Ladies and gentlemen, thank you for standing by. I'm Myrtle, your Chorus Call operator. Welcome, and thank you for joining the Bank of Cyprus conference call to present and discuss the preliminary group financial results for the year ending December 31st 2020. All participants will be in a 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 would like to turn the conference over to Mr. Panicos Nicolaou, Chief Executive Officer, Ms. Eliza Livadiotou, Executive Director Finance, Mr. Demetris Demetriou, Chief Risk Officer. Mr. Nicolaou, you may now proceed. Thank you, Myrtle. Good morning, everyone. Thank you for joining our call. I'll start by highlighting some of the key achievements of the year on slide four. We all know that 2020 was not a normal year. The pandemic had caused fear and dislocation in societies around the world. Bank of Cyprus, in our view, successfully navigated through the crisis. We enter 2021 remaining vigilant but more optimistic about the ability of society and economy to recover. During 2020, we had clear priorities. We played our role supporting our clients and the broader economy. We achieved significant progress with reducing NP while maintaining strong capital ratios, and we shared our view of the future of Bank of Cyprus with the launch of a new strategic plan. Firstly, we granted EUR 1.4 billion of new loans during 2020, supporting the Cypriot economy. We have supported our customers by granting payment holidays to over 25,000 clients, representing loans of around EUR 5.9 billion, all of which have expired on 31st of December 2020. Secondly, despite the challenging environment, we achieved further significant progress on balance sheet delinquencies. During 2020, pro forma for the NP sales, we reduced NP by EUR 2.1 billion from EUR 3.9 billion - EUR 1.8 billion, and the NP ratio from 30% - 16%, with our coverage ratio was increased to 59%. At the same time, we have strengthened our CET1 ratio by 40 basis points to 15.2%. Thirdly, we closely monitor the loans under payment disturbance. We were and continue to be in close contact with our customers in order to provide support to alleviate short-term cash flow burdens. Fourth, we focus on cost management. In 2020, we achieved a 12% reduction in total operating expenses and maintained our cost-to-income ratio broadly flat at 60% despite revenue pressures. Finally, we launched our new strategic plan and medium-term targets last November. We committed to reduce NP ratio to single digits by end of 2022 and to 5% in the medium term. We set a clear path to sustainable profitability and delivery of shareholder returns, committing to generating a return on tangible equity of around 7% over the medium term. Slide five summarizes the key highlights on the quarter. I will briefly go over these. During the quarter, we extended a further EUR 374 million in new loans, up by 30% compared to the previous quarter, as loan demand increased post the first half 2020 lockdown. We generated total income of EUR 142 million, up 3% quarter-on-quarter, and a positive operating result of EUR 45 million, broadly flat quarter-on-quarter. Cost of risk was essentially unchanged from Q3 at 99 basis points for the quarter. Total operating expenses for the quarter amounted to EUR 91 million, up 7% quarter-on-quarter, resulting to a cost-to-income ratio of 64%. The underlying result of the quarter was a profit after tax from organic operations of EUR 2 million, with the result of the quarter was a loss after tax of EUR 49 million, including the provisions net loss on NP sales of EUR 42 million. Overall, the loss after tax from the year amounted to EUR 171 million. The bank's capital position remains good and comfortably in excess of our regulatory requirements. As at December 31st 2020, our capital ratios on a transitional basis were 18.7% for the total capital ratio and 15.2% for CET1 ratio, both pro forma for Helix 2. Deposits remained broadly flat in the quarter at EUR 16.5 billion, and we continued to operate with significant liquidity surplus of EUR 4.2 billion. As I mentioned earlier, despite the challenging environment, we have sustained our focus on further strengthening our balance sheet and improving our asset quality, where we have made material progress. In January 2021, we reached an agreement for the sale of EUR 6.5 billion of NP portfolio, known as Helix 2 Portfolio B. Together with the earlier NP sales, we have reduced NPs by EUR 1.5 billion since December 2019. Combined with organic reductions of EUR 600 million, overall, we have now reduced the stock of delinquent loans by EUR 2.1 billion - EUR 1.8 billion and our NP ratio to 16% and to 7% on a net basis, both on a performance basis. NP coverage was maintained at 59%, reducing the residual risk on our balance sheet to just EUR 0.7 billion. Slide six provides an overview of the journey the bank has been on these past few years and where we want to be in the medium term. We have been through a period of considerable change. We have now laid the foundations for delivering greater shareholder value. Our near-term priorities include the completion of our balance sheet de-risking through organic NPL reduction and potential disposal, as has been the case over the past few years, as well as ensuring our cost base