opportunity to releverage our balance sheet, and the combined credit expansion between 2021 and 2023 is expected to consume circa 2.5 percentage points of our risk-weighted assets. This is where the proceeds of capital increase are deployed, supporting the growth and gradual restoration of the profitability. The next slide should provide you with full confidence on the strong capital position of Alpha Bank throughout the forecast period on a both transitional and fully loaded basis. We have also indicated the applicable regulatory minima. Currently, as part of our plan, we have not assumed any AT1 issuance. In 2021, on fully loaded basis, we expect to report approximately 11.6 fully loaded Common Equity Tier 1 ratio pro forma for capital increase as well. However, this does not take into account part of the RWA relief we expect to realize also in 2022 after completing part of NPE transactions that would boost our fully loaded Common Equity Tier 1 by further 80 basis points to 12.4%. You can see that at any point in time on a Common Equity Tier 1 level, we boast more than 200 basis points buffer over the required minimum, even on a fully loaded basis. This buffer keeps growing as we move further into latter years and create the opportunity for us to increase the efficiency of our capital base further by also providing us with optionality to optimize our capital structure in outer years by resorting to dividend payment from 2023. Next page, a few highlights of the financial forecast to indicate where we go from here and how we see the key financial metrics developing. As you can see on this slide, it includes much more data than you would normally expect to see in similar situations, which underscores management conviction in the numbers presented. On the top-line level, the most important point to note is that core income drop driven by NPE resolutions is more than offset by the growth agenda and increasing fee and commission income. We are reaching close to EUR 2 billion of core income in 2024. With a continued cost improvement, this translates to at EUR 1.1 billion of pre-provision income in 2024, up from EUR 800 million we expect this year. With cost of risk gradual normalization to 60 basis points, which we believe is still conservative, with European average at around 30-40 basis points, we see that net income growing to above EUR 600 million in 2024, which translates into return on tangible book value of 10%. It is worth highlighting two points. The profitability is already expected to look much better in 2022, with close to 7% return, while our capital adequacy ratio stays comfortably above 14% throughout the forecast period, reaching 18% in 2024. Finally, any NPE cleanup impacts have been budgeted to happen in 2021 to ensure the bank operates on a normalized, fully cleaned-up basis from 2022 onwards. With all impacts accounted for and capital increase effect, the year-end tangible book value should exceed EUR 5.4 billion. Starting with the 2020 year at EUR 7.7 billion tangible book value, the main impacts are decomposed into the following items. First, EUR 2 billion negative impact from Galaxy and Cepal. Second, EUR 1.1 billion negative impact from the NPE transactions and internal capital measures. Third, EUR 0.8 billion from the capital increase. Now concluding the strategy update presentation on page 40. We at Alpha Bank believe this is a unique moment for Greece and the banking sector, which we have not seen since the global financial crisis. For over 10 years, we have been dealing with negative implications of the crisis, going through phases of public shareholding, deep restructuring of the bank, capital management, and finally, cleaning up the bank's balance sheets from non-performing exposures. For the first time in more than a decade, we see a unique opportunity to see strong real GDP growth and loan growth given by the increased flow of EU funds, including the RRF, and this is why we have spent so much time discussing it today. In that context, Alpha Bank is the best positioned to capitalize on this growth for all the reasons we have been discussing. Strong capital base, premium corporate banking franchise, deeply transformed, leaner, and more agile bank. The proposed capital increase will support us on the path to 10% return on tangible book, a level which positions us among more profitable banking franchises in Europe, with increased ability to restart after almost 15 years of shareholder distribution. This transaction represents a unique entry point to a franchise poised to deliver on this ambitious plan. I'm turning back the floor to Lazaros to just highlight a few points on our Q1 results. With regards to the first quarter 2021 results, I will now provide a summary of the key financial trends, looking at slide 43 of the presentation. Despite adverse conditions due to COVID-19 pandemic, our quarter provision income generation, namely our current year profitability, excluding trading gains and one-off costs increased by 16.4% quarter-on-quarter, reaching EUR 237 million. The solid performance reflects in group core banking income generation and a continued focus on cost discipline. More specifically, net interest income stood at EUR 400 million for the quarter, up by 3% versus the fourth quarter of 2020, mainly reflecting a substantial de-escalation of funding costs. Net interest income in the first quarter takes into account a benefit of circa EUR 336 million in relation to the application of the minus one negative rate granted by ECB due to the accomplishment of the objective