Hello and welcome to the Novo Banco Nine-month 2022 Results Presentation. My name is Caroline, and I'll be your coordinator for today's event. Please note this call is being recorded. For the duration of the call, your lines will be on listen-only mode. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your questions. If you require any assistance, please press star zero, and you will be connected to an operator. I will now hand over the call to your host, Mr. Mark Bourke, CEO, to begin today's conference. Thank you. Good afternoon, everybody, and welcome to the third quarter results of 2022. I am Mark Bourke, CEO, and with me the CFO, Leigh Bartlett, as well as Treasury and IR in the room here today. Our principal messages are four. Essentially, we continue to deliver profitability overall and on an underlying basis. The second one is that our loan book is expanding, and within that, we are holding, and in some cases gradually increasing our market share. Our P&L is firing on each line in each category, and we continue to build capital towards our targeted SREP levels, once we have seen the removal of COVID release. We're on page four to put a little bit of context around that. Net income year to date is EUR 428 million. In the quarter, EUR 161 million, which amounts to return on tangible required equity of 12.4%. This is our seventh quarter of profitability. Moving to the loan book. We have on average written EUR 1 billion of new customer loans each quarter. That has resulted in our expanding our net loan book by EUR 0.9 billion year to date. At the same time, as I said, we have either maintained or slightly increased our market share of new originations. In the case of corporate, actually our share of market stock deposits in the same period increased by 4.6% to EUR 1.2 billion. On the P&L briefly, you know, our net interest income yet year-on-year at EUR 405 million going down. That will right itself as we go into the last quarter, and we see the impacts of repricing coming through. Fee income at EUR 250 million up slightly year-on-year. Our costs under control slightly increased EUR 340 million at 2.8%, but on an underlying basis when you remove one-offs, we are stable. Our cost of risk at 20 basis points well within our target range of 60 basis points through the cycle, and we have reached our NPL target, our interim NPL target of 5%, and more about that later. All of that really contributing to that continuous build of capital and normalization of our capital base. At the beginning of this year, we had, you know, 200 basis points target. We have through the combination of the underlying business performance and a number of one-offs, made most of that journey. We are now within sight of SREP compliance by the time the COVID releases are actually withdrawn. Turning then to page five, just a little bit of deconstruction on that, return on tangible equity. If you start on the left-hand side of the page with 514 of the PPOP number, and then we strip out each of the one-off elements. Special tax and resolution fund contributions. What we're doing there is we're normalizing them like they are paid at the beginning of the year, and we are simply spreading out the impact throughout. Market results we strip out because they are the marking to market of our swaps portfolio, which is essentially a defense for our bond portfolio. We take the two significant one-off gains on property transactions as we have reduced our real estate estate over the year. The sale of the logistics portfolio in the second quarter, and then the sale of the head office in the third quarter, which have given us EUR 77 million and EUR 67 million, respectively, in profit. We then strip out the non-recurring operating costs of more than EUR 7 million, and there are a couple of releases of provisions which will not be, you know, seen on a recurring basis. These largely relate to historic transactions where we would have had provisions for potential liabilities on sale of individual businesses. All of that giving you EUR 267.3 million. If that is normalized for cash tax, that 12.4 would become about 11.2% return, which again puts us above our medium-term target of reaching double- digits in terms of return on required tangible equity. If I turn the page, sorry, we're just moving microphones here. If I turn the page then briefly to Portugal, in terms of backdrop, couple of messages on an ongoing basis. We have GDP growth expected in this year of 6.5% and next year 3.1%. Although that is a significant decrease, we still are expected to outperform, this economy is expected to outperform that of the euro area, in both cases by over double. Our unemployment rate of 6.1% is as low as at any time in the last 21 years, and on the basis that we do not have an employment shock, we see, you know, central case for continuing performance of the business. At the same time, the price index and transaction level in the housing markets recovered post-COVID and the pricing has remained stable. On the fourth part of the diagram, you see the recovery in industrial and services turnover. Obviously, service is doing better and industrial production being more impacted by supply chain difficulties and significant