remains appropriate with further investing in our digital capabilities. Over the medium term, our priorities will evolve. We will be increasingly focused on capitalizing on our strong market position across both banking and financial service products to enhance our revenues. At the same time, we are very focused on improving our operating efficiency and driving down costs. Combined with the expected normalization of the cost of risk, we have a clear path to generating sustainable profitability. Slide seven provides a summary of the actions we have been taking for the support of our customers and our society. Slide eight provides a summary of the measures taken by the government for mitigating the COVID-19 impact. We are pleased to see the government sustain efforts to address the pandemic through comprehensive and far-reaching measures in 2020 that accounted for over 4% of GDP. In January 2021, as a new package of up to EUR 400 million was introduced to help support business and customers impacted by the January 2021 lockdown. The main features of which are, firstly, subsidized plans for business and those self-employed impacted by the lockdown, which includes coverage of rent and other operating expenses. A second loan moratorium specifically for business and private individuals impacted by the second lockdown. This will last until June 30th, 2021, and importantly, eligible borrowers will be entitled to a total moratorium of up to nine months, which includes any time they spent on moratorium during 2020. Finally, an extension of plans for the subsidization of interest rates on new housing and business loans until December 2021. The subsidy on the interest rate is up to four years. Focusing now on macroeconomic conditions on slide nine. Cyprus' GDP contracted by 5.1% in full year 2020, a smaller decline than the near 7% contraction across the Euro area, demonstrating its ability as an open, small, and flexible economy to quickly recover from economic crisis. However, the reintroduction and tightening of containment measures in Q4 2020 for the second wave is likely to cause some loss of momentum in economic recovery in early 2021. Based on revised projections, GDP growth in 2021 is estimated to range between 3.2% and 4.5%. The government has successfully managed the pandemic to date. Cyprus ranks first among EU countries in terms of coronavirus testing and fifth globally for the management of the pandemic. The development of effective vaccines is encouraging, and successful vaccination programs, both in Cyprus and abroad, should act as strong catalyst for both global and local economy recovery. Cyprus is expected to have vaccines for 70% of the population over the age of 18 by. Tourism was down 84% in 2020 due to international travel restrictions. We expect a recovery in the second half of the year, helped by the fact that two countries with very progressed vaccination plans, U.K. and Israel, account for over 40% of our tourism arrivals. Slide 10, new lending. New lending continued to grow in the fourth quarter and amounted to EUR 374 million, up 30% quarter-on-quarter, driven mainly by corporate and supported by retail housing as economic activity continues to improve. For 2021, demand for new lending is expected to increase in line with the economic recovery, especially for housing loans in the context of the government interest subsidy scheme. As at 15th of February, there is a strong pipeline for new housing loans amounting to EUR 130 million. Overall, the new lending 2020 totaled EUR 1.4 billion compared to EUR 2 billion for 2019, reflecting the impact of the pandemic. New lending continues to be carefully considered against robust underwriting criteria. 99% of new exposures in Cyprus since the beginning of 2016 were performing at the start of the moratorium. Turning now to slide 11, where we provide an update on the performance of loans that were under moratorium. We are experiencing encouraging trends following the end of the moratorium. We are cautiously optimistic based on customer behavior so far. Specifically, as I mentioned earlier, around EUR 5.9 billion of loans were under payment deferrals that expired on the December 31st, 2020. As shown on the slide, EUR 3.6 billion had installment due by mid-February, with 95% of loans resuming payments. An additional amount of around EUR 700 million are due to have an installment due by the end of March 2021. We continue to closely monitor the performance of these loans and are in close contact with our customers in order to detect potential arrears early and offer solutions as necessary. A second moratorium was launched by the government in January 2021 for those customers impacted by the second lockdown, with payment deferrals until the end of June 2021. In this second moratorium, the total months under loan moratorium cannot exceed a total of nine months, including any period under moratorium in 2020. Given the strict eligibility criteria, the participation of this moratorium is very small. The application period has expired, during this period we have received applications for just EUR 27 million. Up to today, we have approved EUR 17 million. The bottom left graph of the slide shows the resiliency of the delinquency buckets for the total loan book. The percentage of arrears as a percentage of the portfolio remains broadly unchanged, indicating that the quality of the portfolio is resilient. Let's now go to slide 12, that provides an overview of the non-legacy loans of private individuals. As at December 31st, 2020, non-legacy loans to private individuals amounted to EUR 4.1 billion, of which EUR 2.1 billion were under payment deferrals that expired at the year end. 82% of those loans had a payment due by mid-February, of which 93% resumed payments, providing comfort that the general moratorium has not negatively impacted the payment culture. Overall, over 80% of the private individual loan portfolio is housing loans. This segment is well collateralized, with almost two-thirds of customers having a loan-to-value ratio below 60%. 