related to TLTRO- III for the period June 2020 to March 2021. Moreover, fee income generation stood resilient in the quarter, demonstrating a quarterly increase of 0.5% to EUR 84 million, mostly attributed to a higher contribution from cards, asset gathering, and bancassurance. On the OpEx side, recurring OpEx reduced by 5.6% versus the previous quarter, reaching EUR 258 million, primarily due to lower staff and administrative expenses. As a result, the corresponding cost-to-income ratio declined to 15.2% versus 17.4% in the previous quarter, improving operational efficiency. Total OpEx line for the group reached EUR 418 million, negatively affected by EUR 160 million of restructuring costs and other one-off charges, out of which approximately EUR 97 million are mostly attributed to a provision for a voluntary separation scheme cost, EUR 19 million to replacement of infrastructure on the back of our transformation program, while EUR 27 million is related to goodwill and intangible assets impairment. Reported pre-provision income stood at EUR 137.5 million versus EUR 537.1 million in the previous quarter, impacted by the one-off charges and lower trading gains. In the first quarter, trading income amounted to EUR 61 million versus EUR 430 million in the previous quarter. Impairment losses came at EUR 391 million in the first quarter, out of which EUR 317 million are related to inorganic NPE actions, with the majority attributed to the upsizing of our NPE portfolio sales perimeter in Cyprus, Project Sky, I have been talking about. Excluding these impairments for transactions, the underlying cost of risk would have been less than 1% in the first quarter. As a result of these transaction-driven impairments and restructuring costs booked in the quarter, we recorded a negative bottom line with loss after tax at EUR 282 million. On capital adequacy, our total capital ratio stood at 18.3% in March 2021. The total capital ratio was negatively affected by the period result and the anticipated annual phasing in of IFRS 9 and Basel III amortization recognized in the first quarter, while it was also impacted by lower fair value OCI reserves following the crystallization of gains from our investment securities portfolio and the impact from the deferred tax assets that exceed the 10% threshold. On the positive side, capital was impacted by decrease in risk-weighted assets as well as a successful tier issuance of EUR 500 million in March 2021, providing a buffer of EUR 1.9 billion over our overall capital requirement of 14%. Galaxy impact of 280 basis points is anticipated to be booked in the second quarter of 2021. Our common equity tier one ratio stood at 16% as of 31 March 2021. The group's fully loaded Basel III total capital ratio stood at 16.5% at the end of the first quarter, and the fully loaded common equity tier one at 14.2%. On deposit gathering, the group's domestic private sector deposits have expanded by EUR 300 million in the first quarter, stemming mainly from inflows by households. In terms of new credit, we continue to steadfastly support our customers, and we disbursed EUR 1.1 billion of new loans in the first quarter. Liquidity drawn from ECB increased to EUR 12.9 billion at the end of the first quarter, or 18% over total assets, reflecting the improvement in the bank's borrowing allowance following the ECB's notification to the TLTRO III terms and conditions announced in December 2020. Finally, on the asset quality, a flattish movement on NPE stock was observed in the first quarter, with organic inflows being offset by cure rates and repayments, leading to an underlying cost of risk of less than 1%, as we mentioned earlier. At the end of March 2021, the NPE ratio in Greece pro forma for Galaxy stood at 24%, and NPE ratio at 13%, while group cash coverage pro forma for Galaxy was further increased to 53%. Now let's open the floor to questions, which we'll take from analysts in this call. Thank you. Ladies and gentlemen, at this time, we will begin with taking your questions. Now be known that the question and answer session is only for analysts. Any analyst who wishes to ask a question may press star followed by one on your telephone. If you wish to remove yourself from a question queue, you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question comes from the line of Floriani Jonas with AXIA Ventures Group. Please go ahead. Hi, good morning, guys. Thanks for the detailed presentation, for hosting the call today. My first question is on slide 35. You are mentioning the sale of the stake in the card business and also the real estate JV. I was just wondering if you could give any color on this contribution to capital. I'm trying to understand the contribution on the EUR 1.1 billion that is the sum of the hit from the NP transactions and the capital gains from the international that you're going to take. Second question also on capital. I take the comments from the call that you're not accounting for any AT1 issuance. Just wondering how should I think about this going forward? Are you going to play according to market conditions? Should I still expect that an issue could come in the next quarters or maybe over the short term if the conditions are in line with your strategy? Finally, questions on slide 27. I see the upside in the Cyprus NPE Transaction. Just wondering if this impairment you took and booked already Q1 covers the transaction in full. Obviously, there's any more adjustments expected. Also wondering if on this transaction you'll be also attaching the existing service agreement that