inflation. However, this is a consensus backdrop, view, and this is the basis in which we have seen the performance of the last quarter, the underlying profitability, which we see as delivering approximately 100 basis points of capital, and we see that as being reinforced as we go into the final quarter. I will turn the page now to seven. Just a little bit about us, and how we evolve as a bank over the coming period. We are a simple Portuguese retail and corporate bank, and by corporate, we mean an SME. We see our strategy essentially under four pillars, that of customer centricity. Our customer first, simple and efficient operations, developing people and culture, and lastly, capital and risk management. By that, we mean we essentially look on a segmental basis at our customer needs. We aim to satisfy them and deliver a very consistent and high quality experience in doing so. To do that on an ongoing basis, we have to have very simple and efficient operations. The two keys to that are our two programs of digitization on the one hand, and also our new distribution model, where we have reinvented essentially our footprint, but been able to also move between online contact center and branches to deliver our service. In terms of people and culture, our aim is to attract, to train, to retain, and to motivate the best people. We also concentrate very much on how we achieve the objectives that I'll turn to in a moment and the behaviors we expect of ourselves, and each other as we achieve those objectives, which is essentially the base of a healthy, sustainable work environment. The last pillar is sustainable performance. That's about building that capital base, managing the risk, and doing so on a sustainable basis. There are the four, essentially the four pillars that sit behind our strategic approach. Looking at the remaining part of the pages, they're simply indicators of the progress we've made. Our new distribution model, we are well on the way to completion, we have actually of our targeted about 270 branches, 205 already complete. The virtual teller machines, which are the backbone of moving from an administrative to a service driven model. We are at 180 of those branches already installed and functioning. If you look at the middle of the page, you see loans and deposits per FTE showing us driving efficiency, which is the key to being able to provide that experience but do so on an ongoing and sustainable basis. Then on the right-hand side, you see that final point, which is we are at the cusp of building back to, but we have not yet, building back to a normalized capital base, which includes being able to have SREP and buffered levels of capital, having an asset quality which shows us with NPL now down to 5%, but we'll aim next at much lower than that, at the European average of between 2% and 3%. Those are the four pillars by which, as I say, we aim to deliver the strategy. Turning the page to eight, what does that strategy mean in terms of, you know, other than P&L and balance sheet performance, and the key KPI is obviously how are you doing in your own marketplace. You can see from those four diagrams that if we look at our corporate market share, which is, you know, 60% or 55% of our book is corporate, we have slowly built not only in terms of new origination, but our stock at 13.8% is up from 13.4%. Our deposit market share equally slowly inching up. Those, if you took a long time series, would have been decreasing over a number of years. They're now stable and hopefully turning. Mortgage market slightly less in terms of, you know, taking the overall stock, but we see ourselves taking more of the origination. The 7.1%, 6.4%, 6.8%, and 7.8% numbers are our percentage of production. As we climb, then we should be able to stabilize and increase our market share. It is a similar picture as you look at the consumer side. On all of these, we are, I think, well progressed on delivery of the model of bank. We are progressing in terms of stability and competing and gaining our natural market share. As Leigh will take you through in a moment, both balance sheet and P&L shows us being able to deliver a, to be capital accretive on an ongoing basis. I will stop at that and then hand to Leigh to take you through the results. Thank you, Mark. By way of introduction, I'm Leigh Bartlett. I'm the CFO of novobanco. This afternoon, I'll take you through some of the key highlights in terms of both the income statement and the balance sheet. If we start on slide ten, this shows the quarterly progression of novobanco over the course of 2022. I guess the first thing to highlight is that this is our seventh consecutive quarterly profit reported. Also for third quarter 2022, as shown on the left-hand side of slide ten, you'll see that it's also a strong level of profitability with net income reported of EUR 161 million. We should note that within that result is the benefit of the sale of the head office. Even when we adjust for that and some other smaller matters, we still show an underlying profitability in the region of around EUR 100 million for the quarter. If we just look at some of the constituent parts of the quarterly results, net interest income has started to