8% of the portfolio has an LTV of more than 100%. Other loans to private individuals amounted to EUR 690 million as of December 2020, 62% of this portfolio secured, of which 60% by property and the remaining 40% by other type of collateral. Moving now to the non-legacy business loans on slide 13. The non-legacy business loan book as at the December 31st amounted to EUR 5.1 billion, and is well diversified with high-quality collateral. The business loans that were under moratorium amounted to EUR 3.8 billion. Over 50% had an installment due by mid-February, of which 97% resumed payments. Overall, 90% of the non-legacy business portfolio is secured, of which 80% by property. The portfolio has a loan-to-value ratio with almost three-quarters of the portfolio of less than 80%. Following the last crisis, we now have higher quality origination via prudent underwriting standards. We make strong assessment of the payment capability of our customers. Slide 14 provides an update of our exposure to the sectors that were mostly impacted by COVID-19, tourism and trade. As at December 31st, our total exposure to tourism and trade amounted to EUR 1.1 billion and EUR 0.9 billion respectively. The utilized liquidity of the tourism sector remained broadly unchanged from September and amounted to EUR 4.32 billion as at the end of the year. Around EUR 1 billion or 91% of tourism-related loans were under the expired deferral scheme. Around one-third had an installment due by mid-February 2021, of which 98% resumed payments. Cumulatively, around half of the loans under the expired payment deferrals will have an installment due by the end of March 2021. Our exposure to trade as at the end of the year amounted to EUR 890 million, of which around EUR 500 were under payment deferrals. Over two-thirds of which had an installment due by mid-February 2021, with 97% returning to regular payments. I will now hand over to Eliza, just to take you through our performance in Q4. Thank you, Panicos, good morning from me, too. I'll start with slide 17 on the income statement. Net interest income amounted to EUR 80 million for the quarter, broadly flat Q on Q. The net interest margin decreased to 1.75% as the pressure on lending yields continues. Non-interest income increased to EUR 62 million in the quarter, up 11% Q on Q, positively impacted by higher fee and commission income as transactional volumes gradually recover following the first lockdown during the first half of 2020, and also higher revenue revaluation gains. Overall, non-interest income was at EUR 237 million for the year, driven by lower net gains on disposal of stock of properties, lower revaluation gains on financial instruments, and lower other income, negatively impacted by the COVID-19 crisis. Total operating expenses amounted to EUR 91 million for the quarter, up 7% Q on Q, mainly due to seasonally higher operating expenses. Total operating expenses for the year amounted to EUR 340 million, down 12% year-on-year following the successful completion of our voluntary staff exit plan in the fourth quarter and lower operating expenses resulting from forecasts of management to contain costs and savings from the first half 2020 lockdown. Total loan credit losses, provisions, and impairments amounted to EUR 40 million in the fourth quarter compared to EUR 38 million in Q3, driven mainly by higher provisions for litigation and other financial instruments. Loan credit losses for Q4 remained broadly flat at EUR 31 million, reflecting a cost of risk of 99 basis points. Exceptional items for the fourth quarter amounted to EUR 51 million and consists of provisions or net losses on NPE sales, including restructuring expenses of EUR 42 million, the cost of a targeted Voluntary Exit Scheme of EUR 6 million, and the deferred tax credit levy of EUR 3 million. The overall result was a net loss after tax of EUR 49 million for the quarter, or EUR 171 million for the full year 2020. Moving now to the drivers of NIM on slide 18. I will briefly go over the chart on this slide. Our NIM in the fourth quarter decreased to 175 basis points as the significant surplus liquidity and low interest rates continued to put pressure on asset yields. Our margin dynamics are complicated, and there are several important underlying components that I would like to analyze. First, performing book yields remain under pressure due to a sustained low interest rate environment and competition. Reference rate repricing is reaching its end, and we are aiming for higher