Good day everyone, and welcome to the CGD's conference call. This call follows the 2021 full year results release, which took place last Friday. It is possible to follow the results presentation from the CGD website. The Chief Financial Officer, Mrs. Maria João Carioca, the Head of Financial Markets, Mr. Marco Azevedo, and the Head of Investor Relations, Mr. Nuno Pereira, will take you through the presentation and the Q&A session will follow. It is now my pleasure to turn the conference over to Mr. Nuno Pereira. Please go ahead. Good morning, everyone, and welcome to CGD's 2021 full year results presentation. 2021 was a year of significant recognition for Caixa at various levels, and we will be glad to share that information with you today during this presentation. As you probably know, Caixa has a new board. It initiated its mandate recently at the end of 2021. It's my pleasure to introduce to you our new Chief Financial Officer, Maria João Carioca. Thank you, Nuno. Good morning, everybody, t hank you for joining us. As Nuno put it, 2021 was a very full year for Caixa, and I'll be happy to share with you today the highlights and some of our core figures for our accounts and for our activity throughout the year. I will also be sharing some very brief initial statements concerning the strategic plan as it is still under analysis by supervisory authorities. Let me start by, without further ado, drawing your attention to page five, for those of us who are following the presentation with us through our sites. The core highlights for 2021 at Caixa were well for starters, our consolidated net income reaching EUR 583 million. That is an ROE of 7%, and it represents an 18.7% increase vis-à-vis 2020. All in all, a good performance in that respect, fundamentally underpinned and very, very much in a highlight mode, concerning the successful completion of the strategic plan from 2017, 2020. This was confirmed in 2021, both by DG Comp and then had its reflection in the rating agencies with Moody's raising our ratings and Fitch changing our outlook to positive. This is relevant to us and the prospects we believe are still for further improvement, fundamentally underpinned by a significant growth in business volume at nearly 7%, 6.8%, and a very healthy performance by our franchises, both at the domestic and the international level. We saw reinforced leaderships in the national markets, and we'll be discussing that further ahead, significant growth in the income generation capacity of our international franchises. Some of our historical headwinds, such as mortgage loans, were up in market share. In new mortgage loans, we were up to 23.8% market share. Another highlight of 2021 was definitely our behavior in terms of our ability to deal with the digital transformation. Our digital franchise is now the largest one in Portugal, so we've achieved 2 million active customers in a 10 million inhabitants country, t hat is significant penetration. It's also increasingly a digital franchise that is being driven towards revenue and business generation. Obviously, this is of particular relevance to us, not just for customer satisfaction and for keeping up with what we see happening in the sector. It's also a key driver of our continued cost to income reduction. 2021 saw our cost to income ratio down to 47.9%, and this is of course the combined effect of both improved efficiency levels and a relatively stable current operating costs. This in a context where we are continuing our investment and overall since 2017, we reached in 2021 the mark of EUR 335 million. Turning a bit more onto the balance sheet and still on the highlights, I think it is to be noted that 2021 was a year of improved asset quality, continued improved asset quality, I should say. Our NPL ratio, which was one of our core concerns at the start of our restructuring program back in 2017, is now at a ratio net of total impairments. It's now at 0%. It has dropped to 2.8% and has a very significant and well above the European banking average coverage ratio. It's now. The specific coverage level is now at 65.3%. Towards the end of the year and already in early 2022, a couple of developments have been confirming what was our reading of a good year in 2021 and a solid position for Caixa at the end of 2021. Some of those developments include our results with the EU-wide stress tests. We ranked 10th lowest concerning capital depletion, and it's the 50 banks that were tested. We were also able and we've discussed that with you before. We were very happy and we believe that it was a successful first sustainable bond issuance by a Portuguese bank. It was relevant for Caixa to lead the way in that addition and to tapping into that funding source. It will, of course, contribute to our MREL requirements. It will also contribute to a different outlook on our funding costs. Back to early 2022, we had an important development here as well. Our AT1 call has been confirmed for March 2022. This is an early redemption of our EUR 500 million issued in 2017. It was a high coupon issuance at 10.75%. It will allow us significant annual savings, and we've had the green light and the go ahead for the call by the supervisor. This is possible to a large extent given our strength and capital position. This is 2021 will see us at a core Equity Tier 1 ratio of 18.2, still on fully loaded, above Portuguese levels, above European bank averages, still not at top levels, but significantly in comfortable ratios. Tier 1 and total capital ratios, including net income, now stand at 18.2% and 19.7%. Our SREP requirements were the latest and most well and definitely significant development. We received our SREP requirements with our P2R reduction from 2.25 to 2%. This is particularly relevant, obviously, given the fact that the European bank's average was up. Again, the highlight on a solid performance by Caixa. Having given you the short version of our highlights for what was 2021 for Caixa, let me go a little bit further in depth into some of our activity highlights. I will jump to page 12 in our presentation to note our business volume growth. As I highlighted before, it was a solid growth both in our domestic and our international franchises. This is, of course, underpinned by our solid customer base. This is a 3.6 million customer base. It's over one third of the population in Portugal, and it's joined by another 1.5 million customers in our international franchises. 