Good morning, Everyone, and Welcome to this Second Quarter Results Presentation for Bank Norwegian. We are again only presenting through webcast. We hope for better times to meet in person soon. In July, Bank Norwegian ASA merged with Norwegian Finans Holding ASA. As such, this is the first quarterly presentation for Bank Norwegian as a listed entity. We are now trading at the Oslo Stock Exchange with the ticker BANO, with the NOFI being history. In the second quarter, our CFO, Klara-Lise Aasen, was announced Interim CEO. She will present the financial results today. We will have a Q&A session after the presentation. Please forward your questions to ir@banknorwegian.no either during, or after the presentation. With this, I give the word to Klara-Lise. Thank you, Mats, and a very good morning to everyone listening in today. I'm happy to be here. A lot has happened since we presented the Q1 figures late April, and in the societies at large and also at the Bank. In the societies, with the opening of everything, restaurants and all the fun thing that we would like to do has really been good during the summer. With still uncertainty regarding the pandemic, so we should be cautious on how the fall will turn out. Before I move into the presentation, I would like to really extend my gratitude to the Bank Norwegian team of employees and hired help. They've done a tremendous job in the six quarters that we have the pandemic behind us. They worked with improving customer offerings, innovative solutions, as well as corporate governance and process internally, and large projects that has taken our time. I'm really grateful, and with that, I go into the presentation. It's been an eventful quarter, and the couple of months after that as well, a lot has happened. It's no doubt for you that have seen our figures this morning that the income level is on the soft side. We do see the effect of the pandemic also in the second quarter. This we talked about in the Capital Markets Day and also in the Q1 presentation. The average balances that has gone down over the last year has been affecting our interest income particularly. We do hope, of course, to see that this is coming back now in the third and fourth quarter, but it will take some time before this picks up. However, it's very positive to see that we have a trend shift on the lending side. We see it in the installment loan. New lending has gone up in all countries. Of course, the run-off is still high in Norway and Denmark, while the other countries have performed well all over in the last six quarters. Also credit card is now picking up. When summer holiday has shown really good summer weather, we also see consumption increasing. That is also affecting our figures, and I'll come more back to that. We do see a trend shift, we believe, and this is positive for the bank going forward and our growth strategy. European expansion is on track. There is no new message today. We are keeping our plans according to what we also communicated in the Capital Markets Day and in Q1. We're focusing on delivering on the plan. A lot of testing and working on improving the processes and see how this really works, as well as recruitment is what has been happening since we talked last time. As Mats said, we are now BANO. The group internal merger was completed during summer. Very happy for that. One of the efficiency gains is that we now only have one group financial management report, and that's one of the many benefits that we have from the merger. As all of you know, we have received a bid on the shares of the whole company and NOK 105, and now it's up to the shareholders to see what they would like to do with the shares. For us in BANO and me, it's really important that we are focusing on our business, our growth strategy, our business plans. No matter what the shareholders decide, I think that our focus remains on delivering our strategy. We are so robust. You have seen our figures. We have a record high capital adequacy, so we are very prepared for growth, profitable growth in the Nordics and in Europe. Around us, people are looking into a crystal ball and view how the future will be. Prediction of future is actually a work task for some people. This slide you've seen a few quarters, it shows the prediction of the gross domestic development in the countries. The blue line is what we saw one year ago, it was sharp drop from 29% to 20%. That's quite understandable. The black line is the most recent one. It's positive to note that all countries are showing an increased return to normal and back to levels prior to 2019 in the next two, three years. That's very positive also for our customers. We also see a gradual normalization for our customers. We also now added Spain and Germany into these charts because we are getting in there in Q4. It's positive to see that the customer confidence in all the Nordic countries are now viewed as better one year ahead from today than it was one year ago when they viewed how it would be this summer. Now all the Nordic countries, the consumers have positive view of their own economy in one year ahead. In Spain, it was