credit spreads in the post-COVID environment. Second, higher yielding higher-risk legacy loans are reducing as we successfully exit NPEs. Third, the cost of funding continued to decrease as we priced down the cost of deposits. In the fourth quarter, the deposit cost was reduced to five basis points. Moving to slide 19 now on non-interest income. During full year 2020, non-interest income was materially impacted by the slower economic activity, mainly in the first half of the year as a result of the pandemic. Overall, non-interest income for the year amounted to EUR 237 million, compared to EUR 307 million in 2019, driven mainly by lower revenue gains, revaluation gains on financial instruments, and other income. In the fourth Q, our non-interest income increased to EUR 62 million, compared to EUR 55 million in Q3, reflecting early recovery from the first half 2020 lockdown. Net fee and commission income increased to EUR 38 million in the quarter, accounting for 27% of total income due to seasonality, higher non-transactional fees, and increased economic activity following the first lockdown. Net insurance income remained fairly flat Q on Q at EUR 14 million, and I will provide more information about insurance businesses in a couple of slides. Revenue net gains increased to EUR 5 million, mainly due to higher net revaluation gains relating to specific properties in Greece. Revenue sales remain volatile. Net FX gains, net gains on financial instruments and other income amounted to EUR 5 million in the quarter and are broadly flat Q on Q. Turning to slide 20. The accelerated de-risking of the balance sheet is expected to continue to put pressure on revenues in the near term. Specifically, Helix 2 reduces NII by EUR 7 million per quarter, although as a reminder, interest on net NPEs is not received in cash, or interest on net NPEs, which is not received in cash, is fully provided, and hence we should see a similar reduction in loan credit losses. As we presented in our medium term strategic plan, we have multiple initiatives underway to increase net interest income and less capital-intensive non-interest income with a focus on fees, insurance, and non-banking business. I will start with the NII initiatives. Firstly, over the medium term, the performing book is expected to grow by around 10% and broadly offset the core non-interest income from the declining legacy book as we successfully exit NPEs. We will address challenges from low rates and surplus liquidity. We will intensify our efforts to price away or price correctly deposits through liquidity fees and improved credit spreads. Now moving to non-interest income initiatives. As of 1st February, we have extended our liquidity fees to a wider group of customers and introduced a new price list. These actions are expected to have a positive impact of around EUR 13 million per annum on our fees. We will also aim to increase the average product holding through cross-selling to the under-penetrated customer base. More widely, we're working to generate new revenue sources through the introduction of a digital economy platform, leveraging the bank's market position, knowledge, and digital infrastructure. These initiatives are expected to improve our fee and commission income from around 0.7% of total assets to nearer 1% of total assets in the medium term. Revenues per risk-weighted assets are expected to increase to around 6% from the current level of 5%, as many of the initiatives improve revenues in a more capital-efficient way. Overall, we expect revenues over total assets to improve from around 260 basis points-280 basis points over the medium term. Moving to insurance on slides 21 and 22. Over the past, we haven't spoken about them in much detail, but over the last few years, our life and non-life insurance subsidiaries have delivered sustainable, healthy profitability. Going forward, insurance arm will be one of the important sources of increased revenue. Slide 21 starts with our life insurance business. Net insurance income for Eurolife amounted to EUR 33 million for the year, compared to EUR 35 million for 2019. Despite the challenging environment, Eurolife increased its gross written premiums by 6%, driven mainly by the 17% growth in its agency force. During the year, Eurolife increased its market share across major products. However, we believe it can deliver more. We are aiming to grow total revenue income by over 35% in the medium term by expanding its product and customer base and further leveraging on the Bank's strong franchise. Moving to slide 22, net insurance income for our general insurance business increased by 2% year-on-year to EUR 23 million, driven mainly by the reduction of net claims positively impacted by better claims management and COVID-19 and the lockdowns. We are making some important improvements, aiming to further grow gross written premium by capturing fair share based on the Bank's customer base. We are revamping our bancassurance channel, and we are expecting more synergies with our life insurance sales network as we are expecting to enhance digital sales. Overall, we expect our market share in general insurance to rise considerably over the next few years and our gross written premium to grow by more than 50% in the medium term. Now moving on