2021 was a rewarding year in the sense that both the domestic and the consolidated franchises were performing at par and at very solid performances. Page 13, you see our consolidated and our strengthened leadership in the domestic market. This has always been a hallmark of Caixa's performance. We see it very steady and very solid, both in deposits, also in credits. In credit here, I'll highlight further ahead the fact that this is a performance that is traditional in our individuals' mortgages. It's also traditional in our public sector, and those leaderships are obviously holding. We've also seen positive developments in our corporates segment. We're also seeing and highlighting here the fact that our performance in new services and investments, so going further in depth into our customer franchise with investment funds, the tricky and challenging debit cards, so the payments arena, and also some of the inclusive products that we hold in our portfolio, some such as the minimum service accounts, those are also leadership positions that we're holding to, and we see them as a continuation of our franchise. Jumping to page 14, I've highlighted, but this is something that to us is of particular relevance. The 2 million active, and I underline, of course, the active digital customers, this mark of 2 million has been reached. It is, this is by now, the largest digital client franchise in Portugal, is also one that has brought us to, reference levels in terms of digital client penetration. This is now a client base that whereas historically it was often mentioned that it was a client base that given its age and its socio-demographic composition, it would be, a less digitally penetrable client base. I think we've now found a way of getting to our clients and reaching them through these service options. Both our mobile and our online banking solutions are progressing significantly and increasingly delivering sales growth levels that are very satisfying and increasingly so in products that are outside our traditional, franchise and our traditional, products, expanding our business potential. I will very quickly skim through pages 15, 16, and 17 as they give you a broader picture of how we're looking at our digital performance. Page 18 lets you know some of our awards, and these are particularly relevant to us as they're all referred to our digital action and to our innovation and communication in the digital arena. Again, an arena that was not historically one, where Caixa held a very strong position. This is something that it's obviously part of our concern moving forward, being able to nurture and sustain our historical franchises, but also to develop these new leadership positions. Page 19. Again, the same thought on making sure that we're serving our client base with the most effective service levels. We've been exploring the service models that allow us to deal with remote management in a significant and impactful way. By now, we're serving over 500,000 clients in this remote management service. This is particularly relevant to us as it is proving the initial case of being a model where we can drive a lower cost to serve and improved commercial performances by our people. All this with pretty good customer satisfaction levels. This definitely looks like a recipe for further analysis in the future, and 2021 was a good year in that respect. Moving a little bit away from our retail banking franchise, still in Portugal, on page 20 you'll see some of the deals that our investment banking arm was engaged on for 2021. We were covering both M&A activity and debt markets activity. Continuing with what is a franchise that we'd also like to continue to develop, given the Portuguese market setup. On page 21, I would just give you a short note on what was a very positive year for our Caixa Gestão de Ativos, so our asset manager, a leader in the domestic market concerning mutual funds. Earning market recognition, I would say, well-deserved, our market recognition, but fundamentally registering a very positive year in terms of growth across most products, reflecting the fact that the way our retail franchise is being advised and is being introduced to these asset classes, given the current interest rate situation, this is definitely a product to further explore with our client base. Activity wise in you know what are our core areas, I've given you the general gist. 2021 was also a year for us to tap into what we see as something that is increasingly so a major business driver moving forward. Sustainability, I mentioned before it was important to us to be the first bank in Portugal to conduct a successful ESG debt issuance. It was indeed you know the lowest ever achieved rate coupon by CGD. It was a good first entry, let's say. Certainly it led us through all the thinking and all the strategic planning work that has to underpin you know a responsible and sustainable act you know activity and presence in the ESG arena. That was