Good morning, welcome to the Norwegian Finans Holding's fourth quarter presentation. We will be streaming live, and we will receive questions on our email ir@banknorwegian.no. Please submit your questions during the presentation so we'll have a Q&A session at the end. We delivered strong results, not least, we have strengthened our position throughout 2020. A result strong in an uncertain time. Although we see negative loan growth, currency fluctuations, and losses on net securities. Net losses on securities impacted the result in the fourth quarter. We came up with a solid result of NOK 436 million, which is a good, solid, strong underlying performance with some negative one-offs that Klara-Lise will come back to. Looking at 2020 as a whole, we increased our revenues, and we had a strong result in these unusual times. As a result of this, we have a stronger capital position than ever. The board has proposed a dividend of NOK 6 per share to be paid out, NOK 5 in May and NOK 1 in the fourth quarter. Through the quarter, we have strengthened the bank. We have approved the merger process from the FSA, which will simplify the structures and increase our efficiency further. We've also continued to observe increased or improved credit quality and lower inflow to loans collection during the quarter, also during all of 2020. The same trend into 2021. While the times have been demanding, we've also managed to develop new customer services and products. We see the market for consumer finance being very dynamic these days. We also expect that some of the changes in customer behavior we see now will last well beyond the pandemic. We will continue to develop our services and our go-to-market strategy to stay relevant both in the Nordic markets and also in the new European markets that we will enter during the year. This also includes ESG, which is of increasing importance both to us and to our stakeholders. We did perform a comprehensive stakeholder mapping and analysis in the fourth quarter. We will report more in detail on this with our publishing of the sustainability report in connection with our annual report next month. Just a few words on the GDP. On the macro, especially on the GDP. We have added a new chart here. There's continued uncertainty around the COVID-19 effects. What we've seen here on the GDP development, we have added new charts where we include the forecast as it looked in the second quarter and the third quarter. We see the same trend has held for this time with a steep dip in 2020 and also decline in 2021, then a rapid recovery. Interestingly, we see that the forecast in the fourth quarter is giving a better or more soft prediction of the impact. Also for all markets, we see a recovery in the coming years, which brings us above the levels from pre-COVID-19 years. Especially Finland, the outlook back in the second quarter last year compared to the fourth quarter outlook we now use has improved substantially. This goes hand in hand also with consumer confidence, which has improved, especially as Sweden has had a tremendous rebound. All our credit models include a negative GDP growth lasting long into 2021. This, of course, affects our expected credit loss models, which are as an IFRS 9 model shall look at future losses. While we have a very positive development in the credit quality on our loan book, which Klara-Lise will come back to in a moment, we do not see that same effect in the losses, which have to predict continued losses due to the pandemic, and we thus have increased loan loss provisions still. What we can expect is a positive rebound as soon as we see the economic activity coming back, and we see societies open, and the growth for the bank will return with more consumer confidence. As mentioned, during the quarter, we've managed to develop new services. Bank Norwegian is very much connected, or have a very distinct position with our 1.7 million customers, and we stand for travel and leisure, and most of our customers prefer our payment solution when they go abroad. These are, of course, less relevant features these days. We have launched a couple of new services. We have introduced a new free insurance for groceries, when in case of unemployment or illness. This is an addition to our free of charge travel insurance, which of course, these days are less relevant than normally. We also have launched a cashback program, and we started developing the cashback program back in the fourth quarter, and we launched it this year, and it's the same rationale as the insurance. We want to make sure that we have a reward program that also stays relevant with the customers when they cannot travel. It was a coincidence that Norwegian Air Shuttle, because of their restructuring process, were pausing the access to benefits on their cash point program, and we hope that they will soon return back to normality for that program. While Norwegian Airline is, of course, our most important partner, we also believe that with the development of this cashback platform, we now have strengthened the bank tremendously in order to withstand what the future will bring. We will, depending on the future, continue to develop services and benefits to our