to costs on slide 23. Overall, total operating expenses for the year were down 12%, reflecting our focus to contain costs. The staff cost reduction of 11% reflected the impact of the Voluntary Staff Exit Plan in the fourth quarter of 2019. Other operating expenses for 2020 were down 12%, resulting from various initiatives undertaken to reduce operating expenses and savings from the first half lockdown. Despite the significant reduction in expenses in the year, our cost-to-income ratio remained broadly flat at 60% as revenues continued to be under pressure. Total operating expenses for the quarter were up 7% Q on Q, driven by higher operating expenses, mainly due to seasonality. Specifically, staff costs amounted to EUR 50 million for the quarter and are flat Q on Q, and operating expenses were at EUR 41 million, 16% up Q on Q, due to seasonally higher marketing, property, and professional fees. In Q4, we ran a small targeted voluntary staff exit plan at a total cost of EUR 6 million, with an annual gross saving of EUR 2 million or 1% of the payroll cost. On slide 24, we discuss the medium-term cost outlook. We remain focused on further improvement of our efficiencies through specific initiatives, including exit solutions to release full-time employees and further branch footprint rationalization. These initiatives are expected to deliver total operating expenses of under EUR 350 million in the medium term, a reduction of over 10% from the 2019 base after continued significant IT investment over the coming years. In addition, restructuring expenses are expected to reduce to single digits following the successful completion of our balance sheet de-risking. Our cost-to-income ratio is expected to rise in the near term as revenues remain under near-term pressure and operating expenses increase due to higher IT and digitalization investment costs. However, we then expect our cost-to-income ratio to decline, and over the medium term, this is expected to reduce to the mid-50s level. Now turning to slide 27 on capital. Our CET1 ratio as at December 31st increased to 15.2% on a pro forma basis for the Helix sale. It's important to emphasize that during a very challenging year, we managed to reduce our NP ratio from 30% - 16%, maintain our coverage at around 60%, both pro forma for the NP sale, and increase our capital ratio by 40 basis points. Specifically, during the fourth quarter, we have generated 40 basis points of organic capital through operating profit and 20 basis points of capital from the decrease of risk-weighted assets. The recent amendment in capital regulations resulted in a benefit of around 20 basis points for the bank in Q4, arising from prudential treatment of software assets and the IFRS 9 dynamic component. These were offset by expected loan credit losses and impairment of around 30 basis points and a further 20 basis points on the accounting loss of the Helix 2 portfolio NPE sale. As previously mentioned, the on-site inspection and review by the SSM on the stock of REMU properties was completed. The findings related possible prudential charge of up to 46 basis points, the majority of which is expected to be taken at June 30th, 2021, depending on the bank's progress in disposing the properties impacted by this prudential charge. The group is currently evaluating a potential Tier 2 issuance in the context of the outstanding EUR 250 million Tier 2 issue, which is callable in January 2022, subject to market conditions and applicable regulatory authorization. The group will also consider initiating its MREL issuance as part of its overall capital and funding strategy. I'll take you quickly through the asset quality section as well. Starting on page 31, where we present a short summary of Helix 2. Despite the challenging economic conditions, in January 21, the group announced the sale of additional 529 million of NPEs, a project known as Helix 2 Portfolio B. The gross consideration amounts to 44% of the gross book value and 31% of the contractual balance payable in cash, of which 50% is payable at completion, and the remaining 50% is deferred up to December 25 without any conditions attached. The accounting loss on Portfolio B recorded in the fourth quarter amounted to EUR 27 million. Combined with the sale of NPEs of 886 million signed in August 2020, we have reduced NPEs by EUR 1.4 billion, representing another milestone in the delivery of one of the group's core strategic objectives of improving asset quality. Overall, Helix 2 resulted in a capital impact of minus 76 basis points on group CET1 ratio for 2020. At completion, Helix 2 is expected to have an impact of -42 basis points on CET1 and will eventually turn to a positive impact of +24 basis points upon the full payment of the deferred consideration. Moving to slide 32. During the fourth quarter, gross NPEs were reduced to EUR 3.1 billion and to EUR 1.2 billion on a net basis. Pro forma for Helix 2, gross NPEs decreased to EUR 1.8 billion and EUR 0.7 billion on a net of provisions basis. The gross NPE ratio is reduced to 16% pro forma for Helix and 7% on a net basis. Overall, our NPE ratio is reduced by 14 percentage points since December 2019. The bank's NPE coverage ratio remains broadly flat to 59% on a year-end pro forma for Helix 2. When taking into