fundamentally important to us. It was, of course, just, you know, the top layer on what is a much more in-depth effort going on. Page 23, we've highlighted the fact that it's also been important to us to take the ESG activity to our client base. We were the first bank in Portugal to implement an ESG rating model, and that is part of what we want our client dialogue to be in the future concerning the ESG topics. Fundamentally a critical tool in making sure that we can then drive ESG implications towards cost of funding for our clients as extensively as possible. I'm sure historically, Caixa's position in supporting the community and in sustaining a number of initiatives and entities that are clearly part of our active role in the community that's relatively well-known. I'll skim through pages 24 up to 26 and dive right into our accounts. Again, page 28 brings us to our net income and ROEs. I mentioned them before, EUR 583 million. This is a recurrent net income of EUR 521 million, an ROE of 7%. On page 29, you find some additional detail on how this EUR 583 million, which translates into an approximately EUR 20 million growth in our income. How does that, what's the breakdown for that? Significant impact from our international activity, and also still some non-recurrent effects concerning some of our non-core assets that registered significant valuations and also some net impacts from our restructuring programs, that of course are still underway, following the restructuring program overall. Overall, our domestic activity contributed EUR 20 million to the EUR 90 million growth in net income from 2021 vis-à-vis 2020. Moving to page 30, I'd like to highlight what we see happening in total net interest income. We see, after what was a very long period downward sloping curves, we now see consolidated net interest income increasing for the third quarter in a row. 2021, particularly the second semester, was one where we finally saw our retail net interest margin taking a small uptick, so small increase. Overall, the change year-on-year was still a negative 1%, but the perspective is finally of continued increases, and it's starting to show up in our consolidated figures. Compensating for this decrease in net interest income, we have, you'll see it on page 31, you know, a significant increase of 12.9% growth in net fees and commissions. This is fundamentally driven by our good performance in terms of funds, also bancassurance, so fundamentally savings products, not so much, even though it was also a positive year in terms of some of our traditional commission generators, such as payments. We did see an uptick there as well, but, you know, the driving force where we actually delivered near 40% growth in net fees and commissions, that was clearly the savings products and particularly the funds products. Shortly highlighting what continues to be some of the pressures and some of the hurdles we have on our P&L. As you're probably very well aware of, Banif, you know, our balance sheet is one where we're still attracting a lot of consumer deposits. Portuguese families do come to Caixa for their savings. Fundamentally, they come for very traditional products, deposits. That, of course, has these days a cost of liquidity that's significant. We highlighted here for you, so there's obviously a positive impact of our tapping into the TLTRO. Again, overall it's a significant impact of negative rates in our P&L for 2021, we'll see what the future brings us there. All in all, when we put together all the costs faced by the business, going to page 33, apologies, what we see is sustained cost reductions in employee costs and other administrative expenses, and this being slightly offset by the fact that our continued investment is now producing its impact in terms of depreciations and amortizations. We have an 11.6 increase in depreciation and amortization. All in all, still delivering overall cost reductions. We also wanted to highlight here as part of our cost structure what are still, again, impactful costs for us. This is a total regulatory cost of EUR 60 million. It continues to go up, not as much as some other business drivers, but it's still going up, so it's a 2.1% increase in regulatory costs. Again, the Single Resolution Fund being the largest chunk there. Again, to sum it all up, our core operating income is up, both at the consolidated and domestic level, and that brings us to, on page 36, a reduction in cost to income. Both at consolidated level and at domestic level, this is steady and continued reduction in cost to income. We're now at 47.9% cost to income for our consolidated operations. Contributing to that performance overall, and I've highlighted it before, is what was a rather solid year in terms of contribution to net income by our international activity. It now represents 23% of our total net income. A couple of our geographies had a positive year in spite of what were obviously harsh contexts in terms of public health and in terms of political context in some of these geographies. Again, Macau delivered a positive growth. Mozambique had a pretty good year, both in terms of what was revenue generation capacity, cost containment, and, of course, the currency situation also improved and helped along. The same with Angola. Angola also benefiting from the Angolan sovereign rating improvement, solid improvements there. I'll move further into our accounts and start with looking a little bit of what's happening with our balance sheet on page 39. Growth in our net assets, this is consolidated, growth at 13.8%. Portugal is still a major driver of that growth on page 40. You see here another EUR 6 billion in deposits. This is what the trust our clients place