move up. You'll see that there is an increase from EUR 134- EUR 137, Q2- Q3. Fees and commissions have been impacted by the fees generated from the corporate side of the business. These can be slightly volatile. Basically, we had a good level of activity in the second quarter and a slightly lower level of activity in the third quarter. Moving to other operating results. The EUR 88 million reported in the third quarter is principally driven by the sale of the head office. Just as a reminder, the second quarter other operating results of EUR 56 million did incorporate two large items. Firstly, the sale of the logistics portfolio, but secondly, that is the quarter where we recognize the cost of some of the regulatory fees as well. Operating costs have remained relatively stable quarter-on-quarter, a small upward movement in Q3 compared to Q2. Impairments have, again, remained very low in the quarter, and reflective of the trend that we're seeing at this moment in time, which I will come onto later. That's a little bit of an overview of the Q3 performance and some of the main moving parts. On the right-hand side of page ten, I thought it was important to share with people the evolution of the net interest margin. In particular, we are starting to see an improvement in terms of the yield on our assets. At the end of the second quarter, the yield was 148 basis points. At the end of Q3, we now see a yield of 179 basis points. On the flip side, in terms of the cost of liabilities, that has also increased from 27 basis points at the end of Q2 to 47 basis points at the end of September. That is principally driven by the transitional cost arrangement of the TLTRO. It's important to note that within that, the cost of our deposits have remained relatively stable. I'll come onto that a little bit more, as we move through the presentation. If I turn over the page, so now with reference to page 11, this shows the overall cumulative nine-month result for 2022 as compared to the corresponding period in 2021. The headline being a net income for the period of EUR 428 million, compared to 2021 of EUR 154 million. Turning to some of the key elements within the income statement, net interest income is lower in 2022 compared to 2021. As Mark communicated earlier, we expect that gap to effectively close in the fourth quarter. In terms of the headwinds on net interest income, we have the cost of the senior debt issuance that was from fourth quarter 2021, and also the change in the interest cost of TLTRO. In terms of the tailwinds, we have an improving asset yield on a monthly basis whilst containing the cost of deposits. In terms of fees and commissions, we have seen an improvement year-on-year. Meanwhile, in terms of the other operating results, that is significantly up, but that is for the two aforementioned items, which is the sale of the logistics assets in Q2 and the sale of the headquarters in Q3. Operating costs have remained relatively controlled at EUR 314 compared to EUR 305. Within that, there are a few one-off items, so the underlying increase in operating costs is less than 1%. And of course, net impairment and provisions, we've seen a significant improvement in 2022 compared to 2021, even after adjusting for the COVID adjustments that were made in 2021. I shall now turn over to page 12 and just look at the evolution of our net interest income. On the left-hand side, the first call-out is you can see the improvement in the customer loans yield. So 2.02 for the first nine months of 2021, up to 2.07 for the first nine months of 2022. In addition to that, we've also seen an improvement in the yield of our securities and other assets, up from 128 basis points to 136. On the liability side, we have seen customer deposits, the cost actually come down, from 20 basis points to 15 basis points. The one area where we have seen an increase is on both the money market funding, where as we transition through the different cost of the TLTRO, that is causing a negative variance when we compare nine months 2021 with nine months 2022. In addition to that, in terms of other liabilities, because of the debt issuance that we made in Q4 2021, there's an increase in that cost as well. Overall, we delivered a net interest margin of 129 basis points for the first nine months of 2022. Now on the right-hand side, we have done an adjustment to these numbers in respect to the cost of the TLTRO, and it's worth just spending a few moments explaining what has happened here. At the end of June, we, as a bank, took the decision to look at what we thought the overall cost of this facility would be until maturity, and effectively spread that cost over the life of the remaining tranches. Secondly, we did that with reference to the future yield curve and made an estimate of what we thought the cost would be. On the back of the announcement made by the ECB on the twenty-seventh of October, not only have we taken a prudent approach, but arguably an over-prudent approach. If we adjust for that rate communication, it would mean that we should adjust those nine- months 2022 results in the region of EUR 7 million. Therefore, on an adjusted basis, we would say that the number is EUR 413 as opposed to EUR 406 