customers to stay relevant. We also, as we reported last quarter, changed the distribution strategy in Sweden. We see positive growth following that change. We are reporting on our Net Promoter Score. We started tracking Net Promoter Score early last year, and we have a very high Net Promoter Score in all markets compared to the sector, compared to general industry, and to our peers. We will report on Net Promoter Score in coming presentations. We do see customer satisfaction as increasingly important to keep the customer loyalty and the usage of our services. When we look at the usage of the card, which is connected to the service and to our transparent services, we see that our number of customers that are recurring and the number of customers using the card despite the situation is a testament for the customer satisfaction. There are a few interesting things that I want to highlight. First of all, the growth outside Norway in 2020 was positive. We had NOK 800 million in positive loan growth, currency adjusted, outside Norway. If we are not adjusting for currency, if you just look at the balance sheet, it's more than NOK 2 billion increase in installment loans outside Norway. In Norway, we had a negative development both in installment loans and credit cards. This shows the value of our diversified market strategy last year. On the credit card, which was what I was about to talk about on the NPS when I stopped a little bit, is the interesting, we have included a new chart here, which is the credit card spending, divided into domestic and spending abroad. What we see is that the domestic spending has stayed at the same level as in 2019. We did have a dip in the spring when the COVID closedown were at the strongest, but then we recovered, and the domestic spending was at par with last year. While, of course, spending abroad has more than 50% reduction from the previous year. This tells us that our customers are very loyal and very resilient, we believe that when the society opens up again, the world and Europe, we will see a rebound of the volumes. For the fourth quarter, we had expected Norwegian growth to recover. It did not. The market contracted further. We did take our share of the market, still, that took us down a bit. Also, the credit card volumes were down because of seasonality compared to the third quarter. Still, in Sweden, we had a positive growth because of distribution, and in Finland, we had positive growth because of the competitiveness-based pricing. The runoff increased in Norway and Denmark due to the increased liquidity in households. All in all, we believe that when we see the customer behavior, we will have a very positive rebound when the society is open. Now Klara-Lise will go into a bit more on the numbers. Thank you, Tine. Good morning to everyone online. It's a new world, only looking at the camera and presenting this way. We are becoming accustomed to that. As Tine said, we are delivering good results also in the fourth quarter. As she also now mentioned, the loans are slightly down, and it's particularly Norway driving that. If you start at the top on the gross interest income, it is slightly down compared to last quarter, exactly due to the reasons Tine now mentioned. If you go to the interest expense, that's one of the areas where we have a one-off in this quarter. We have a correction of interest expense of around NOK 16.5 million. Excluding that, we have a net interest income growth of 0.7%. We're quite happy with that, and the underlying business is solid, as Tine also said. Going further down in the income statement, we are affected by the COVID-19 and the pandemic, obviously also in the fourth quarter. That's primarily shown in the commission on bank services income, which is slightly declined, and that's mainly in currency conversion fee and interchange fee. Of course, people travel less or hardly anything at all. That, as said, is the income line, which is soft in the quarter. On the cost side, on the commission on banking services we have in the quarter from November, we have entered into the commission expense on higher issuing services from one of our vendors, which is where we had a one-year free period, which ended then. In the future quarters, we will have approximately NOK 8 million higher commission on bank service expenses compared to Q3. The net change in value on securities is down in the quarter. It's mainly driven from the portfolios in Norway and Finland. Also we have a currency down also in the quarter. Again, the second element of correction in the quarter is currency of NOK 19 million, which stems from earlier periods, which is now corrected in the fourth quarter. The net other operating income is down compared to last quarter. I think if we take away the net value of financial instruments, we actually have a quite flat income of the quarter compared to last quarter. We are down around 10% from the same quarter last year, and that's very much driven from the COVID-19 changed customer behavior. The costs we can use quite little time on, I think. We still have a very flexible and robust cost base where this quarter we end at 25 in the cost-income ratio. The flexibility allows us to take