Ladies and gentlemen, thank you for standing by. I'm Myrtle, your conference call operator. Welcome, and thank you for joining the Bank of Cyprus conference call to present and discuss the group's financial results for the quarter ended 31st March 2021. 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 any need assistance during the conference call, you must 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 of Finance, and Mr. Demetris Demetriou, Chief Risk Officer. Mr. Nicolaou, you may now proceed. Thank you. Good morning, everyone. Thank you for joining our call for the group financial results for the quarter ended 31st of March 2021. As always, we welcome any queries you may have to our investor relations team. Go straight to slide number four, which summarize the key highlights of the quarter. I will briefly go over this. The pandemic remains a very real part of our lives. Despite this, we are happy to see the global economy gradually recovering, and we continue to work hard to support our colleagues and customers to recover swiftly from the crisis. Although the global economy contracted in Q1 2021 as a result of the restrictions, we expect growth to return over the remainder of the year and have continued to support that recovery, extending EUR 487 million of new loans in the period, the strongest quarter in new lending since the pandemic struck a year ago. The vaccination rollout program in Cyprus gained momentum. Cyprus ranked fourth amongst EU members in COVID-19 vaccine doses administered per 100 people. Statistics are encouraging. Today, we're approaching half of the adult population in Cyprus having been vaccinated with the third dose, on track with the target of reaching 65% by the end of next month. During Q1 2021, we generated total income of EUR 136 million, down 3% from the previous quarter, and a positive operating result of EUR 45 million, flat on the quarter. Our cost of risk improved by 33 basis points quarter-on-quarter to 66 basis points. We achieved a 9% reduction in total operating expenses, helped of course by seasonality, leading to a cost-income ratio of 60%, down four percentage points on the previous quarter. The underlying result of the quarter was a profit after tax from continuing operations of EUR 14 million, or after exceptional items, we generated post-tax profit of EUR 8 million. The bank's capital position remains good and comfortably in excess of our regulatory requirements. As of 31st of March 2021, our capital ratios on a transitional basis were 18.3% for the total capital ratio and 14.6% for CET1 ratio, both pro forma for Helix 2. In April 2021, we successfully refinanced our Tier 2 notes, further optimizing the capital structure of the group. The issuance of EUR 300 million Tier 2 capital notes at a significantly lower coupon rate is expected to increase the group's total capital ratio as of the quarter end, pro forma for NPE sales, by approximately 100 basis points to 19.2%. Deposits remained broadly flat in the quarter at EUR 16.3 billion, and we continued to operate with a significant liquidity surplus of almost EUR 5 billion and an LCR of 284%. Balance sheet repair has also continued in the first quarter of the year. As a reminder, despite the challenging environment, in January 2021, we reached agreement on the sale of circa EUR 0.5 billion of NPE portfolio known as Helix 2B, continuing to deliver on one of the group's strategic priorities of improving asset quality through the reduction of NPEs. Pro forma for NPE sales, the stock of NPEs amounted to EUR 1.3 billion, the NPE ratio stood at 16% and 7% on a net basis at quarter end. This remains stable in the quarter as organic reduction was impacted by lockdown. NPE coverage was maintained at 69%, reducing the residual risk on our balance sheet to EUR 700 million pro forma for Helix 2. We have a clear plan to reach a single-digit NPE ratio by the end of 2022, including further portfolio sales. At the same time, we continue to closely monitor the performance of loans which have been granted payment deferrals. 95% of these performing loans with installment due by mid-May 2021 presented no arrears. Slide five provides an overview of macroeconomic conditions. Real GDP contracted by 1.6% in the first quarter of the year, a smaller decline than the 1.8% contraction across the euro area, demonstrating again the agility of the global economy as an open and more resilient economy to quickly recover from economic crisis. Based on the best projections, GDP growth in 2021 and 2022 is estimated to range between 3%-3.6% and 3.6%-3.9%, respectively. The government has successfully managed the pandemic to date. Cyprus ranks fourth in EU in terms of percent COVID-19 vaccine doses per 100 people. As mentioned earlier, almost half of the adult population have been vaccinated with the first dose, on track with the target of reaching 55% by end of June. The tourist activity in the year is expected to recover from third quarter onwards, helped by the fact that three countries with well-progressed vaccination plans, U.K., Israel, and Russia, account for over 60% of tourist arrivals based on 2019 statistics. Similar to the last year, the reduction in international tourist arrivals in 2021 compared to 2019 is expected to partly offset by domestic tourism. Slide six, new lending. New lending continued to grow in the first quarter of 2021 and amounted to EUR 487 million, up 30% quarter-on-quarter, driven mainly by corporate. For 2021, demand for new lending is expected to increase in line