for the period. Okay, I shall move on now and talk on page 13 in terms of the fees. The highlight is that fees on a like-for-like basis have increased 3.8%, and the key driver of that is the accounts and payments side of the business, where we've seen an 11.2% increase. I don't think there's anything else to talk and highlight on that. I shall move on to slide 14, which is an overview of our operating costs. With reference to the right-hand side of the slide, you can see that further progress has been made in terms of the ongoing reduction in employee numbers. In addition to that, we have made further progress with respect to the rationalization of our branches. With reference to the left-hand side, you can see that in particular, our staff costs have actually come down on a like-for-like basis by 3%. The big movement really is in the general and administrative expenses, an increase of EUR 105-EUR 115. I would highlight within this, we consider EUR 7 million-EUR 8 million as one-off costs, and in particular in relation to the closure of the Spanish operation. Okay, moving on now to provisions on slide 15. The key message here is that we have seen low levels of impairment during the course of the first nine months of 2022. The overall net result is a charge of EUR 22 million. That compares very favorably with the nine months of 2021 of EUR 160 million. On the right-hand side, we have made an adjustment in terms of the COVID overlay that was made in 2021. Even setting that to one side, you can see that there was a substantial improvement with respect to the impairment charge in the first nine months of 2022. I would just highlight that within the securities number of EUR 44 million charge, there was one position which you could consider as a loan provision as opposed to security provision. This would cause a slight increase in the impairment charge, but again, the trend would remain the same. Turning to page 16, one of the key messages that we wanted to share with you today was the evolution of our non-performing loan stock, and the fact that at the end of September 2022, we have reduced that number to EUR 1.6 billion, which is 5% in terms of the non-performing loan ratio. Some of the key highlights, in particular, we draw your attention to the year-to-date net formation, which was EUR -109 million. In addition to that, we have made a number of sales, and those two factors have principally driven the reduction in the non-performing loan balance. In terms of the non-performing loan coverage, you can see on the right-hand side that that has now improved to 77%. Turning to page 17. Another important message for today is that currently we are seeing no deterioration in our book in either the retail or the corporate book. By way of example, if you look at the evolution of the different stages, we've actually seen in September 2022 compared to December 2021 an improvement in the ratio of stage one and therefore a corresponding reduction in stage two as well. That concludes the overview of the income statement. I'll now move on to page 19 and call out some of the core messages with respect to the balance sheet. On page 19, I think there are three main callouts. First of all, that we have seen continued growth on the customer loan side. Year to date, we have seen growth of EUR 934 million, which is almost 4%. Secondly, on securities, we have seen an increase of EUR 900 million, and this is principally building of balances, liquidity balances in advance of the TLTRO repayment tranches, the first of which is in December 2022. On the liability side, I would call out the continued growth in customer deposits. Year to date, we've grown by EUR 1.2 billion, and this equates to 4.6%. Finally, in terms of the balance sheet, we've obviously seen in light of the performance, the net income result, we've seen an increase in the equity as well. Finally, in terms of our liquidity ratios, as highlighted at the bottom right-hand side, our LCR is 193% at the end of September 2022, and our NSFR is 108%. If I turn now to page twenty, this just shows the evolution of our loans to customer book and how, in particular, as Mark Bourke highlighted earlier, that we are originating in the region of EUR 1 billion of customer loans, as demonstrated on the right-hand side. This has contributed to the 3.9% growth in the loan book over the nine-month period. Just looking in a little bit more detail, first of all, on page 21, we provide an overview of our corporate loan book. That is where the main growth has come through during the first nine- months of 2022. With reference, first of all, to the middle section of this slide, you'll see that principally this book is a floating book, but in particular, it is referenced to either the one-month or the three-month EURIBOR. On the right-hand side of this slide, we thought it would be helpful just to provide an overview of the different sectors in terms of our corporate book. Hopefully you'll see that it's a well-diversified portfolio. Moving on to slide 22, we just look in a little bit more detail in terms of our mortgage loan book. I think the first thing to say is, in the middle there, although like the corporate book, it is very much a variable