down activity, for example, in marketing, when that is according to our plans. That is what happened in Q4. Loan losses, I'll come more back to, but overall, we deliver a net profit before loan losses of about NOK 1 billion in a quarter. I think that is really great numbers to present today. If we go to the full year, and I've only been in the bank for four months, but I have to say I'm really impressed on how the employees have really delivered through the full 2020, and that's also shown in the figures. It's really resilient and the stamina has really been great with employees, and we deliver customer services at high level. That is shown also in the income growth. We see net interest income is up 2.9 percentage points. It's of course also driven by FX effects due to the diversified Nordic business model we have. When we are operating in four countries, that supports our income line positively. Of course, the other operating income is down NOK 92 million. Again, I repeat myself, very much related to the pandemic and the reduced credit card usage, and that is more or less as expected based on the level of activity. Of course, the total income is then up from last year, and I think that is really a great result considering that 2019 was fully untouched by any pandemic effects. Costs, we've been able to keep those more or less flat or slightly down, actually. It is, again, due to our really flexible cost base and very few costs are fixed as such, and we are able to work on taking down the level, for example, in marketing when needed. Loan losses, I'll come more back to, but as you see, we are up 12.5 percentage points, and as Tine said, it's very much related to the update in macro into our models, which of course have an impact in the uncertainty that we see. Before I leave this page, I would like to also comment short on the return on equity. We ended a solid 18.9%. I think if you look at the accumulation of equity over the last year, we do have an overcapitalization compared to the requirement of Core Equity Tier 1 capital. If we had already taken out the dividend that now is proposed from the board of directors, we would have ended at a return on equity of 25.6% for the year. Return on assets we believe is quite good considering that we have a strong liquid and increasing balance sheet. Before I move on, I would like to just play a little bit with figures. I like to do that. If you look at the number of employees we are, we are around 105 persons and 95 full-time equivalents. If you take the profit after tax and divide on number of employees, it's actually contributing each of them close to NOK 18 million. I think that's really great contributions from the bank's few but really effective employees. Short on the yields, those are rather flat on the total loan yields, slightly down. Of course, we take also lower risk in the portfolio, and that is slightly showing in the total loan yield. Risk-adjusted loan yield is very comparable to the overall 2019. Of course, we had a dip in Q1 related to due to the large provision we made then. Of course, the funding cost is far down on the page. It has gone down through the year, and it's very much due to decreasing interest rates in Norway. Also we're now doing a new attempt to take down the deposits with more recent deposit interest rate reductions. As you can see on the screen here, both in Denmark and Norway. Of course, if you look one year back, we had interest level on the deposits in Norway of 1.75%. Now we have taken it down according to also the market has changed quite a lot in a year. The customers now receive 90 basis points on deposits in Norway under NOK 250,000, and that is actually over 85% of our customers, and this represents around 38% of the volume in the deposits in Norway. While those who have more deposits than NOK 250,000, which is the remaining 14%, they have a reduction now down to 25 basis points. In Denmark, we see that the five basis points we have offered has been really competitive. We have increased the number of customers on savings with 2,800 customers in the fourth quarter on savings, and of course, that's now went down to zero from the 1st of February. These effects, as we said, will come now after the first quarter in Norway. The effects that we talked about in the third quarter will come now in 2021, first quarter. I have two slides on credit risk, just want to start with talking a little bit about the change in our portfolio over the last couple of years. If I start at the left side on this page, we see that the customers that we take into our books now, they are in a lower interest risk band. Of course, we haven't put numbers on that because that varies from country and products. Of course, we have gone from having around 12% of the new originated loans in 2018 to 40% in that category. Of course, those customers comes also with a lower risk and also with a better PD compared to previous. We also see that the payment behavior, as also Tine mentioned, has been very strong during the pandemic. Yes, there were a couple of months in April and May where we got additional applicants for the payment relief, as also mentioned in the slide here. When we look back on 2020 