rather bleak in one year ago. It was very low. It's really good to see that also the Spanish people have confidence on their own economic situation one year from now. This is good for BANO because when coming into Spain, it's good to see a environment where consumers have confidence that economies will be better for them. That will probably increase their spending and consumption, which again is attractive for Bank Norwegian's plan for expanding into that country. The Germans are more flattish. They are not as optimistic as the other countries. Maybe it's typical German, who knows? Germans have changed their way of handling financial matters during the pandemic. They have, to a larger degree, used digital solutions compared to earlier. German and many other countries have used cash a lot, but now we see the increase of card usage, both debit and credit card. And, that is positive for our expansion plan as well with our products. We are really welcoming to see Spanish and German customers into our books during Q4. Unemployment rate, more not fully back to normal levels, but we are getting there. This is, of course, also helped with the stimuli packages that the government has provided, but also the opening of societies and people coming back to more normal. That's the background picture. Going into our figures, as I said in my opening remarks, our revenues are on the soft side. We see the long-term effects of the balances that's been gradually going down. In one year, our lending balance is down 11.1%, measured in our books, NOK 4.4 billion. NOK 2.5 billion comes from Norway, and the remaining NOK 1.9 billion, around 2/3 of that, or NOK 1.3 billion, is currency. Of course, last year at this time, we presented the Norwegian krone were very weak, and for us, with 60% of our income and lending book outside of Norway, that affects our figures negatively when we consolidate, when the Norwegian krone is strong. However, it's also good to see that things are normalizing. Income side, it's lower than consensus. We see that the installment loan portfolio in Norway, even if we have a pickup of new sales, we have a runoff, which is quite large. That is affecting, of course, in interest income. Also we have, in this NOK 57 million, around 35 million is a reduction in interest income on credit card. Almost half of that relates to the sale of the portfolios in Denmark and Sweden. When we sell portfolios, also we reduce some on the income line, but again, we also reduce on our loan losses and also the costs associated with following up on debt collection portfolios. Overall, it's not that big effect on the net result. The net result is down 7% to NOK 37 million down before tax. We would, of course, like to see this grow upwards in the coming quarters. What we do believe will grow upwards is the commission and the fee income from credit card usage, and that we already see this quarter. We have an increase in interchange fee from first quarter to 31% compared to now in the second quarter, but we're still coming from low levels. The levels we have now is approximately half of what it was prior to COVID. We do see an increase on the income line on the credit card usage. That is not visible, that increase now in interest income, as it takes time before the credit card balance become interest bearing, and later on, maybe refinance into new installment loans. The reason why you don't see the commission income up this quarter on these two first lines here is that we have some periodization effects. In the first quarter, we have the Visa income, the kickback we get on the Visa card usage the year before. That is in the Bank Norwegian book as an income in the first quarter. That was NOK 29.8 million in the first quarter this year. This quarter, we have incentives from insurances, which ends up NOK 13 million. You see the NOK 16 million difference approximately between the quarters, which is the reason why the increase is not so visible. Those periodization comes typically in the first and second quarter. We don't have any such expected periodizations in the third or fourth. We just have to rely on coming back on the activity level. It's really good to see that those who have our credit cards, they are using it more than before. I will come into some country slides later showing that. On the cost side, it's not very much to mention. It's up 1.5 percentage points from last quarter. Yes, we have increased quite a lot from the same quarter last year, particularly on marketing and sales activities, where we have kept a quite stable activity level the last four quarters. Our costs the last four quarters totally are very stable. This is a really conscious approach. Some may ask, "Why don't you take down costs when the income is falling?" We have to bear in mind that to attract new customers, that requires investments. Also to attract credit card customers is also something we are prioritizing. Visibility in the market is a conscious approach that we are prioritizing. So, that's why we haven't taken down the cost. This is about generating also future income with, hopefully, not have the reduction that