with economic recovery, especially for housing loans in the context of the government interest subsidy scheme. We have already approved EUR 117 million loans under the scheme, and we continue to have a strong pipeline of over EUR 100 million as of mid-May. New lending continues to be carefully considered against robust lending criteria. We have high-quality origination via prudent underwriting standards, and we make strong assessment of the repayment ability of our customers. Turning now to slide seven, where we provide an update of the performance of loans that were under expired payment deferrals. We are very pleased with the trends we have seen, which are better than we had expected. As shown on slide, EUR 4.2 billion loans, which is over 80% of the performing loans under expired moratorium had installment due by mid-May. 95% of these performing loans present no arrears, of which only EUR 260 million have been restructured, mostly concentrated in the tourism sector. Restructures have always been a very important part of how we manage credit risk. We offer targeted restructuring solution following strong assessment of repayment ability, aiming to alleviate pandemic-related short-term cash flow pressures. Our track record is outstanding. Over recent years, over 90% of corporate restructured loans presented no arrears, and we expect that to be the case going forward. Arrears remains stable at around 5%, and we continue to be in close contact with our customers that present early arrears in order to provide support and to alleviate any short-term cash flow bursts. Let's now go to slide eight that provides an overview of the non-legacy loans of private individuals. As of 31st of March, non-legacy loans to private individuals amounted to EUR 4.12 billion, of which over 80% relates to housing loans. This segment is well collateralized, with two-thirds of customers having a loan-to-value below 60%, and only 8% of the portfolio has a loan-to-value over 100%. Other loans to private individuals amounted to EUR 619 million as of the end of March, the majority of which is secured. We are very encouraged by the performance of the performing gross loans to private individuals under expired payment deferrals. Around 96% of these had installment due by mid-May 2021, and 91% presented no arrears. Moving now to the non-legacy business loans on slide number nine. The non-legacy business loan book as at 31st of March 2021 amounted to EUR 5.18 billion and is well diversified with high-quality collateral. Following the outbreak of COVID-19, the sectors most adversely affected are tourism and to a lesser extent, trade, transport, manufacturing, and construction. The portfolio has a loan-to-value ratio with almost three-quarters of the portfolio having a loan-to-value of less than 80%. Almost three-quarters of the performing business loans that were under expired moratorium had installment due by mid-May 2021. 98% presented no arrears, of which EUR 240 million have been restructured relating mainly to tourism sectors. Slide 10 provide an update of our exposure to the sectors that were mostly impacted by COVID-19, tourism and trade. As of the end of March, our total exposure to tourism and trade amounted to EUR 1.16 billion and EUR 0.9 billion respectively. The utilized liquidity of the tourism sector remained broadly unchanged from December 2020 and amounted to EUR 0.32 billion at quarter end. The majority of these loans entered the crisis with significant liquidity and maintained it until today. 98% of tourism loans are secured by property, and hence almost 95% of these loans have a loan-to-value ratio below 80%. EUR 1 billion of tourism-related performing loans were under the expired payment deferral scheme, of which 60% had installment due by mid-May 2021. 99% of those with installment due present no arrears, of which EUR 190 million have been in restructuring. Our exposure to trade as at the end of March amounted to EUR 890 million, of which EUR 370 million were performing loans under expired payment deferrals. 90% of these have installment due by May 2021, with 96% presenting no arrears, and of which EUR 6 million have been in restructuring. Just EUR 6 million have been in restructuring. I will now hand over to Eliza to take you through the performance of Q1 2021. Eliza? Thank you, Panicos. Good morning from me, too. I'll start from slide 13 on the income statement. Net interest income amounted to EUR 76 million for the quarter, down 5% on the previous quarter, mainly due to higher interest collections in the previous quarter of around EUR 2.5 million, which were not previously recognized. The net interest margin reduced to 1.63%, negatively impacted mainly by the increase in liquid assets following the EUR 1.7 billion participations in TLTRO in March 2021. Non-interest income amounted to EUR 60 million in the quarter, down 2% on the prior quarter, reflecting mainly lower revaluation profits. Total operating expenses were reduced to EUR 22 million in the quarter, down 9% QoQ, driven by seasonally lower operating expenses. Total loan credit losses, provisions, and impairments amounted to EUR 26 million in Q1, compared to EUR 14 million in the fourth quarter, driven mainly by lower loan credit losses. Cost of risk improved by 33 basis points in the quarter to 66 basis points. The overall result was a profit after tax of EUR 8 million for the quarter. Moving now to slide 14 on the drivers of NIM. I'll briefly go over this slide. As I previously mentioned, our NIM in the quarter decreased by 