as a whole, of those who requested a one-month payment relief, it was 93.6%, while 5.3% requested for two months during the year, and about 1% got granted up to three months during the year. Of course, these are customers that are behaving well, and it's part of our good customer service that we offer this to the customers, and we cannot see an increase in debt collection on those customers. That I think is important to note. We're now back to the levels as prior to COVID-19 on the payment holiday, as we call it, when they get a relief. In the middle part of the chart here, we're seeing the total debt sent to collection, as also Tine mentioned, has actually gradually gone down. We're now at the level around 65%-70% of where we were at the start of the year. We do see also that the customers with increased liquidity, they are paying down debt, and they are acting rationally. Also on the little bit longer lines at the right-hand side of the slide, we see the 2020 inflow to default compared to 2018 and 2019. We see a really positive development. This gives us a really optimistic view on the portfolio in the longer run. Of course, as Tine said, it's not shown that much on the credit quality as of now, but the underlying credit quality, we believe, has improved. If you start at the left side again, the Stage 3 loans, the ratio has increased to 23.7%. Of course, that is an equation of a nominator, which is a Stage 3, and the denominator, which is the average loans. As Tine mentioned, the average loans, we have gone down, and in the quarter, we are on a balance sheet down NOK 2 billion, and NOK 1.1 billion is FX related. The denominator in the equation has been reduced, while the nominator on top of equation is slightly increased with NOK 151 million. That makes, of course, the percentage go up. The underlying development in Stage 3 is according to our expectations, and it's mainly older vintages from 2016, 2017 in the portfolio. Bear in mind that when a loan have a long LGD of above 70%, we do fully charged off. In the middle, we have added a couple of lines on the coverage ratios. We used to only show the Stage 3 ratios. Those are increasing, as you can see from one year ago, with five percentage points. Of course, one of the changes that we did in Q4 were the lifetime PD models. We also did updating of our trigger models as a consequence of the lifetime PD model development, and we updated our macro assumptions. We changed vendor on the macro deliveries from Experian to Moody's, and now we get monthly updates. The benefit with that is that we have more frequent updates of the situation around us related to the pandemic into our models. That means that the base model that we calculate the expected credit loss on already holds a quite negative scenario related to the pandemic. Of course, one of the elements were, as I mentioned, a triggering modeling. We have changed that from a stepwise approach to a more continuous and dynamic approach, where each loan is assessed towards originated lifetime PD compared to the reporting date lifetime PD. This is more explained also in the note four in the financial statements. The result of that change in triggering model is a more correct placement of the customers into our stages. It also means that a number of customers went from Stage 2 to Stage 1 due to not having significant increased credit risk. They bring with them, of course, the higher PD and LGD over to Stage 1, which then has an increase of coverage ratio from 1.3%-1.4%. Of course, Stage 2 then have fewer customers. They are clearly Stage 2, and they have a somewhat increased PD and LGD, and the result is, of course, an increase of coverage ratio from 7.7%-11.4%. Overall, we have also over one year increased the coverage ratio from 8.1%-11.5% on our total lending. We believe we are really well covered for future potential expected losses. In the quarter, at the right-hand side, we have a loan loss of NOK 398 million. That is up around 9% or NOK 32 million from last quarter. You will note that we don't have these management override now in the fourth quarter. When we introduced the redeveloped lifetime PD and new macro models, we do, as I said, already have the pandemic included in our scenarios that we choose from. We have chosen one optimistic, the base, and a pessimistic scenario according to what we believe gives us the best estimate. The underlying macro with the conservative approach gives us an increase in loan losses in the quarter. We have assessed there's no need to do any management override with the updated information in the models and the choosing of the scenarios and probabilities. Overall, we are quite optimistic on the future of accredited quality. Of course, hopefully, as Tine mentioned, with the growth, hopefully it will pick up again during 2021, so we can see an increase in the denominator in the equation that I show on this page. The balance sheet, short on that, we are very resilient. It's a highly liquid balance sheet. We have an LCR coverage now of 569%. That's up from 450%. That is because, of course, when we get a lot of deposits, we do invest that in highly liquid assets in our LCR portfolio, mainly state papers and