we've seen on the balance sheet. We need to be out in the market. We're a large player. We need to be actively visible, and that's part of our business. Yet still, we have a cost income of 28%. I think that is among the market leading in Europe, we're really proud of that, our lean and operative model is very efficient. Loan losses, I'll come more back to. We end at earnings per share slightly below NOK 2. We would have, of course, liked it to be higher. We have a return on equity at 13.3%. That's quite low for Bank Norwegian, but it is a result of both the denominator, the result, and also a really huge denominator, the equity. We have built up high amount of equity during the last year. We are waiting to pay the NOK 1 in dividend in Q4, as well as hopefully we have set aside 60% dividend for this year in our capital adequacy. If we had had the average of the requirements on Core Equity Tier 1 in Sweden, which is around 12.2%, we would have a return equity on 27%. If we'd have the equity that we would like to have, covering our Core Equity Tier 1 target of 17.5%, we would have had a return on equity close to 20%, 19.7%, excluding dividend. We are burdened with a very high equity that we need to generate return on. Our yields have developed slightly down this quarter. This is as expected as well. It's a normalization of our credit card yields. We see that now a larger part of balance sheet is not interest bearing in credit card. Of course you have an income from interest income on the credit card, divided on a larger balance sheet, so that takes the credit card yields down. It's towards normalization. If you look at the pre-COVID levels, this is not so far off where we were. Installment loans are slightly down, about 5 basis points included in the total loan yield. That is more the regular risk reward pricing that we do on our customers, and it's no big change there. We do see a competition on margins, and that should be expected going forward. Risk-adjusted loan yield, the last two quarters, we have some one-offs. We have the New Definition of Default implementation in Q1, and in the second quarter, we have updated our LGD models in Finland. I'll come more back to that. Those are affecting the total risk-adjusted total loan yield. Average funding still continuing down. We have very little return on our securities portfolio, for example, as well, and on our deposits now, the interest level has been taken down. One year ago in Norway, we had 175 basis points on our deposits. Now it's, as you see in the slide here, 10 basis points for deposits above NOK 250,000, and 60 basis points below. That is, of course, also affecting our interest expense going forward. We will have lower costs on the deposits in Norway. Approximately NOK 34 million annually reduction in interest expense if we have the same level of deposits as today. Deposits in Norway has declined, over NOK 5 billion since year-end. NOK 1.7 billion now in the second quarter, while deposits are up in the other three countries. I have my four slides on the countries. I'll start with Norway. Norway represents approximately 40% of our income and balance sheet. Slightly declining compared to earlier, due to the balances being reduced, but I'm so happy that we see now a shift on the credit card also visible in our balance sheet, even if it's not interest bearing yet. However, the Norwegian government has had a lot of good stimuli to help both corporate and individuals through the pandemic. One of the tools that was used or possible to use in Norway was to take down the interest level in Norges Bank on deposits. That has affected the bank's possibility to reduce the interest level on mortgage loans. Combined with the real estate prices, which is almost double-digit in Norway, it's given the possibility for individuals that have some mortgage to lend up their financing needs on their home to achieve interest. They've also prioritized paying down loans with a higher interest during the pandemic. What we thought when the pandemic started would be a loan loss problem, that people will not be able to pay their loans due to economic problems, it's rather the opposite. We see that the demand has declined. People have been cautious. They're paying down the loans, and they saved money. Maybe not so strange when people are sitting at home office not being able to do much. This quarter, again, I said we have a large runoff on the balance sheet on installment loans, but we do see positive trends going forward. It will be some slower up in Norway compared to other three countries. On the right-hand side here, we see the total household debt during the last two years has increased. We see many banks have now given out their Q2 figures showing increase in lending, but it's typically secured lending and mortgage lending due to the increased demand and the ability to lend up to finance your needs that way. Unsecured lending has been reduced over the two years, from 3.8% in Norway to less than 3% of household lending is now unsecured loans. That reduction is what we also see in our figures, which is more or less reflecting the market. Before