account tangible collateral at fair value, NPEs are fully covered. Coverage of risk performing NPEs is relatively low at 20%, reflecting the lower risk associated with this stock of NPEs, where coverage of core NPEs increased to 65%. Shown on slide 34, we have a clear path to reduce our NPE ratio to single digits by 2022 and to 5% over the medium term. Our track record here has been excellent, achieving an 88% reduction over the past six years, the vast majority of it. We have a highly experienced and highly effective team in place, and we expect NPE reductions to continue in 2021 through both organic and inorganic. We expect to have a high coverage of over 50% in the medium term, excluding any collateral. Our cost of risk is expected to be reduced to around 70 - 80 basis points in the medium term. Turning to slide 36 on cost of risk. The annualized cost of risk for the quarter was broadly flat from Q at 99 basis points of gross loans, of which 37 basis points reflect the impact of IFRS 9 forward-looking information, driven by the deterioration of macro outlook. Cost of risk for the year accounted for 118 basis points, which is in line with our expectations. Out of this 118 basis points, 43 basis points or EUR 54 million reflect COVID-related charges. We have updated the macro assumptions underlying the IFRS 9 calculation of loan credit losses, taking into consideration the prevailing market conditions and the reintroduction of restrictive measures to contain the second wave of the pandemic in Cyprus. Our IFRS 9 macroeconomic projections remain in line with the published projections. Finally, as a reminder, interest on the NPE. Q4 represented 43 basis points out of the 99 basis points cost of risk. With that, I hand back to Panicos. Thanks, Eliza. Let's go now to slide 41. What we previously communicated. Our strategic priorities are clear: complete the restructuring and the de-risking of the bank as soon as possible and set the bank on the path for sustainability. Of course, deliver on shareholder value. Today, our near-term priorities include the completion of our balance sheet de-risking as before, through organic NPE reduction and potential disposals, as well as ensuring our cost base remains appropriate, with further investing in our digital capabilities. Over the medium term, our priority will evolve. We will be increasingly focused on capitalizing on our strong market positions across both banking and financial service products and to enhance our revenues. At the same time, we are very focused on improving our operating efficiency and driving down costs. Combined with the expected normalization of the cost of risk, we have a clear path to generate sustainable profitability. Turning now to slide 42. Bringing all of this together, we remain committed to our medium-term financial targets that we share with you November. We are in a strong position to take advantage of our many strengths over the next few years. We are committed to generating a return on tangible equity of around 7% over the medium term. The building blocks behind that include a commitment to reduce total operating expenses to below EUR 350 million, and to complete the de-risking of the business, demonstrated with an NPE ratio into single digits by the end of 2022, and to around 5% over the medium term. We expect our normalized cost of risk will reduce between 70-80 basis points appropriate for a bank with our mix of businesses. Maintaining a strong capital base has been a key tenet of the past few years, and that remains a non-negotiable for the bank going forward. Our business plan is based on us maintaining a CET1 ratio of at least 13% over the entire period of our plan. This concludes our presentation. I will now open the floor for your questions. Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please raise your hand 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 Quinn Daragh with KBW. Please go ahead. Hi, good morning. One question on the organic NPE reduction plans that you have for 2021. Just if you could update us on that target and how it will interact with the performance that you mentioned on debt holiday. A second question is, could you remind us just of your guidance regarding TLTRO, and what funds you have taken there or planning to take there, and the impact that that could have on NII, particularly given the performing loan growth that you revealed? A final question, if I may, on capital. If you could just maybe remind us of the different moving parts of the CET1 ratio that you expect for 2021 in terms of the NPE sale, the unitase charges, et cetera, just given the financial reporting, thank you. Thanks very much. Thank you. Thank you, Daragh. The first question is about the organic NPE reduction for 2021. I would just say that because we have previously guided the market that both organic and non-organic transaction, meaning trades, will actually deliver a reduction in our NPE ratios for 2021 as well, including any new inflows because of the moratorium, which so far has been showing very encouraging signs. Organic reduction, you know that we have as the NPE stock is reducing and trades accelerate, we should expect a smaller cost of reduction, under EUR 200 million that we used to deliver on the past. We continue the organic