is currently in place. Also, any views on the plans of the franchise? I see a lot of detail on the Romanian business and also given it's slightly bigger than Cyprus, but how are you thinking about the plans for the [Cypriot] operation? Thank you. Hi, Jonas, this is Lazaros. Coming to organic capital generation, as depicted on page 36 of the capital waterfall, we provide for transactions which are going to support organic capital, at 1.1 percentage point. This is depicted in the space under two of the capital waterfall. There you see the internal capital measures of 1.1. There we include a performance securitization of approximately EUR 2 billion, plus the profit from the sale of merchant acquiring, a joint venture that we're planning to effect in the second half of the year. The sale of foreign subsidiaries are expected to bring additional benefits, mostly on RWA relief to the tune of EUR 600 million, whereas the joint venture on real estate is expected to bring an additional RWA deleveraging of EUR 0.4 billion. All that is definitely supporting internal capital and helps counterbalance the impact of additional transactions that we have put in our new NPE plan. You will see in the capital waterfall, page 36, that additional transactions of EUR 8.1 billion have a cost, an estimated cost in capital terms at 1.9 percentage points. The bulk of it is counterbalanced by these internal capital measures, and in addition, we will have the RWA relief out of these NPE transactions, which will account for an additional 0.7 in capital terms. That's how the NPE plan takes care of itself through internal capital generation. Next question on the AT1. No, we do not have a plan in the business case here we present to issue AT1. It's not embedded in our figures to meet capital thresholds. As you can see in the capital slide, we expect to have excess capital in 2023 and predominantly 2024. At that point in time, we will consider capital optimization with a view to devise our dividend strategy. AT1 is part of this capital optimization exercise, not a means to reach capital targets. Your third question is about Sky, the Cypriot portfolio sale. Actually, we're selling the entire stock of NPEs we have in Cyprus in a single outright sale. We have booked EUR 317 million of losses to support this transaction in the first quarter of the year, and we expect some more to come. Under IFRS 9, we use a probability weighting to account for the NPE plan as quarters come by and we assess the situation and the progress of these projects. As I have guided, the loss budget of the new NPE plan accounts to approximately EUR 1.2 billion, EUR 1.3 billion. Out of which EUR 300 million is booked in the first quarter of the year. The remaining is to be booked in 2021, and that will be part of our cost of risk guidance for the year to support the new NPE plan. Thank you. The next question comes from the line of [Manuchehr Rahman] with Ambrosia Capital. Please go ahead. Hello. Many thanks for your time and presentation. Just on your cost of risk evolution to 2024, given that you plan to reduce significant to the NPEs, are you being conservative for 2022 with 80 basis points? Is there room for that to come lower? That's my first question. On the cost side, would it be possible to elaborate a bit more? I know you touched upon it, the efficiencies from the NPE management and also other plans that you have on cost side. Any further color would be appreciated. Thank you. Coming to costs. We have tried to portray what will be the impact from the reduction of the stock of NPEs. A good part of NP management costs under the current configuration relates to servicing fees for what we have on balance sheet. As we deconsolidate, these servicing fees will fly out of the balance sheet. Moreover, you will appreciate that there are additional costs in the bad bank operation, that relate to other expenses and fees, including taxes, legal fees, and other servicing costs, which we have credibly portrayed in this plan to go down by almost EUR 100 million. That is the bulk of NP cost reduction in the period. Additional efficiencies are planned in the Greek operation on the back of the transformation plan, further investments in bridging efficiencies, both at the level of the branch network and the head office, through various initiatives that have been launched and now are operational. Therefore, we have also front-loaded some restructuring charges to enable further streamlining of our operations, in which enabling further voluntary separation schemes. That is a cost we booked in the first quarter of the year with initiatives already becoming operational in 2021. Your next question has to do with cost of risk. As you correctly pointed out, the reduction of the stock by itself will lead to a significantly lower cost of risk. The bulk of our cost of risk in the last few years was about managing the stock, our organic NPE management write-offs, debt relief, liquidations, and movement within the NPEs. That was all creating lots of noise in our P&L with the consolidation of the NPEs and the losses that we will incur up front to clean up the balance sheet. The cost of risk figure is expected to dramatically go down in 2022. As I have described in my presentation, still we feel this is a modest and rather conservative trajectory for cost of risk in the coming years. Still at 0.6% cost of risk in 2024, this is double the cost of risk we see in Europe. Given that we are in a post-COVID period, and we expect also a significant deleveraging of the balance sheet, we rather prefer