163 basis points, negatively impacted mainly by the increase in liquid assets and the continuous pressure on lending yields. Our margin dynamics are complicated with several important underlying components that I'd like to explain to you. First, performing book yields remain under pressure due to the sustained low interest rate environment, impacting our reference rate and competition pressure. The repricing of the reference rate 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 execute on NPEs. Third, the cost of funding continued to decrease as we priced down the cost of deposits. Going forward, our funding cost will also be positively impacted by the significantly lower coupon rate on the TLTRO note that we drew in April and future potential issuance of MREL. A couple of points about the TLTRO borrowings. In March 2021, the bank borrowed a further EUR 1.7 billion under TLTRO III, increasing the total funding from Central Bank to EUR 2.7 billion, and thus taking advantage of the favorable borrowing rate in combination with the relaxation of collateral terms. The bank has exceeded the benchmark net lending threshold, and hence we estimate the MREL benefit from TLTRO borrowing for the 12 months to June 2021 at around EUR 7 million, recognized over the respective period in income statements. The potential MREL benefit from the period after that is from June 2021 to June 2022, amounts to EUR 13.5 million based on current ECB rates and provided that the bank meets the lending threshold. Moving now to non-interest income on slide 15. In the first quarter, non-interest income decreased to EUR 60 million compared to EUR 62 million in the fourth quarter, driven mainly by lower revaluation gains. Net fee and commission income increased to EUR 39 million in the quarter, accounting for 28% of total income, mainly due to the extension of liquidity fees and the introduction of a revised pricing in February 2021, partially offset by lower transactional fees due to the reintroduction of lockdown in the first quarter. Net insurance income amounted to EUR 13 million, down 9% QoQ, mainly due to lower premiums, partially offset by lower claims. I will provide more information about insurance business of the group in the following slide. Revaluation net gains decreased to EUR 2 million in Q1 compared to EUR 5 million in Q4, mainly due to higher net valuation gains relating to specific properties in Greece in the fourth quarter of last year. Revaluation gains do remain volatile. Now moving to insurance on slide 16. Net insurance income from our life business, Eurolife, amounted to EUR 7 million for the quarter, compared to EUR 6 million a year ago, contributing 12% to total non-interest income. Despite the challenging environment, Eurolife increased its profits and premiums by 4% year-over-year. Net insurance income from our general insurance business, GIC, remains flat year-on-year at EUR 6 million, contributing 10% to total non-interest income. Looking now at cost on slide 17. Overall, total operating expenses for the quarter were down 9% on the prior quarter to EUR 22 million, mainly reflecting seasonality. As a result, our cost-income ratio fell by four percentage points to 60%. Note, however, that the cost-income ratio, when we adjust for the lost income from the Helix 2 transaction, is at 64% in the quarter. Staff costs amounted to EUR 50 million in Q1, flat on a QoQ basis, while operating expenses amounted to EUR 32 million, down 21% on the prior quarter, again, due to seasonally lower marketing, consulting, and professional fees. As a reminder, our cost-income ratio is expected to be mid-60 for the year as revenues remain under pressure and operating expenses increase due to higher IT and digitization investment costs. Beyond this year, however, we then expect our cost-income ratio to decline through specific initiatives, including exit solutions to release NPEs and further branch rationalization. Over the medium term, our cost-income ratio is expected to reduce to mid-50s. Let's turn to slide 21 on capital. Our CET1 ratio as at 31st March was at 14.6% on a pro forma for the NPE sales basis. During the first quarter, we generated 40 basis points of organic capital through operating profits. These were offset by expected loan credit losses and impairments of 20 basis points and an additional 45 basis points from the phasing in of IFRS 9. The CET1 ratio on a fully loaded basis was at 13.1% as at 31st of March and 13.3% pro forma for Helix 2. As a reminder, the ongoing special review by the SSM on the stock of remnant properties was completed, finding relate to a possible prudential charge of up to 44 basis points, the majority of which is expected to be taken in the second quarter of this year, depending on the Bank's progress in disposing the properties impacted by the prudential charge. Moving to slide 22. In April, the Bank issued EUR 300 million unsecured and subordinated Tier 2 capital notes to refinance its outstanding EUR 250 million Tier 2, which was issued in 2017 at a significantly lower coupon rate of 6.625. The issue was met with strong demand, attracting interest from more than 114 institutional investors, with a final order book almost four times oversubscribed. More than 65% of the offers came from new investors. The Tier 2 capital refinancing further optimizes the group's capital structure and is expected to increase the group's total capital ratio pro forma for Helix 2 by around 100 basis points to 19.2% on the basis of 31st March figures. This refinancing