delivery, combined with any sales, we'll move towards a further NPE ratio reduction in 2021 as well. I will pass over to Eliza for the TLTRO and the CET1 capital question. Eliza? On TLTRO, as you know, we currently have EUR 1 billion of these, and we are hopeful, well, we are encouraged by the trends we see that we expect to be able to get the EUR 5 million interest benefit arising from it. There is also a new TLTRO program that's been announced, which we will consider in applying. There are possible dates to apply, starting from March and every quarter thereafter. The downside cost of that is not there. It's a new type of TLTRO product. This is something that's under consideration, but it's an easier decision, let's say, to make. We have room for around EUR 1.5 billion. Incremental, I mean. On CET1, the moving parts for 2022, let me try and summarize. First of all, there's the IFRS 9 phasing in. You have to start from January 1st, 2021 as a starting point. The other moving parts are obviously organic evolution of the balance sheet, the completion of Helix 2, and there was a slide on that in the deck. Any impact from Helix 3, depending on whether it's signed or completed or not. The REMU prudential charge, which is disclosed on the capital slide. If I may add, Eliza, the question is about the NPE trade. So far, as you have seen, we have been able to deliver trades at around capital neutral. It's also important to remind you all that from Helix 2 A and B, there is a capture of the DPP. It's starting get to be paid, this 50 points will be gradually delivered, in terms of capital generation. Okay. Thank you very much. The next question comes from the line of Floriani Jonas with AXIA Ventures. Please go ahead. Good morning team. Congratulations for the progress in the year, and thanks for the presentation. My first question is a follow-up on my colleague's question. I remember we discussed that the expected reduction, organic reduction NPE that you just mentioned, should be around EUR 200 million per quarter or so, going forward. I also remember that you mentioned that at that point in time, last year, the expectation of loans on the moratoria turning into NPEs could be around EUR 1 billion. Pretty much saying that the organic measures would be able to pretty much offset the new flows. Have these expectations now changed given the good start in the resumption of payments? Just wondering, what do we have now in the budget for new flow that will be able to offset with the organic reduction? My second question is on lending for 2021. I found slide 10 that you have the January figure there. Wondering if it's fair enough to take a bit of a run rate for the coming months and then project the 2021 new disbursements to be somewhere between 2019 and 2020, I don't know, EUR 1.7 billion or EUR 1.8 billion. Finally, it's a question on capital, on your Tier 2 comments. I'm wondering, what is the level of Tier 2 over capital you're expecting to have after this market transaction is done? Because now you're at 160. Is the idea to have this number a bit higher, maybe 200 or 250 basis points on our RWAs going forward? Thank you. Thank you, Jonas. I will start with the NPE question. I will firstly say that we have never guided the market that there will be EUR 1 billion of new NPE entry because of the moratoria. We are experiencing very encouraging signs at the first one and a half month of the moratoria. As you already seen, we have 95% of those that have to pay still actually did, without even needing to provide any instructions for this. This is very encouraging. We remain cautiously optimistic. All these results at the experience of the moratoria provide us a comfort and they confirm our guidance to you that we expect a further reduction in our NPE ratios during 2021 as well. In respect to the organic reduction, I would like to remind us all that as we accelerate the trades and as the NPE reduce in a speedier way than initially anticipated, then it's expected to have, let's say, lower amount of organic reduction per year. You see that the stock of NPE is EUR 1.7 billion or EUR 1.8 billion on just the remaining book. Yes, there will be organic reduction. You have delivery around EUR 140 million, EUR 150 million Q on Q in 2020. As the book reduce, obviously you should expect lower amounts of organic reduction. I would also like to emphasize that the organic reduction, the future NPE trades, and any new NPE inflows, that as I previously mentioned, we are very encouraged from what we are experiencing after the expiration of the moratoria, will lead to reducing our NPE ratio in 2021, and of course, to single-digit NPE ratio in 2022. As regards to lending, yes, January was very encouraging, and it was very positive, and for those of us living in Cyprus, January was a full and strict lockdown month. We have reopened gradually starting from February. Yes, we expect a better performance in new lending and disbursements in 2021. As we guide, we expect 20%-25% higher than 2020. It will be reasonable to assume a new lending figure something between 2019 and 2020. In respect to capital and Tier 2, I will hand over to Eliza to comment on this. Okay. On Tier 2, the regulatory Tier 2 capacity we have is at 2.75% of risk-weighted assets. We do have