to be conservative around projections than anything else. Okay. Thank you. As a reminder, if you would like to register for a question, please press star and one on your telephone. The next question comes from the line of [Manolis Kosmidis] with Optima bank. Please go ahead. Good morning from my side as well. Thanks for the presentation and the many details. I have three questions, if I may. One is on your NPE reduction plan on page 27. The other one has to do with the capital increase and your thoughts on the timeline, and the second one is a technical one on the new provisions coming from Galaxy and the new transaction. Going to question number one. On page 27, you present your plan for the further NPE reduction. Could you please give us more color as to the expected losses for each transaction? I think you said during the call that the total losses, including the benefits from your internal capital generation, are seen at EUR 1.1 billion. Can you please give us more details as to the level of losses, please? Yes, hi. This is Nicholas Chryssanthopoulos. Our NPE transaction envelope of EUR 8.1 billion is quite a complex, I would say, perimeter. It consists of both HAPS and non-HAPS transactions in multiple jurisdictions. We have allowed for an envelope of EUR 1.3 billion to cover for any eventuality in delivering this ambition. At the same time, we are keeping within, I would say, the Galaxy loss budget metrics of around 20-21 basis points of loss per billion of transaction deployed. We would rather keep the flexibility to work around this and at the same time deliver within our initial expectations. Don't forget that the incremental loss budget of EUR 1.3 billion also has EUR 300 million already booked in Q1 2021. Okay, now on a technical note, how should we treat these losses accounting-wise? Will you book the Galaxy losses and the incremental losses from the new transactions on your provisions line, or it's going to be a separate line at the P&L? You will appreciate that following the hive-down, we now have a whole scope of construction, and some of the impact will be recorded at the level of the holding company, which will be having the measure and equity notes of HAPS related securitizations. At that level, we will record the bulk of the losses for the HAPS related transactions. For other transactions, namely the Cypriot transaction, the losses will be recorded at the level of the operating company. Yes, you will see at the group level, the entire loss budget being recorded in the year, and of course, we will also record again at the level of the group, at the holding level, the loss coming from Galaxy as per previous guidance. Okay, my final question has to do with the capital increase and its timeline. I know that you have called for an AGM on the 15th of June. Could you give us a broad, more color on the timeline? Assuming that you get the green light from the AGM, when do you expect the process to initiate and conclude? When should we expect more news as to the level of the price range of the new shares to be offered? Thank you. Today, we published the invitation to the AGM to be held on the 15th of June. You should expect a book building process and an offering in Greece to start towards the end of the month in June. I guess that the price range will be announced a few days after the approval, right? Of AGM approval. That's the standard. Okay, thank you. The next question comes from the line of [Boulougouris Alexandros] with WOOD & Co. Please go ahead. Yes, hello. Quick questions on my end regarding the transactions in Cyprus. Do you plan to do these all EUR 2.2 billion in one transaction, or it could be split into a couple of transactions within the next 12 months? That's my first question. My second question, I'm sorry if that is somewhere in the presentation, I couldn't find it, regarding the NPE and the coverage evolution, cash coverage in your business plan from 53% that it was in Q1. How do you see it evolving in the next few years? Again, I'm sorry if it's already there and I haven't managed to see it. Another question is regarding your assumptions on MREL. I think you mentioned EUR 2.5 billion on what is the expected impact on NII. Finally, regarding Romania, I noted that you mentioned that the market needs consolidation and the good ROEs and so on. Could you potentially consider also a bolt-on acquisition at some point in this market? Thank you. All right. This is Lazaros again. On the Sky transaction, we see benefits into bundling the total of exposures under one transaction. It is going to be one transaction. That is how we market the deal. On your second question with regards to the evolution of NPE cash coverage, as you have seen, post Galaxy, the pro forma stands at 53%. I expect the cash coverage post the new NPE transactions to trend towards the 47 level, and then in 2022, build up to 50%, and thereafter, increase even more towards the 60% level. Your third question has to do with MREL. We plan issuance of senior preferred throughout the planning period by approximately EUR 3 billion. You should expect to see, starting from 2021, the issuance of a benchmark issue each year. For the costs, you can refer to recent precedents in the Greek market, which you can use as a proxy for issuance cost, which is embedded in the plan. Alex, as far as Romania is concerned, Alpha Bank has set foot in the country in 1993, which is one of the first foreign banks to be there. We enjoy an excellent brand in the country. People do know us, and also we have an excellent management team on the