represents a major milestone for the group and has helped to diversify the group's investor base, raise the group's pricing in international credit markets, and demonstrate the group's proactive capital management. Also, the highly successful Tier 2 capital refinancing will allow the group to focus on evaluating opportunities for MREL issuance in terms of debt capital markets activity. Now, I will take you through the asset quality section, starting from slide 25, which presents a short summary of the Helix 2 transaction. Despite the economic challenges prevailing with the ongoing pandemic, in January this year, the group announced the sale of an additional EUR 529 million of NPEs, a project known as Helix 2 Portfolio B. The gross consideration amounts to 44% of 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 September 2025 without any conditions attached. The accounting loss on Portfolio B recorded in the fourth quarter last year amounted to EUR 27 million. Overall, Helix 2, up and including legal completion, is expected to have a negative capital impact of 48 basis points on the group's CET1 ratio on the basis of 31st March figures. The legal completion of the transaction is expected to increase the CET1 ratio from 14.4% to 14.6%, and upon the full payment of the deferred consideration, and without taking into account any positive impact from the earn-out, Helix 2 is expected to have an additional positive capital impact of 64 basis points on CET1 on the basis of March numbers. Moving to slide 26. During the first quarter, NPEs were reduced by EUR 59 million to EUR 3 billion and EUR 1.1 billion on a net basis. Pro forma for Helix 2, NPEs decreased to EUR 1.7 billion and EUR 700 million on a net basis. The NPE ratio stood at 16% pro forma or 7% on a net basis and is stable QoQ as the pace of organic fee reduction was impacted by the lockdown. The bank's NPE coverage ratio remains broadly flat at 59% at gross allowance pro forma for Helix. When taking into account tangible collateral at fair value, NPEs are fully covered. Coverage of restructured NPEs is relatively lower at 19%, reflecting the lower risk associated with this stock of NPEs, whereas coverage of core NPEs increased to 65%. As a reminder, slide 28 gives the longer-term perspective of our NPE journey and targets. We have a clear plan to reduce our NPE ratio to single digits by 2022 and to around 5% over the medium term. Our track record here has been excellent, reducing NPEs by almost 90% over the past three years, the vast majority organically. We have a highly experienced and highly effective team in place, expect NPE reductions to continue next year through both organic and inorganic actions. We expect to have a high coverage of over 50% in the medium term, excluding any collateral. Moving now to slide 29. As shown on the left graph, pro forma for Helix 2, almost two-thirds of our loan book is classified in Stage 1, and 20% is in Stage 2. The coverage of these two stages pro forma for Helix 2 was at 1.4% and 2.3% respectively, whilst coverage for Stage 3 was maintained at 50%. During the quarter, there was an overall net transfer of EUR 53 million of loans under expired payment deferral from Stage 2 to Stage 1, arising as follows. Firstly, the transfer of EUR 304 million gross loans from Stage 1 to Stage 2, driven by management overlays and restructurings. Secondly, a migration of EUR 367 million gross loans from Stage 2 to Stage 1, mainly due to the good performance of loans to private individuals. Lastly, in the quarter, there were transfers of EUR 14 million, mainly from Stage 2 to Stage 3. Now moving to cost of risk on slide 30. The annualized cost of risk for the first quarter was reduced to 66 basis points of gross loans, mainly driven by the strong performance of the loans that were under expired payment deferral, that led to a reversal of 26 basis points. We are encouraged by the trend in the first quarter, and at the full year, we indicated that we expected the cost of risk for 2021 to be lower than 2020 levels. Clearly, given the Q1 performance, that firmly remains the case. Finally, as a reminder, interest on net NPEs not received in cash is fully provided for, which in Q1 represented 22 basis points out of the total 66 cost of risk. On slide 32, we are looking to be an organization with a clear strategy, supported by effective corporate governance aligned with ESG priorities. We are working to further enrich our ESG strategy and further embed the ESG priorities in our business targets. On this slide, we set out some of the areas where we are already delivering. I will now hand back to Panicos for his closing remarks. Thank you, Eliza. Let's go now to slide 34. We have been through a period of considerable change, and we are now laying the foundations for delivering greater shareholder value. Today, our near-term priorities include the completion of our balance sheet de-risking through ongoing organic NPE reductions and potential disposals, as well as ensuring that our cost base remains appropriate with further investing in our digital capabilities. Over the immediate term, our priority will evolve. We'll 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. Moving now to slide 35. Bringing all of this together, we remain committed to our medium-term financial targets that we have shared with you back in November 2020. We are committed to generating return on tangible equity of around 10% over the medium term. This concludes our presentation, and we'll now open the floor for your questions. Thank