covered bonds. That has increased close to NOK 7 billion in one year. The last quarter, we have reduced balance of 1.8%, and that's mainly due to FX effect. Of course, reduction in lending, as Tine also mentioned earlier. We do see some lag effects from the deposit rate reductions. It's an environment with quite low interest, so it will take maybe some time to get the deposits further down, but we are rebalancing and want to get the deposits down. Right now we have a deposit to loan ratio of 99%. That's up from 91% one year ago. We would like to be in 80% to 90%, and rather in the lower end of that, also to not have a too large balance sheet in addition to delivering on our MREL requirements. Equity, I'll come more back to. A little update on the merger process and MREL phasing in. It is conducting according to plan, and in December we received updated MREL requirements from the Norwegian FSA, and those were according to our expectations, ended at 39.02% of risk-weighted assets as of year-end. Of course, the nominal value will change depending on how the risk-weighted assets develop. Of course, also one of the elements that came in the updated requirements from FSA is a possibility to use the senior bonds also originated after 31st of December 2019 in the phasing-in period. We will gradually replace the maturing senior debt into the volumes of non-secured lending going forward. On the merger, as I said, progressing according to plan. We hope to have it finalized depending the necessary approvals and such before summer. Then capital position. The figures talks for itself more to say, I would like to give a few comments. We have a Core Equity Tier 1 ratio now of 22 percentage points. It's slightly lower than maybe some of you expected. The reason is that we have already now for December figures updated our operational risk-weighted assets calculations according to CRR Article 315, if some are interested in the details. That means that we are taking not the fully audited years 2017-2019 into our operational risk calculations, but the 2018-2020 which is then not fully audited before presenting this. Of course, this affects our Core Equity Tier 1 with 49 basis points. If we hadn't done that change now, that would have come as a dip in Q1 in January. If we hadn't changed it would have been 22.5% Core Equity Tier 1. Still, we think it's prudent to take in the change already from year-end, and we are still very well covered with 4.5 percentage points above the target for Core Equity Tier 1. Of course, the board has proposed a dividend of NOK 6, where NOK 5 is, as Tine said, now for payment in the spring, and the last NOK 1, we await until after Q3 is finalized according to also to look at how the development of the economy goes. Again, we have really ample buffers, and with the NOK 6 dividend, it's approximately 29.6% of the combined result of the 2 years. We believe that we are also within the guidelines set from Norwegian Ministry of Finance and the FSA. Of course, prior to dividend, we would have had a Core Equity Tier 1 of 24.8%. This shows the solid and strong capital loss absorption capacity that we have in the bank. As you know, the results that we generate, those are the best defense that we can have. We have ample buffers both to dividend and for our growth strategy going forward. With that, I leave the word back to Tine. Thank you so much, Klara-Lise. Yes, we do have capital for growth as well. We'll give a short update on the European expansion, which is on track. The project scope is confirmed for Germany and Spain, and we will launch cross-border operations with no physical presence on the ground. We have also by now formally notified the Norwegian FSA about the cross-border activities, which was on schedule. The product scope will also be, as we've discussed before, both the loan savings and credit card products will be launched. The market attractiveness has definitely also been confirmed, and we do see the same pattern as with the Nordic regions about the dip in GDP and the very fast recovery. What is interesting is that the change in consumer behavior during the pandemic has actually indicated that it might be an even better timing for our entry to the market, especially in Germany, than we first expected. Our main focus currently is on the development of the digital onboarding to make it as seamless as we have in the Nordic, and also the payment and core system development, as well as making sure that our cross-border compliance will be in place so that we are still on track to launch in the fourth quarter. We will revert with more long-term expectations in our forthcoming investor presentations, maybe already at the Capital Markets Day. Just to wrap up a bit before questions, we think we have a very positive outlook for the bank with major initiatives on track. We do see that the improved distribution and customer offerings have strengthened our position. In general, I think we have an enhanced position for the bank going out of 2020 with strengthened governance, simplified structures due to the approval of the merger, refined risk-based pricing models, and with the international expansion on track. This all gives a strong position