with us translates into. It's part of our work with our clients to try and make sure that what we see here happening in terms of relative growth, so having funds growing at a significantly faster pace than our customer deposits. This is the trade-off, and this is the customer relationship work that has to be conducted in this low interest rates scenario that we had in 2021. This is a figure that we register here. Our funds in the domestic market grew by 38% vis-à-vis our deposits that grew by 10%, even though the initial bases are very different, so the total volumes will of course reflect that. Moving into the credit granting part of our activity, again in Portugal, focusing here in what happened in Portugal, growth of around 3%-nearly 4% in our loans and advances to customers pretty much across the board, so slightly higher on individuals, but still sustaining solid growth and particularly in some of what are our core focus in terms of economic activity segments. Excluding construction and real estate, we were growing at 3%, 3.7% in our loans and advances. We zoom into what's happening in our mortgage production. On page 42, you see here our new mortgage loans grew by 45%. That delivers an increase in market share to 23.8%. Well, the increased market share, of course, reflects the fact that we are growing faster than the market. We're also preserving a good health in our portfolio. We see here our loan to value is standing at 60.4%, so relatively healthy asset coverage for this credit growth. Cost of risk on page 43, it's down to 8 basis points from the 33 basis points in 2020. 2020 was, of course, a particularly challenging year concerning, well, given the COVID situation. What we saw in 2021 was somewhat of a reduction in our credit impairment, but still above the EUR 200 million euros threshold. What we did see also happening in 2021 was a significant number of impairment reversals given our recovery activity and the overall performance of the portfolio. What we see here is still a significant volume of credit impairments, but being considerably offset by reversals. Overall, delivering an 8 basis points cost of credit risk. This lands us at an NPL ratio net of impairments. It's now down to 0, actually. It's been evolving significantly. It was one of our core concerns, and we leave you here with the figures for 2016 on page 44, because these days, this is a fundamentally different bank where our non-performing loans are concerned. We are still experiencing a very good performance in terms of our ability to cure and recover some of these non-performing assets. That is continuing to be our focus overall. For 2021, we delivered a 2.8% gross ratio of NPLs. I will skim through page 45. That just gives you notes of where we stand in the different ways of looking at NPL performance. On page 46, I would nevertheless like to highlight the fact that our specific impairment is standing at 65.3%. This combined with the low NPL ratio is of course part of what we consider to be the solid quality of our balance sheet at the moment. Again, highlighting the fact that our 65.3% stands well above the 45.1% European banks' average. Jumping now into some additional detail. Page 47, you see our foreclosed assets. Again, continued reduction, approximately 15% reduction, with again, high coverage. Similar effects in our investment properties. Page 48 shows our corporate restructuring funds still holding at a stable level. Some developments to come there, but 2021 saw a stabilization of these values. Something that was clearly one of the core concerns of 2021, moving to page 49. As the moratoriums expired, and by now in 2021, the EUR 6.4 billion of moratoriums that were granted by Caixa have all expired. There's still EUR 480 million under negotiation for restructuring measures. We're following up with these clients where we do see the need for additional support and negotiation and negotiating with those clients. Those are around 3,000 families and 600 companies, so a relatively limited number where we are making sure that we're finding a solution for their credit. Similar performance in international franchise, so not the 100% have expired. Depending on the geography, they're still outstanding. A total of 240 million active moratoriums were still there at the end of 2021. The highlight I wanted to make is actually in the combined look at pages 49 and 50. If you take a look at page 49, you do see that if you look at the IFRS 9 stages, we do see some of our credits moving along to stage 2 and stage 3. These are only the credits that were subject to moratorium. We take a look at what was happening to those credits in 2020 and what's happening in 2021, and we do see the additional stress there. If you turn over to page 50 and look now at the global credit portfolio, so not just the ones that underwent moratoriums, but the global credit portfolio, what you see is a far more positive picture. Both at CGD Portugal and at our consolidated balance sheet, what we see is an IFRS 9 stage progression that's actually positive. If I illustrate with Portugal, stage 3 in Portugal in 2021 was 4.1%, whilst in 2020 it stood at 4.8%. Again, we mentioned before very solid impairment coverage levels, and those were on the rise in 2021 versus 2020. This is a well accounted for credit portfolio, if you'd like. In our worst scenarios for the moratoriums expiring, we continue on a very cautionary approach, but progress seems to be positive. Moving on to page 51, a solid and ample capacity to access funding. We are still holding a TLTRO totaling EUR 5.8 billion, but significant eligible assets in our pools. I would move forward to page 53 just to, again, as you know, our funding