I move on, credit card, we see a positive development the last few months, and the trending is upwards. You see I've added also one month in the Q3, the July, the summer month that we have had behind us. We see now also people are starting to travel more and use the card abroad. And, when we say domestic in these slides, it means the credit card usage in the country you live in. In Bank Norwegian, it means usage in Norway, while the red means usage outside of Norway. It is not back to pre-COVID levels, but it's still quite a good development, which we're really excited about. Competition-wise, no big changes. Small players in the market, they have adjusted their yields to get growth, and we still see in a declining market with many players, there is a high competition. Our customers are very satisfied with Bank. We have a customer satisfaction above 90%, actually 90.6% on the last survey in Norway. That's really good. Moving over to Sweden, it's around 18%-20% of our business in BANO, and we have seen the four consecutive quarters now with significant growth in installment loans. This, about close to a year ago in October when we presented the Q3, we did say that we need to take out more of the potential in Sweden. We have intensified our agent channel strategy and have increased sales through that market. There's also slight increase in the direct channel, but definitely in the agent channel, and we have a significant increase of applications as such. We still need to look at our pricing models and our scoring models to see how we can attract even more customers in Sweden. This is something we're working on. It's a high competition market, many players, and it's important for us to see how we can maneuver even better going forward here. In Sweden, we sold a small portfolio, debt collection credit card in Q2. It gave a small gain, both in the two portfolio sales we did in Q2, it is good to see that the sales confirms the allowance ratios that we have. Competition, more or less the same as I said, really happy customers as well, with high customer satisfaction. Denmark, our smallest market measured in BANO, is around 12%-13% of our balance and income. Here also the Danish government has done a lot of activities to reduce the burden of the pandemic on the individuals. They gave the Danish consumers advance of their holiday payment late last year and increased liquidity in the market, which was quite visible. We saw the savings on our savings accounts just boomed upwards, we also saw the loan demand decline. Now we however see that these measures' effect is reducing. Now we see a stronger demand for unsecured lending again. And credit card in Denmark now the users is back to, if you look at the chart here, it's back to the February level, 2020 before the COVID. Also the Danes are traveling more. If I compare to Finland, for example, already now the share of international usage is close to 25%-30%. We do continuous work on marketing activities in Denmark. In Denmark, we are not in agent channel. We are doing all our activities in the direct channel because we believe that is the best for us. Also, having a good control according to regulations on marketing, which are quite strict in Denmark. That's important for us to keep track on. The debt collection portfolio, same there. We sold it in Q2. Those who wonder about the sizes of the two debt collection portfolios, we have included information in note six. You're free to go and look there. Last but not least, Finland. Finland is the country where we really have had growth all through the pandemic, all quarters. Despite the COVID-19 and what we see as a stagnating market overall, we have been able to attract new customers and they stick to the balance sheet. We don't see the same churn of down payments in Finland as we do, for example, in Norway and Denmark. This is also despite the temporary interest rate cap of 10% that was introduced last year. That interest rate cap will now be taken away with effect from 1st of October. It goes back to 20%. We know that the Finnish government are looking into more permanent setting interest rate level maybe during 2022, which may also include credit card. We're following that closely. However, what we do see in Finland is that a little new type of customers have now gotten installment loans. With lower interest, many very good thing from a risk perspective customers have come in and lend in the bank. We have not compromised on our pricing strategy here. This is something we need to look into, but we have been really cautious on not giving a 10% interest on a customer that would actually qualified only for 14%, 15%, because that would not be profitable for the bank with the risk that they bring into our balance sheet. That means that we have said no to around 40% more applications than previously. This is a, still, we have an increase. Finland is a kind of a success story for us. We need to look into this, how this will be going forward so we are continually attractive in the Finnish market. We had a restrictive credit policy. I can just share that out of the 13,433 loans we've