you. Thank you. Ladies and gentlemen, at this time, we'll 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 question queue, then 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 Can Demir with KBW. Please go ahead. Hi. Good morning. Thank you for the presentation. Three quick questions from me, if I may. The first, just on the outlook for loan loss provisions, even excluding the write-back in this quarter, it looks like the cost of risk is below your medium-term guidance. Is that just a reflection of some seasonality in Q1 or more a reflection of your medium-term target being conservative? The second question on the real estate REO assets, the regulatory charge that you will be booking later in the year. How active will you be in looking to dispose the specific assets that are generating that charge? Would the disposal of them imply any additional provisioning requirements? I guess the same kind of question for Helix 3 or the potential NPE disposal that you're working on. We've seen the previous disposals were positive from a capital perspective, given the impact on risk-weighted assets, but did generate negative additional provisioning requirements. Just if you've any expectations on how Helix 3 will be structured or the kind of magnitudes or impacts it could have on the P&L and capital. Thank you. Okay. I will start with the last question, and then I hand over to my colleague for the first and second question. As we said, a meaningful reduction in our NPE ratio will come through inorganic reductions and mainly Helix 3. As you all know, we have completed a number of trades, which almost all of them have been either slightly positive or slightly negative. I would call them at least capital neutral. At this point of time, and based on the underlying portfolio, the perimeter that we know and the provision coverage, at this point in time, we don't have any reason to believe that any new trade will have a different, let's say, end conclusion in terms of capital and P&L. We don't have any reason to believe that any future trade will not be at least capital neutral. Even in 2020, after the pandemic, we have achieved NPL reduction. Under, let's say, I would call them the worst market conditions, and we achieved the results that we all know. I don't expect any material deviations from the track record we have all the previous years. I would hand over to Demetris on the cost of risk question, and maybe Eliza can comment later on the potential charge on the REO properties. Demetris? Yes, thank you, Can. Good day to me as well. Let me start by saying that we take guidance very seriously, and we're very careful about only communicating updates when we are very confident. Having said that, the performance of the non-performing portfolio has been better than we projected back in 2020, and the trend continues and is encouraging. Up until now, arrears have not been an important generator of NPLs, and NPLs have been created because of our own prudent assessment of borrower viability as part of our ongoing review and assessment of the UTP criterion. Now, as the year progresses and we get more evidence of the performance of the Cypriot economy, we will have greater certainty. We continue to monitor clients and trends very closely. Now, it is clear that our cost of risk this year will be meaningfully lower than the 2020 level, and that is what we will say for now. Okay, moving to the new question. The first part was how active are we in selling the properties? We are very active. In fact, in the quarter, and despite a number of weeks of lockdown, we managed to sell and actually recognize in the P&L EUR 28 million worth of properties, which is significantly higher run rate compared to last year. On the properties at hand, those that relate to which the potential charge relates, they do include, as we mentioned in the past, they do include some lumpy assets. We are active in our efforts to sell them. They are likely to be more of interest to foreign, to international buyers. Given the current travel restrictions, marketing these assets has been more challenging. This is an ongoing effort. We are encouraged by some early discussions more broadly on REO assets with non-local buyers, and we will definitely be active in trying to sell them. I think this will be, for at least the largest assets, this will be a journey that will take us through a number of quarters, and I wouldn't be guiding you to expect an imminent sale. I do need to emphasize that this 44 basis points charge now that is coming in Q2 was significantly lower at the beginning, and through sales, we've managed to reduce it. Appraisal very clear. Thank you. Let me just also remind you that this prudential charge, just because you also asked, Jonas, on the any credit P&L hit. This is a prudential charge. It's a capital reduction, not a P&L hit, that's coming in Q2. To your question, do we expect any more losses on the sale of the properties? Our view on the valuation on the balance sheet continues to stand. This is why this is a prudential charge as opposed to an impairment. We do continue to believe that those properties, like all the properties on the books, are conservatively valued. In fact, they are valued at below 80% of what the market value, actually closer to 70% of what the market value in total. There are some slides that show that in the deck, in the appendix as well, including the analysis and including the prices at which we've been consistently selling the properties we're selling. Thank you, Eliza. The