for continued growth. We are well reserved, as Klara-Lise has just pointed out. We are well reserved both to withstand the potential or the continued uncertainty on the macro outlook and also well reserved for the expansion. With the MREL coming in, we also need a very active funding and balance management, which include also managing the deposits. We will, as also Klara-Lise pointed out, see more full effect of the deposit rate reductions that we made last quarter and in the beginning of this year. The lean operation is also, of course, a good defense for the bank, and it's also a good driver for efficiency and scalability. With this optimization of our balance sheet, we're very happy that we can announce the dividend payout proposal. We think that going into a stage where we can pay out dividend is not a step away from our main strategy of growth. We believe that we are very well positioned now to take further market shares in Nordic, as well as entering new European markets during the year. Before we start questions, I also just want to remind you that we will have a Capital Markets Day on the 18th of March. It will also be a virtual presentation, but we hope you will join us for that. Now we will be ready to take questions, and Klara-Lise will join me. Yeah. Good morning, everyone. We have quite a lot of questions, so we'll just start. Starting with, have you been in contact with the Norwegian FSA regarding the dividend payment proposed and their thoughts around this? Is it correct to assume that this will need their approval? Yes, we have been in contact. We have had continuous contact with the FSA, and it's correct that it, as with all other banks, have to be approved. They're well aware of this proposal from the board. Thank you. Credit card usage has been weak during the pandemic, which is similar to what many others are saying and also logical given less spending and travel. Apart from this, do you see any effect of lower synergies in the NAS relationship that affects you specifically? First of all, as I pointed out, I think it is very important to see that the domestic usage has been very stable. Of course, that would probably be the same for other programs. I think especially connected also to NAS, it's interesting that our card is related to travel, but still we have a very stable domestic usage. I would guess that some people would be concerned about the position of Norwegian, which then would impact the usage. I think we have shown that the card in itself is very strong, and I think also, as I mentioned with the cashback platform we have developed, we have further strengthened the bank for any eventuality, even though, of course, Norwegian is a very important strategic partner to us. Thank you. Commission income expenses. Why is issuing service cost higher? You guided last year on the decline in payment services fees expense. Is this a reversal of that or related to a different vendor? This is actually when we entered an agreement with one of our large vendors in 2019. We got the first year for free, and that period has expired now in October. From November, we start getting that cost in our results. I have to add, yeah. Yeah, please. No, it's correct, as Tine said. I think we were quite clear on that last year, but also now going into a normalized where we do pay, we will pay much less. This was the contract we referred to a year ago, which over a five-year period would reduce our costs with between NOK 300 million and NOK 500 million. I can't remember. Something like that. Yes. It's the same contract. Non-marketing related costs up quite a lot. Why is this quarter on quarter? I think that if you look at our costs, they are nevertheless quite low. I think the increase that we're seeing is mainly in ramping up also on employees. We are four or five more people now than we were, and of course, that is investing in our risk management governance and also in finance, we have increased the number employees. It is a strengthening of the organization that is the main driver. Other costs are quite fairly stable, I would say. Again, rather flexible, particularly on the marketing costs. We also did invest in the new bonus or reward platform and the work around what would that look like? Of course, we have now just launched a simplified version, but that has also been some background work on that. A few more technical questions. The NOK 16.5 million on the NII, should they have been taken in previous quarters? If so, which? Yes, I can say that this is part of our quality improving work during fourth quarter. This is actually a sum of many small items back to 2017, actually, it started. When this was detected, we have, of course, corrected and improved our routines on this. It's not from one nor a single quarter in 2020. It's actually gradually built up from 2017. The NOK 19 million FX effect. Could you elaborate what this is? Yes. I don't think we mentioned it last time, but we saw that in our balance sheet, we had a slightly different cut-off date on the calculations of FX. We used 4:00 on some elements and 2:15 P.M., also 2:15 P.M., on others. That gave an effect on our large balance sheet of small numbers. We fixed that during