ground. After also many years where also this country was constrained, now it is very obvious that it's not just already growing strong, but it will grow even stronger. Thus, the capital allocation already existing is the one that allows us to grow. In terms of finding inorganic opportunities to grow, this is something which is always circumstantial, i.e., we have as a strategic directive the interest to grow in this country, and we will examine specific opportunities as they may or may not arise and if they pass the internal hurdle or not. Thank you. We have a follow-up question from the line of [Namsalal Suman] with Ambrosia Capital. Please go ahead. Hello. Thanks again for taking my question. You mentioned in your press release that you would consider priority for existing shareholders. Is it possible to elaborate on those plans? Thanks. Thank you for the question. It's really important for what we are contemplating here. We want to give to all existing shareholders at a specific record date, close to the AGM, the book building process, a priority allocation to the share capital increase. We do that in order to allow shareholders to preserve value and exercise, if they wish, or pro rata, their right to participate in the share capital increase. Formally, it is a cancellation of preemptive rights. That's what has been included also in the announcement in order to shorten the period for the share capital increase to have the new shares trading earlier in July. However, we want to emphasize this, all shareholders, retail in Greece, institutional shareholders in Greece, institutional shareholders outside Greece, will have priority allocation to the book building process. Thank you. The next question comes from the line of Alberto Nigro with Mediobanca. Please go ahead. Yes. Thank you for the presentation. The first one is just a clarification regarding the restructuring charges. If I understood well, you already booked 75% of the total cost into one. When should we expect the remaining restructuring charges to be booked? If you expect also to book some other charges in the coming years to reach the cost target. The second one is on the capital increase. As you highlighted, the capital is enough to absorb the NPE cleanup, and you are asking fresh capital to grow faster. Can you elaborate more on this and which are the main reasons behind this, even if you are projecting a fully loaded CET1 ratio above 40% in 2023, 2024? On slide 36, you are showing the capital evolution where the capital increase will be fully absorbed by the credit expansion. Is the credit expansion including the generation of higher profit in the same period? Thank you. On your first question regarding restructuring charges, you are right. We're taking the bulk in the first quarter. There will be some further restructuring expenses through P&L accrued in 2021 and 2022. We had to use IFRS criteria to book upfront only what can be booked as per accounting principles for restructuring charges. Yes, there will be some further restructuring charges for 2021 and 2022 to the tune of EUR 40 million as portrayed in the relevant page. That is P&L. That is charges to the P&L, because in order to effect the cost efficiencies and transform the bank, we are planning also CapEx in IT to the tune of EUR 270 million during the planning horizon that is already projected in the relevant page for transformation costs. Your second question on capital. I think it's very clearly portrayed that the cleanup of the balance sheet and the absorption of the costs of the new transactions can be comfortably addressed through our existing capital buffers. You see that the cost of new transactions at 1.9%, even after Galaxy is booked in the second quarter, it trends towards the 17% level. Coming to common equity tier one, again, we are having a comfortable buffer against minimum. At the end of 2021, which is the lowest year in the period, our fully loaded pro forma for the deconsolidation of risk-weighted assets that relate to this transaction is approximately 12.3%. We think that these are numbers which can comfortably support the argument that the existing capital buffers can definitely support the NPE plan. On the other hand, there is RWA growth relating to EUR 10 billion of new net disbursements in the period. The 2.5% in capital terms, credit expansion, requires a share capital increase of an equivalent size of 2.5% in order to make sure that our capital remains at around the 17% level, which is the management target for capital adequacy. Thank you. Sorry, this 2.5% credit expansion includes also the benefit from generating higher profits? There is a small portion of approximately EUR 150 million that relates to profitability relating to credit expansion, and it is included in the relevant bar that you see there, making the 2.5% response, yes. Okay. Thank you so much. Thank you. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to management for any closing comments. Thank you. Ladies and gentlemen, thank you very much for your very large attendance of our first quarter results and strategy update call in such a short notice. Thank you for all your participation, your questions, and obviously, we are ready to take further of your questions in the days to come. We're looking forward to meet you also, any of you that would want to do so. Otherwise, we will be looking forward to meeting you again at the end of August for apprising you on our first half results. Thank you very much. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling and have a pleasant day.