some room to go a bit higher, as and when we get there to refinance the existing bond. It all depends on market conditions and our appetite, and no decisions have been made to that effect. It's clear. Thanks. The next question comes from the line of Boulougouris Alexandros with Wood & Co. Please go ahead. Good morning. Thank you for the presentation. Just a clarification on the moratoriums and the expirations that you mentioned until February 15th. All these repayments, is there in Cyprus, or do you offer to your clients any step-up installments to avoid this cliff effect, or all these moratoriums went to the full payment as the pre-COVID installment, basically, by February 15 that you mentioned? That is my first question. My second question is regarding the liquidity fees you mentioned on page 20, which you mentioned a positive addition, a positive impact of EUR 13 million per annum. Is this EUR 13 million starting from 2021, or is it at a later stage? Third question is regarding the capital impact on the REMU portfolio from the SSM, the 46 basis points. Does this pass from the P&L? Just a technical question. I think that's all. Thank you. Okay. Thank you, Alexandros. No, we don't have the Greek, let's say, step-up approach. All the clients return back to their original repayment schedules as they were before the moratorium. This is the answer to your first question. In relation to liquidity fees and capital, I will pass over to Eliza for the comments. Yes. The liquidity fees, together with the new price list, Alex, is what accounts for a 13% annual benefit to P&L. I'm not sure I heard you say this correctly, so that's why I'm repeating it. On the REMU impact, no, it's not a P&L, it's a prudential, so it's a deduction from CET1, like we've had in the past, similar on 2015. Okay. Sorry, on the fees, EUR 13 million, all the impacts together have EUR 13 million? Yes. It's around EUR 7 million. Wow. Yes. It's around EUR 7 million for the liquidity fee and EUR 6 million for the new price list. Price list. The benefit. Okay. For the other fees. Yeah? Thank you. Yes, understood. Thank you. The next question comes from the line of[Hadjiloucas Kristy] with Barclays. Please go ahead. Good morning, everyone. Thank you very much for the presentation and for taking my question. I have two, please. First of all, on cost of risk, thank you for the medium-term guidance for 70-80 basis points. Could you give us any color or indication of the expectations for 2021? My second question is just coming back on your issuance plans, if you could share any early thoughts you might have on the timing for the issuance of potential Tier 2. You referred to market conditions. What sort of market conditions are you looking for? What other factors will you be looking for in order to make your decision on whether and when to issue? The same question applies to the potential MREL issuance as well, please. Thank you. Okay, thank you. Thank you, Kristy. On the cost of risk outlook, yes, you are right. We are guiding the market for 70-80 basis points on the medium term. As we expected, the cycle comes to rebound, and as we continue de-risking, and based on what we know today, we expect cost of risk to be lower in 2021 and gradually converge to our medium-term guidance. Regarding the timing of Tier 2 and MREL, it's something that we constantly monitor. As I think today, we have not decided yet to a specific time of the issuance of both. It's something that is currently under consideration, and we'll soon reach a decision. Eliza, do you want to add anything? No. It's valid, and we are encouraged by the current market conditions being favorable, so we'll continue monitoring the market and decide accordingly. We are platform? Okay. Excuse me, are you done with your questions? Yes. I'm done, yeah. As a reminder, if you would like to ask a question, please press star and one on your telephone. Once again, to register for a question, please press star and one on your telephone. As a final reminder, for any further questions, please press star and one at this time. Thank you. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Nicolaou for any closing comments. Thank you. Thank you all for your participation. As a final comment from my side is that we consider 2020 as a year of major achievements in the group, despite the pandemic. We have successfully managed to significantly reduce our NPL ratios, increase our coverage ratio and capital, maintain strong liquidity, and of course, providing significant new lending to the Cypriot economy with a current size of new lending in 2021. What is also important is that these uncertainties revolves around the Cyprus economy and the bank in particular because of the large extent of the moratorium. As we previously said, this was not a sign of distress, it was rather a benefit, and so far, we have a current size and a current set of payments, which of course, we will continue to monitor and update the market in our, let's say, next results. Overall, thank you all. Myself and the team will be available to take any offline questions and of course, arrange one-to-one calls for further discussion of the results in more detail. Thank you very much. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling. Have a pleasant evening.