Q4. Now we have the same timing of when we calculate FX on our balance sheet. That is the reason. It's also part of the cleanup activity that we have done in the fourth quarter on internal processes. Those 19 has actually gradually built up during 2020, which should have been slightly lower in the other quarters, but now it has been corrected in the fourth quarter. That adjusted FX effect in the fourth quarter was, I believe, NOK 3.7 million. That's correct. The remaining effect is a lagging effect from previous quarters, I believe. That's correct, Mats. Yep. The Visa gain versus the loss on something else, says the question. Shares, funds, et cetera. Could you elaborate? Yes. The Visa is a dividend that we received, NOK 24 million from our ownership in the company. That is a separate one-off item on a positive side. Of course, the fair value adjustments on the rest of portfolio, as I mentioned, it's mainly due to, we have a very liquid portfolio where we get to receive interest, but the market value of these, of course, gives a low return. Those corrections, of course, naturally come on the fair value line, while we have the received interest comes on the net interest income side. We don't think this is any particular. This is quite a natural development according to expectations on the big book that we have. Next question. Did you start to see negative volumes effects on credit cards due to the lower perceived value of CashPoints in Q4? How do you expect the cashback option to impact credit card volumes in 2021? I don't think we saw a particular negative impact in the fourth quarter. As I mentioned, the difference between the third and the fourth quarter is very much related to seasonality, that people, even though they couldn't travel this year, spent more money during the summer on their vacations, which shows in the third quarter. I think, in general, of course, there's been the combination of travel restrictions due to the pandemic, and of course, the uncertainty around the airline has in general impacted the card, but to much less extent than we would expect. That's also what I try to explain on what we do see is the Net Promoter Score. We have very Well above the average satisfied customers, and our transparent and very digital services. We think that shows that the product is very competitive in any circumstance. Of course, the cashback is a good add-on, but most of our customers still prefer to take their reward in CashPoints. Next question. How much do you expect to save from the new deposit rates? Of course, the effects start, those we have announced now is from second quarter. Approximately effect in the second quarter is around NOK 40 million reduced net interest expense. Of course, in a 12-month period, depending on the society and how much deposits we lose in this as well, around close to NOK 200 million over a 12-month period. Sorry. Do you see a stable risk-adjusted loan yield on new customers? Do you expect risk-adjusted yield to be stable in 2021? Yes. I would say that I believe so. The risk-adjusted loan yield seems fairly stable. Especially, we've made the risk-based pricing adjustments we did for the past few years is now in place. Then we've had an elevated cost of risk last year, which we have, as we indicate, we expect that cost of risk will go down as the forecast will be less negative. We would guess it would be stable. Yes. It's important to say that, of course, the future, let's see how soon the world comes back to normal, but I think that the provision we made now for year-end, we tried to be conservative with choosing the right mix of the scenarios, as I mentioned. We hopefully in the long run, or we expect in the long run that this transition to lower risk categories also will give effect. As we said, it's a risk-based pricing. In the long run, we should definitely see a reduction in loan losses, but it can take some time. Regarding our European expansion, will you be targeting a similar risk-adjusted interest margin in Spain and Germany as in the Nordic? Yes. The markets are different from the Nordic markets. What we're analyzing is we're seeing very distinct differentiation in those markets between what you could call sub-prime, near prime, and prime. Because we do not see the same extent, for example, of payday lending, which has been more widespread in other European countries, we're definitely targeting the same customer profiles as we have in the Nordic, the same risk profile. We are targeting the prime segment of the consumer finance in these markets. Yes. We have been discussing the FSA and the dividends, but just little more details. Have you presented stress tests, et cetera, for them, for the Norwegian FSA? Yes. We have presented stress tests, and we've also elaborated on the dynamics of our macro models. Of course, this has to be seen and also in a context of you can do many stress tests. In addition, you also have to look at the substantial additional buffer we have in the bank. After a dividend payout, we will still have a before tax buffer of NOK 3 billion, and we also are generating substantial equity each quarter. It's a combination, yes. Mm-hmm. How do you expect Stage 3 loans to develop