next question comes from the line of Alexandros Boulougouris with Wood & Company. Please go ahead. Good morning. Thank you for the presentation. My question would be regarding the loan yields and. I see on slide 14 where the non-legacy yields have fallen to about 3% from 3.14. Overall, we have seen about 15 basis points decrease every quarter for the past year or so. Do you think this will continue, and what are the trends in the next quarters? What do you see on that? Also maybe on this point regarding new lending, you had a very good quarter, as I can see, it was close to EUR 500 million. Do you think this is likely to continue? The number we see here in the first quarter is reasonable to assume that could be extrapolated as a full year performance, around EUR 2 billion new lending for the full year? Maybe on that end, to come to the previous question, what is the yield on the front book compared to the back book? Thank you. Okay. Thank you, Alexandros. About new lending, I will say that we've had a better than expected performance for Q1, and if you extrapolate this for the whole year, then as you correctly say, near EUR 2 billion, which was our performance pre-pandemic. I will comment that it's still early, but as the economy in Cyprus is totally unlocked, and usually the second half of the year it's more active in terms of lending and economic activity. I will just comment that the end result of new lending will be materially higher than what we had in 2020. Whether it will be closer to EUR 2 billion, probably by next quarter we'll be in a better position to answer on this. In terms of the yields, I will say that there is a reduction in the yields because usually the Euribor caps are coming actually on the very low front. We do believe that the majority of our yield destruction, because apart from Euribor, we also have our back book linked, pricing linked with the pricing of the deposits in the country. We believe that all this destruction is coming close to an end. On the other side, as we improve the mix of front book and back book with new lending, and as you know, our pricing strategy is actually on the more rationalization and more aggressive front, we do believe that in the near term, this will show an improved trend. I will also ask Eliza to comment on the yield because it's a combination of also yields and other things. Just to add a couple of points. First of all, we have been suffering in this quarter, especially from reference rate attrition as the Euribor, primarily the Euribor, which is a reference rate for around a third of our performing books, has continued to reduce, and it comes with a lag. The second point to say is that, also going to your front book point, Alex, is that our front book, and you will see this from the new lending analysis as well, our front book both in Q4 but more so in Q1, it had a larger component than usual of retail housing loans. As you know, they are lower priced on average. That distorts new lending rate statistics. It is a function of the end result, as Panicos mentioned, of the government subsidy, and we do believe that the mix will land to a more stable constitution, if you like, of new lending down the road as the subsidy impact is reduced. Thank you. That's very clear. The next question comes from the line of Daniel Dees with Goldman Sachs. Please go ahead. Hi team, and congratulations again on a nice quarter. My question is just around the loans under moratorium. If I look at the EUR 4.18 billion of loans that had a payment due, I notice it says 89% have resumed payments as per the original schedule. Does that mean that 89% have made an amort payment, or is that just referring to interest payments? No, they have returned back to their repayment schedule post pre-moratorium, pre-pandemic. This is usually the original payment schedule. It has to do with payment of interest and capital. The small percentage of those that have been restructured, they still continue to pay with a different repayment schedule, not the original that has been pre-pandemic. That is why we say that we are very pleased with what we see on the performance of our clients that used to be under moratorium. Of course, there are some expected restructures, and we got expected. As I mentioned earlier in my comments, this is not new for us. For those that follow Bank of Cyprus and the story of Bank of Cyprus, they know that we have a strong track record in dealing with restructures, and this will be the case going forward. If I compare actually the performance of the moratorium of banking sector with peers, I can easily say that we have the highest percentage of our clients going back to the original payment, to the regular payment, capital and interest, and of course, very low restructuring and arrears. I would also emphasize that in 2021, there is no moratorium. There is a very small amount of roughly up to EUR 20 million that is under moratorium until end of June. We consider this to be actually negligible. Is it safe to say that all of the 89% have made at least one amortization payment? Yes. Okay. Thanks. Maybe more. Usually, the payment, because they have not installed the capital and interest. 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 time and for the questions. Myself and the team will be more than happy to take offline any more questions and of course, arrange bilateral calls. Thank you all. As I said, very happy to answer any questions anytime. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling and have a pleasant evening.