structure is fundamentally based on our retail funding, so that gives us some insulation concerning market developments. We've registered a 7% business volume increase. That has not been fully compensated in loans to customers, so we did see a loan-to-deposit ratio evolving to 63% from the 67 in 2020. Bringing us to the liquidity position. Solid, very robust, sustained, so well above the regulatory requirements on page 54. The same with our capital ratios, page 55, excluding net income. We see current core Equity Tier 1 of 18.2 and a total ratio of 19.7. This at the end of 2021. Page 56, with our requirements, well, our performance. These are requirements in the different capital ratio. You see that comfortably above at all counts. Our total ratio is now at 19.72, with the detailed breakdown for our SREP requirement presented here. You'll notice further ahead that the SREP requirement for the tier two, the pillar two requirement will be coming down for 2022, but here, 2021 still delivering solidly. Page 57, I'm going back to what is now our announced ability to call our AT1. You see the breakdown and the expected development we'll be having in the cost of complying with our MREL requirements. We're pretty comfortable in meeting it, and we'll also be having a significant reduction as we replace our AT1 issue of EUR 500 million that had a cost of 10.75%. We'll be replacing that euro for euro with the sustainable senior sustainable issuance we did back in September. That is the same amount, but for significantly lower coupon, of course. Good news in terms of overall funding costs. We've been closely monitoring our ability to generate organic capital, so to say. What you see here is the analysis we drive concerning what was our starting position in 2016, given, you know, 2021 was still a year for closing the restructuring program. What do we take out of what happened throughout that whole restructuring period? What we saw is, you know, at the initial capitalization effort was of course, very significant. We asked for a total of 5 percentage points, 5.1 percentage points in terms of Common Equity Tier 1, was required for us to meet the necessary thresholds. Throughout the restructuring program up to 2021, what we saw was an organic capital generation capacity that totaled over 6.1 percentage points. Significant earnings contribution to our core Equity Tier 1. On another note, also significant contribution in terms of optimizing our risk-weighted assets. With an RWA reduction contributing another 3.75 percentage points to our impact on core Equity Tier 1. This is something that we'll be monitoring, and this is of course one of our core concerns. There is again, if you look throughout the horizon, there's also been significant requirements in terms of regulatory additional conditions and market conditions. Our dividend generation capacity will of course have to be met through earnings and RWA optimization. I won't take much longer in precisely the type of ratios that follow. These are all very familiar to you. Our RWA density is at 41% right now. Texas ratio also down on page 59. Page 60 gives you a notion of where we stand in terms of distributable items and MDA, maximum distributable amount. I would with the benefit of time, maybe, highlight on page 61 what I mentioned before, but I think this is the significant development for Caixa, not just the good performance in the EBA 2021 EU-wide stress tests with our tenth lowest depletion amidst the 50 banks included in the test, but also on the right-hand side, for those of you following the presentation, the communicated reduction in our P2R requirement from 2.25 in 2021 to 2% in 2022. Again, particularly significant to us given the average industry requirement going up, so countercyclically, if you'd like, vis-à-vis Caixa. Solid performance there, m aybe just a couple of final notes underpinning this solid performance in 2021. Our pension fund is fully covered. Coverage now stands at close to 108%, apologies. 107.9% coverage level. We kept, at the end of the year, the 1.35 discount rates that we had taken on at the end of the first semester. We finished the year with a discount rate of 1.35. I guess this is you know the general highlights of our activity and our performance, both at the P&L and the balance sheet. I will skip through the summary. It just again highlights the fact that it's important for us to have landed the restructuring plan at a very solid level concerning European banking average performance levels. I would jump right through to page 66 and onwards to give you some notes on the strategic plan. Again, it's still under analysis and under approval by supervisory authorities, so I'll be giving you just some of the highlights of our thinking going forward. On page 67, we highlight what we see as a departure for this new program, this new strategic plan. We landed on a very solid base. We have a very large customer base. We've been successfully evolving that client base into a digital background. We have such an outstanding set of assets, both in terms of client franchise and in terms of balance sheets that we see as significant bases for moving forward. Our strategic plan for 2021 definitely takes into account the fact that we are a state-owned bank, so that has impact on how we see our mission and how we see ourselves moving. A lot of what's happening is addressing what we see as major forces moving in the market. If you jump to page 68, one of the core concerns that we take on when we address the strategic plan for 2021-2024 is the fact that upskilling and renewing our employee base is a continued requirement for us to enter a new phase. We're giving a very strong push in terms of