given in one year in Finland, only 79 has gone to default. That may be an indication that we have also taken quite low risk. Those were the countries. Again, Finland also very happy customers. Finnish are typically happy, and I think that they also have a very high Net Promoter Score. The bank is viewed as a very good partner on the needs that our products fulfill. Over to credit quality and the coverage ratios. It's the stage 3 ratio at 26.3%. We're not happy with that. We would really like it to be lower. We had hoped to see this trending downwards now in Q2 following the sales that we did. The sales affects both the blue column and the red, of course. In Denmark and Sweden, the stage 3 has gone down in absolute volumes. In Norway and Finland, there's a normal inflow to default. There's no big changes in the inflow. As we also talked about in Q1 on Capital Markets Day. We have more stickiness in the stage 3, and customers come in at the earlier stage due to the New Definition of Default regulations. It makes it more difficult to get out when you come in due to retention rules and so on. It's definitely an area where we're working on towards our customers in all countries, trying to contact them to see how we can help them to find payment solutions instead of them defaulting their loans. The customers are very happy. That's the feedback we get, that when we call them and try to help them pay and find solutions for them, they are very glad that Bank c ontacts them. That's given us some good feedback. The stage 3 development, as I said also last quarter, 2/3 of the volume stems from portfolios generated 2017 and older. Those were portfolios where we had less restrictive credit practice compared to the last couple of years, and it's also very high growth years. We do see now that the accumulating interest on the older, the seasoning of stage 3 loans, is what is the main reason for the flat development of 10.6%. Newer vintages, I mentioned Finland as an example, but newer vintages, very low inflow to default. It may be a signal that we take maybe too little risk. This is something we have to discuss, where we think that it's really good to be cautious also about credit practice, also on the sustainability towards our customers. The loan loss allowance ratios. The total allowance ratio is now 11.8%. That is up from 10.3% one year ago, and it's a level where we feel comfortable about. We are always looking at historical information in our models and update them when necessary. When we know more about a portfolio, we of course are doing the necessary adjustments to that. One of them were then in the second quarter. The Finnish portfolio is quite a new portfolio, as we did a portfolio sale three years back. We don't have that much historical information about that portfolio, supporting an LGD steeper decline. That we have implemented now in order to quicker get them into higher LGD, when they've been long-term in stage 3. That is also supporting the EBA prudential backstop regulations, where after three years, you have to set aside 100% of the loan if it's been in stage 3 more than three years on a capital. In Norway, the EBA prudential regulations did not come into effect before 7th of February 2020, instead of 26th of April 2019. We are about close to a year behind EU. It's very little loans that have originated after 7th of February 2020 that has come into stage 3, is NOK 324 million. The stage 3 coverage ratio is slightly down, and that is, as I said, better loans coming into stage 3. So, we see stage 2 being reduced in volume, and they're coming into stage 3, mainly in Finland and Norway. And those come in with a lower LGD than before the New Definition of Default, which is why this ratio is now 39.7%. We've continued our charge-off policy, meaning if a customer comes over 70% in loss given default, we write down the rest immediately. We have around NOK 2.1 billion customer claims that are fully written down in our books or taken out our books, derecognized according to IFRS 9. Loan loss provisions, same level as last quarter. This quarter, we have two elements to note. One is, of course, the sale of the two debt collection portfolios, which reduced the loan loss line of NOK 29.5 million. We have the model update, as I mentioned on LGD in Finland, which increased the LLP by NOK 38 million. Underlying year to date, Finland is the ones contributing most to the loan loss provision. Around 48%-49% of the loan loss booked this year relates to Finland, and 28% relates to Norway. It's less in Sweden and Denmark. This slide looks quite the same as previous quarters. I will say almost the same. We have a very resilient, highly liquid balance sheet. We have a ratio of 37.7%, so our balance sheet gives us room to maneuver. We're able to do adjustments, if needed, on the very liquid assets. For example, our securities, they're mainly state papers, government papers, and covered bonds. Highly secured, easy to sell, and low risk. It's also low return on this portfolio. In Q2, it's just a little bit over 20 and 21 basis points in annual return on this portfolio now, which is down from 