book. For our mortgage book, it is weighted towards the 12-month EURIBOR and the six-month EURIBOR, reference rate. I think this is a particularly important key message to highlight in terms of the repricing of the book in light of the change of interest rates. If I give the example of a customer who is on a 12-month EURIBOR arrangement. His or her product would only have its rate reset on the anniversary of the product. This means that some of the rate changes that we will observe will take time to feed through. That is why when we look at the yield on our loan book, we believe that that trend of improvement that we've observed in the third quarter will very much continue in the fourth quarter and potentially beyond that as well. Finally, another key message in terms of the mortgage book is from an LTV perspective, it is well represented in terms of the below 70% and in particular below the 50% LTV buckets. The overall average LTV of the mortgage book is below 50%. I'll just now turn and just give a little bit of an overview in terms of our real estate exposure, where we've seen again good progress during the course of 2022, and a reduction from EUR 824 at December 2021 to a reported position of EUR 714 at the end of September 2022, principally driven by portfolio sales. We've also highlighted on the left-hand side that we have a number of deals that have effectively completed, and if we adjust for those, the balance today would be 681. With reference to the right-hand side of the slide, we also anticipate during the course of the fourth quarter of 2022, further reduction in the portfolio with respect to completed sales. Turning now to page 24. This just provides an overview of the securities portfolio. I think there are two key messages that we would like to share with you today. That is that during the course of 2022, there has been two areas of focus. Firstly, to change the mix of the book in terms of the amount that's on an amortized cost basis. You can see on the right-hand side that how that has evolved during the course of 2022. At December 2021, we had in the region of 23% on amortized cost. That now stands at the end of September 2022 at 72%. In addition to that, one of the other focuses has been around ensuring that we're putting good quality assets on that also qualify in terms of high-quality liquidity assets. In the middle section of that slide, you can see how we've had an improvement in the ratio of the book that is of a better credit rating. Okay. I now move on to the liability side of the balance sheet. Customer deposits, slide 25. So on the left-hand side, as we've communicated, we've seen good growth in our deposit book increase in December 2021, EUR 27.3 billion up to EUR 28.6 billion, EUR 1.3 billion of growth. We've been able to grow that book whilst maintaining a good ratio of retail deposits. You can see the slide section, the middle section, over 70% of our deposit book is retail. With reference to the right-hand side of the slide, you can also see that the mix of the deposit book has been fairly consistent with a broadly even split between sight and term deposits. We've also shown on this slide the evolution of the cost of deposits and how that has improved during the course of 2022. Over the page on 26. Because the level of deposit growth at EUR 1.3 billion has been greater than our loan growth of EUR 0.9 billion during the course of 2022, our loan to deposit ratio has improved from 86% down to 83%. We continue to maintain a strong LCR, closing September 2022 at 193% and maintaining NSFR at 108%. The reason why that has moved downwards is the TLTRO tranches are entering either last twelve or six- months of their life, and that creates a drag on the NSFR. I shall now move on to talk about one of probably the most important message in terms of these results today, and that is the continuation of the capital build during the course of 2022. With reference to slide 27, good progress was made during the first half of 2022, with total capital improving from 13.1%- 13.9%. We are pleased today to report a further step up of 100 basis points to close September 2022 with a 14.9% capital position. I would in particular draw your attention to the third quarter results, which show a good underlying capital build and an improving trend when you compare to the second quarter results and the first quarter results, which is also highlighted on this slide. Finally, from myself, in terms of the balance sheet, just a quick overview in terms of our MREL. We are ahead of our binding target. Our binding target is 17.66%, and at September 2022 we are at 18.7%. We continue to work on our MREL build. We obviously are monitoring markets very closely. We have a new program that is ready to go to market. We are actively engaging with existing and potentially new investors. Of course, we continue an ongoing dialogue with our advisors as well. That completes my presentation in terms of the overview of the income statement and the balance sheet, and I'll now pass back to Mark. Thank you. Thanks, Leigh. Just a couple of final remarks on page 30 and 31. As I said at the beginning, our message here is continued profitability. This being the seventh quarter, that