training, in terms of educational programs, in terms of upskilling to our employee base, given that we see this as one of our most constrained resources in setting up the new plan. The plan is being set up taking into strong consideration the fact that, despite our positive results over these past five years, we are still pressed for making sure that our ability to create value out of our franchise remains solid. We are monitoring very carefully our ability to get back to our investors and get back to our shareholder. We had no dividends between 2010 and 2019. It's a whole decade without any sort of reimbursement to our shareholder. We are now carefully making sure that we are generating enough value creation throughout the horizon to make sure that we bring this to a more regular performance and that we make sure that the dividend distribution and the overall ability to remunerate capital is stronger as we move forward in the plan. What do we expect will be the core differences of our strategic plan 2021-2024 vis-à-vis what was before? The focus is, of course, much more into making sure that we are a more digital bank, one that is capable of driving innovation, to ensure that we have client-facing time, that we are sustainable, green, and that we are driving the necessary efforts to make sure that we deliver upskilling and performance of our talent and that we deliver capital reimbursement to all our investments, both our shareholder, the state and our private investors. In conclusion, this is the bank that we expect to become by 2024. We're definitely a Portuguese bank, so we do expect to retain our ability to be a bank of Portuguese management, Portuguese capital and a state-owned bank. We see that as part of our current DNA. We are a universal bank, but we expect to increasingly so be one with a great focus on value generation. Clearly one with the mission of contributing positively to the stability of the financial system, and in doing so in ways that we see as sustainable and ones that we can continue to push forwards, driving us to a position of being able to set the bar in key areas. We do expect to wrap up these nine forces, if you'd like, these nine thoughts that you see here on page 71. We do expect to wrap those up by making sure that we can set the bar in key areas in the Portuguese banking market, to make sure that risk management, efficiency, governance, and innovation are areas where we are absolutely up to our best practices. With this, I would wrap up here. Thank you very much for your attention a nd I would open the floor for questions. At this time, if you would like to ask a question, please press the star and one on your touchtone phone. You may withdraw your question at any time by pressing the pound key. Once again, to ask a question, please press the star and one on your touchtone phone. We will pause a moment to allow questions to queue. Once again, it is star and one on your touchtone phone if you would like to join the queue. Star and one. We'll take our first question from Jeffrey Berry with Pictet Asset Management. Please go ahead. Your line is open. Hi there. Good morning, and thank you for this presentation. I just had two questions on sort of targets. I don't know if there's a particular point in time in which you intend to communicate sort of 2024 targets, but I'm curious both on capital. You know, you mentioned focusing on profitability and RWA optimization being the source of shareholder payout. I'm just wondering, you know, is there a floor on the CET1 ratio that management thinks about or would like to work down towards? Similarly on profitability, if there's you know a particular ROE level or another profitability target that management thinks about or that they aspire to over the medium term. Thank you. Thank you, Jeffrey, for your questions. As I, you know, as I mentioned before, the plan is still undergoing approval by supervisory authorities, so we're not divulging at this moment the specific targets we're following. In any case, those two you mentioned, so profitability and capital levels are of course two of the core KPIs we're addressing. The expected performance, I think I'm free to divulge it as much. The expected performance is of course an uptick vis-à-vis the current situation, particularly where profitability is concerned and given the average European levels for profitability with banks. Not entirely at liberty to divulge much more details at this stage. Hopefully we'll be doing so shortly and certainly two of the core concerns were the ones that you touched upon. Okay, thank you. Thank you. Once again, it is star and one on your touchtone phone if you would like to join the queue. Star and one. We will pause for another moment. Once again, it is star and one. We'll take our next question from Robert Montague with Allspring Global Investments. Please go ahead. Good morning. Thanks so much for organizing the call. Quick question just to confirm. You effectively replaced the AT1 with the senior preferred last year. You have no intention of replacing the AT1 in the near term. Is that correct? Secondly, does that explain the year-end drop in your Tier 1 ratio? Did you already exclude the AT1 from the calculation? Thank you, Robert, for your question. I confirm there's no intention of replacing it. We do have robust capital ratios. Not having the subordination requirement anymore, we don't actually envisage the need to issue capital instruments, so we're not replacing the AT1 with an equivalent issuance. I would ask Marco to maybe comment on the drop in our ratios at the end of the year, but it fundamentally reflects part of the movement already, as you mentioned. Yeah. Just to confirm that the