51 basis points in the first quarter. It's not a very profitable part of the balance sheet for us, and we would like to take it down, and also to take down deposits. That's something we work on. In the slide here, we also added the numbers on new sales and runoffs. And you see what I said, the new sales are increasing, but runoff, particularly in Norway, is still high. So, our balance sheet, down 4.5 percentage points year-on-year. That's, yeah. Sorry, 2.8 percentage points. Due to a lot of that is currency, as I mentioned earlier. We have a strong capital position. We have now 6 percentage points above the requirements that we would like to have, 6.5. It's quite a lot. That's even set aside 60% of our net profit as dividend in the equation here. The NOK 1 from the last year dividend, which is not paid out yet. Including that, we would have had over 8.6%, sorry, 8.2% high buffer. That's really large. We are well equipped to grow. We really are ready to set this capital into work. What happened also in the second quarter is that both Norway and Denmark have decided to increase the countercyclical buffer again. The Norwegian was already at 1%, and that will increase to 1.5% from June 2022. While in Denmark, it goes from 0% to 1%, and that will be decided from Q3, and effect from Q3 next year. That will increase our target with our balance composition from 17.5%-17.8%. We have typically said earlier that we will go up from 17.5% to 18%, 18.5% when these countercyclical buffers come back into normalized levels again. We have a significant loss absorption capacity. It's really large, we can endure losses and we can take growth. We also, due to the excellent capital position we have, got approval from Norwegian FSA to exercise our call onto the subordinated loan and Tier 1 capital that were now due in the fall, and those will not be reissued. Those will also reduce the capital ratios in Q3, and that's good for us because we have two good ratios. MREL, short update on that. We did a new update on the phasing plan in our update in Q2. We see that there is no need for senior non-preferred debt this year. We will have a need to issue some ordinary senior loans in the second half, at least we see no particular need to have senior non-preferred. That's good because that's, of course, more expensive capital. We are now waiting to see the outcome of this letter that the Ministry of Finance sent the 6th of August to the organization Finans Norge, Finance Norway, where they write about interpretation of the new Bank Recovery and Resolution Directive II, and how that should be interpreted. That signalizes even lower MREL requirements. We're waiting to see the final outcome for Bank Norwegian. With that, I will sum up my last slide. It's been definitely leaving an eventful quarter behind us. We are really looking forward to see the growth coming back into our figures. We've already seen it several places. Measured in Norwegian krone, this quarter, six out of eight products are actually on positive side. That's really good. Credit card activity picking up. Lending demands, we see that also picking up. We have also robustified the bank through the last year. We're even more solid and ready now for growth than we were one year ago. We are really looking forward to putting the pandemic behind us and see that activity in customers again. We are record strong. I have to say that even no matter what the shareholders decide, that's up to them, that's not up to us. I think that we are really set forward for a growth journey. On European expansion, I can share that we are now working on towards a pilot into production, and looking at how the infrastructure and technical flows go, quite soon. That will help us in our expansion. I have to say, really credit to our excellent vendors as well for excellent collaboration. They've really done their part. We are really eager to go out into Europe, Q4, still time, and then let's see if that's part of a different finance institution or as a standalone bank. We will be here in the long run. Our vision remains. We want to be the digital leader for personal loans, credit cards, and savings in Europe, and we are on our way. With that, concludes my presentation today, and we will have a Q&A session. Thank you. Thank you, Lise. Let's move on to the Q&A session. Just organizing a little. We have received quite a few questions. I just remind you of our address, ir@banknorwegian.no. If you want your question asked, you have to send it to that address. We can start. I'll just start at the bottom. Yeah. Even with NOK 1 Q4 dividend and a 60% payout ratio, the excess capital situation is significant. Why not apply for buybacks, or do you think you can deploy this capital in growth? I think that we have several options here. I think now, of course, we will look at how the four weeks notice period on the bid, how that turns out. There's several options. We could apply for a share buyback program. We could also set the capital into work otherwise, growth in our business, and potentially we could also buy something. There are many options here. I think that we are very