in the coming quarters? That develops according to plan now with a slight increase as part of a maturing portfolio. Of course, now we also go in with from 1st of January, we have a new definition of default, which is also, of course, something that will, in the long run, also affect the figures somewhat. I think that we are very well positioned also for those new regulations also on the EBA backstop, for example, regulations where we in a charge-off model provide or take charge of our customers with LGD over 70%. We're well prepared for the new regulations on that. The Stage 3 loans, again, I think we will hope to see flattening out underlying. There's a few more questions. We'll just go through them. Can you give an update on the lending rate cap in Finland? Yes. The lending rate cap was temporary in 2020, then it was extended until the summer of 2021. There is a debate, of course, whether that will be temporary or whether there will be a more permanent cap. That is still an open issue. There are two scenarios in Finland, there are two ways of adapting to the cap. We are offering customers loans at the fixed rate. Therefore, we are accepting customers that can satisfy our risk requirements for that rate, whereas there are other banks that are doing temporary rates, and they will then increase rates afterwards. That is a less transparent and more complicated model. Of course, it will give shifts when customers then get their higher rate. We are adapting to the rate levels as they are, and we are pursuing still having a growth in the Finnish market on the back of that. Will the development on COVID-19 and traveling impact your expansion into Germany, Spain? As we mentioned, the macro outlook is about the same pattern as in the Nordic. So far it does not impact our plan. The reason we are developing for two markets in parallel is obviously both that we think it could be interesting to launch in two markets in parallel, like we did in Denmark and Finland, but it's also as a risk reduction measure. If one of the countries will have a very adverse effect compared to where we are right now, we can decide to only launch one country in the fourth quarter. We can delay the launch if there are any effects. Right now it looks very positive. We think the timing will be excellent. What will the cost of the cashback be? There's no distinct cost of where we see that now. It's a combination of people spending less on CashPoints and a substitute of cashback. We don't expect to report any major increase in cost related to the change of the program. Do you expect one-off cost in connection with the launch in Europe? One-off cost? Yeah. We have indicated before that one of the strengths of Bank Norwegian is our scalability, and when we have entered other new markets, we've spent NOK 10 million, NOK 15 million. That's what we have activated. There will, of course, be some one-off cost, but it will not be major investments that will impact us. Some cost there will be. We are right now just in the final negotiations on contracts on payment systems and core systems, and it looks very promising, I would say, compared to the levels we experienced in our previous launches. The new distribution in Sweden, has that been less expensive or more expensive? It's been actually less expensive or at par, I would say. It's very efficient, and we're very happy about the partnership. Two more questions, then we'll round off. Could you elaborate a little bit on the growth plans for the Nordics? Yes. As I mentioned, first of all, we think, as I said, we have a stickiness in the customer base, which has, I must admit even surprised us. We think on the back of that, there will be a growth when society returns to normality in itself. We also believe there is some extraordinary measures now that in the society, with the liquidity that will change. That in itself will make the markets more normalized. As I mentioned, we also see dynamics in the market that we think will last beyond the pandemic. That goes, for example, for payments where we see a much closer relation between payment and credit. We are developing now our services to our customers in our app where we will develop more dynamic connection between payment and credit. Some of that we hope to launch during the year, and that will be part of where we see we can increase our competitiveness. Also, I think our strong balance sheet, it's something that is taken for granted that everyone can grow, but not everyone can grow. We will definitely be in a position where capital will not be a restriction for us. The last question, and then we'll round off. Would you consider to sell NPLs ahead? Well, as we've mentioned before, we have a very attractive cash flow on the NPL portfolio. We do sell from time to time, and we think that's also a good measure both to quality-proof our models and also, of course, to give space for more growth. We do sell when we see that the net present value of the cash flow that we have on these portfolios actually mirror the prices that we get. That is something that will be more opportunity based. Yep. Thank you very much for joining us today, and see you in March 18 for our Capital Markets Day. Thank you.