ratios calculated for the end of the year already took into account the exercise of the call, as we have already the approval from BCB at the moment of the publication of this data. That is the effect, the explanation for the decline you have just mentioned. Thank you. We will move next with Martin Ennes with JPMorgan Chase. Please go ahead. Martin Ennes, your line is open. Please check your mute function. Yes. Sorry, I was on mute. Apologies. A couple of questions from my side. One is pertaining to the income. There's been a very significant increase in commissions, and a lot of that seems to have come from, you know, the assets under management business. With interest rates changing, you know, could you probably give us a little bit of guidance on, you know, where you see, you know, increased income coming from? Because, you know, it sounds like it's probably at levels or at least last year it was levels that were probably not sustainable. And the second question, if I may, regards the asset quality that you've managed to really reduce down to, you know, extremely sort of manageable levels. I was just wondering if that is due to internal efforts within the bank or whether there may have been some sort of legislation changes that enables you to foreclose quicker and, you know, get these processes through courts in a more effective manner. Thank you. Thank you, Martin, for your questions. On the first one, it's a very relevant one. Effectively our assets under management have been responsible for a very large chunk of our commissions income growth. We do see that as an area where we do have. I see where you're going with your question, is this at sustainable levels? When we look at our customer base and at the penetration that these types of products have, we do see this as an area where we actually do have room for improvement. We have been carefully looking at our customer experience concerning how we place these products with our customers. We're of course very attentive to everything that has to do with making sure that we have adequate sales practices. When we look at what is our customer experience and what is our typical customer profile, we do see that, given the very large penetration we have in terms of deposits products, there is room there, if you know, cross-reference it with, the profiles, the investor profiles we see with our customers. We're increasingly working with our customers to make sure that we have more detail and more in-depth information on what could be their customer profile. We reference that across our deposit space, and we see there's still significant room to grow. This is, you know, positive, you know, strong growth, but if you'd like, strong growth on what we see as still a relatively, low initial basis. Again, an area where we'll be looking further into in the next cycle of 2021 to 2024, and hopefully still a value generating area there. On your second question concerning asset quality, I think it's fundamentally the product and the result of our internal efforts. This was, as I mentioned, one of our core concerns coming into our restructuring plan, our credit recovery practices and our ability to use our data on our customers to make sure that we were negotiating with them at adequate pace and actually just using all the tools that are available. I understand your question concerning regulatory and legislative improvements. That was not so much the driver behind our good performance on this. I think fundamentally it was a lot of management focus, a lot of in-depth client analysis. For instance, following the moratorium, what we did was run a number of models and increasingly so incorporating intelligence into our models to try and understand what we could see as the performance of these clients moving forward to try and anticipate any financial difficulties. It you know just revising those processes, incorporating additional intelligence into it, making sure we had the organizational setup, which we do now. We have specialized units, and we're also working jointly with partners in terms of servicing and making sure that we get fast access to the available solutions for these recovery situations. I think that would stand for you know well over 90% of the achieved results. It's a lot of internal effort, a lot of management focus, and certainly making sure we use all the legislative and all the, you know, just context tools that are available to us. Not sure I addressed your concern, feel free to follow up. No, you did. Thank you very much. Because I do know that you know, enforcing enforcement in Portugal, you know, the courts are quite slow, and I was just wondering if it was really more on the bank side or maybe there might have been some changes that you know, as a result of COVID, maybe courts were unblocking time and sort of you know, being able to deal with things a bit more offline and more efficiently. It sounds like that was not the case. It was very much kind of internally that you decided to sort of focus efforts on you know, getting specialized teams, as you mentioned, to look at that. No, it does address my question. Thank you very much. Thank you. We show no further questions over the phone at this time. Okay. Okay. In that case, I just wanna thank everyone for their time this morning and remind you that as always, the investor relations team remains available to take any questions that you may have further down the road. Do feel free to contact us. Have a good morning and have a good week. Thank you. Thank you everybody. Thank you for attending the conference call. The audio webcast will be available on the CGD website. Thank you again for attending the conference call. You may now disconnect.