well aware that we have excess capital that we would like to set at work. Perfect. The next question, I think you mentioned, what is the expected nominal effects from the deposit rate changes? That's NOK 34 million a year. Yes, NOK 34 million. I can also say that the effect that we had in the second quarter, based on the change that happened from April, were approximately the same, NOK 34 million or 3 5 million in that quarter. These interest rate reductions, both the first one in April and the second one now, will have an approximately annual effect if the deposits stay at the same level at approximately NOK 68 million- 70 million reduced interest expense. What remains to be done before you can launch lending outside the Nordics? I think I said that we are now testing technical solutions and the payment infrastructure and cooperation with our vendors, as I said, is very, very good. We still remain firm to our ambition to go live in Q4. I will not say any more details on that, the timing. We stick to Q4, but as I said, we are now testing technical solutions, so really proud of the progress. Progress according to plan. You answered the next question, which was. Okay. When do you expect to have the first international loans underwritten? Yeah, yeah. I can share that we will test. We will see if I will be one of the testers. I will see how to use products and cards and savings, et cetera, in the solutions. I'm volunteering to be one of the testers, I can share. You said that you see pressure on installment loan yields and continue to expect this going forward. Is there any specific geographies or segments you see this the most? Yeah. You could say that there's a slight reduction in all the countries. The reduction from Q1 to Q2 is around 5 basis points. It's not a huge reduction, but I do expect, and we also see some of those who have delivered quarterly results this just the last few days. They have taken down their yields and gotten volume. This is a fine-tuning our pricing, I think is needed. With the smaller markets and high competition, I do expect that we will see slightly lower installment loan yields. Exactly how much, difficult to say. Finland may be going a little bit upwards again when the interest rate ceiling is taken out. It takes some time before the balance will come up. Of course, if you cut a lot on your yields, you can get a lot of volume. We need to be conscious on our decisions here. Some reduction, but not massive in the first period. What do you believe this pressure to come from? Yeah, from competition. I think when the market has declined, when demands decline, and this is a profitable segment, of course, many actors would like to take part in this market. It's both from the smaller specialist bank, but also traditional banks and agents. I guess we answered the next question in the presentation. If you want to add some comments, how was the credit card activity in July compared to pre-COVID levels, July 2019, for example? Yes. You can see it's not back to 2019 levels. It's definitely, if you look at the four slides for the countries again, you can see that in three of the four countries, we are back to levels before the COVID February figures. Norway is still slightly behind, but it's definitely picking up speed. The international speed is not so up in Finland yet, as you could see. Danes, as I mentioned, they are using their cars also more abroad. A little bit on volume guiding. Could we see net lending growth in the second half of 2021? I would not say intense. The word intense I will be careful to use. I would say that we want to take a risk-based good pricing, and we would like to be there active in the market. I do believe we will see growth. As I said, we see a trend shift, and we believe that. Remains to see if we are right. I think you see that we have delivered well in Sweden and Finland also through the pandemic, and we expect that to continue. Now also stronger demand in Denmark picking up, and Norway is the one lagging somewhat behind. The last question, if nobody else sends more questions. About Europe, can you tell more on volume expectations in the new countries? What volumes are you looking for in 2022? Yes, that I can say. We also said it in the Capital Markets Day and Q1, that we expect the size of each of those two markets, Spain and Germany, to be at the size between Sweden and Finland. We're talking about, and it will be gradual build up. We're not going in as quick as we did in Finland, where we went in very quick. We want to have a more steered expansion. In 2022, then we only had one year inactive, but we hope that approximately 1/3 of the increase will come then. That will be maybe NOK 6 billion-7 billion. Let's see how quick we get into these markets and if we would like to adjust the strategy to grow quicker or if we have to take it down to have good control over risk. That remains to be seen. That concludes our Q&A session. Thank you very much for participating today, and we'll see you next quarter. Yes, I'm really looking forward to that. Have a good day, everyone. It's Friday 13th, be careful on the roads. Thank you.