being driven by an underlying profitability and enhanced by individual capital generative measures. Our book expanding our P&L, performing in the way on every line that we would wish it to, and that allowing us to build towards a normalized capital base, which we are well in sight of now. In terms of the targets that we set out in our, on our strategy day in 2021, we basically set ourselves for a gradual expansion of the loan book, I think being achieved. Our NIM ratio being 1.30%-1.50%. Yes, we are shy of that, but as we come through this final quarter and we see the repricing that Leigh talked about playing through, we will probably be, we will have an exit run rate above our range of 130-150. Our cost income ratio still at 45%. We're in the 40s, which European banking is unusual, and our cost of risk is well within the through the cycle measure, as you would expect, coming out of COVID, where we had significant provisioning. We have now reached our NPL ratio first target, and our ROE is actually exceeding that double- digits target with a CET base of 12%. We believe that, given, particularly given the changes in the interest rate curve, it will be in the new year as we come out with the results, we will take a look again at these targets, and probably issue new targets with the final results. I think that my final remarks, as I say, on page 31, we have already touched on the seven quarters, the expanding loan book, the clear profitability on an underlying basis. Actually crossing that divide at the beginning of the year, we had 200 basis points to achieve a non-COVID relieved SREP compliance. Not there yet, but almost there. Equally, targeting to do the same in relation to MREL. As it is 1:45 P.M., I think it's time we hand it over to Q&A. Sure. Thank you. As a reminder, if you would like to ask a question or make any contribution on today's call, please press star one on your telephone keypad. We will take the first question from line Maksym Mishyn from JB Capital. The line is open now, please go ahead. Hi, good afternoon. Thanks for the presentation and taking my questions. I have three, if I may. The first one is in the loan book. Could you please give us more color on the outlook for mortgage business? It seems to be the only segment where you lag your natural market share in new production. I was wondering, what's the reason for this, and what are you doing to resume production towards the back book levels? The second question is also on mortgages. What's your view on the new law related to renegotiation of mortgage loans? Whether you have already analyzed your potential exposure, and could you please give us more color on whether this forbearance regime mentioned in press will result in stage two or stage three classifications if loans are renegotiated? Then finally, on the capital, you are now at 12.7 CET1. Outlook also looks quite solid. Your target has been above 12%, meaning that you accumulate already some excess. I was wondering of ways that we could think of deployment in the next years. Thank you. Okay. Maybe if I do the mortgages and Leigh you take the capital question, if that's fine. Yeah. On the loan book, first of all, you know, how do we see the evolution of that, and why would we be below natural market share? One of the things is we have been very picky in terms of pricing. In general, if you see our pricing, our pricing has been somewhat above the rest of the market, usually 20-25 basis points. We also are pricing very significantly ahead of others in relation to high LTV mortgages. We see ourselves despite that we are going to market effectively both through the branch network and through our intermediary network, and not only have maintained, but have actually started to take more market share, which had fallen down to 6.4% and is now at 7.8%. We are also conscious that there is a you know potential demand for more in the way of fixed rate products, and we'll in the coming days launch two fixed rate products where for a three and five-year fix into the market, and that will match our other competitors. We see ourselves gradually building up back to our normal natural market share level, but not sacrificing in terms of either margin or the quality of risk we take on the balance sheet. That being the first question. The second one was in relation to the new law. The new law is very new. You know, to some extent we are analyzing, you know, the effect of each of the triggers in terms of the debt service ratios and what that actually means. At a very high level, the first thing is, you know, we get the law as we did with the moratorium, and the first thing is to operationalize as quickly as possible and be able to make sure that we are delivering that to our clients. The second is that our overall observation is that the law is a codifying of a practice that the bank should effectively have already. You know, they, as people's DSCRs move out into the high 30s and 50 on one of the triggers, you would already be having discussions with the clients in the normal course of events. This we would expect to be literally a codifying of what should be normal practice. The final question, I haven't got an absolutely clear answer, which is, you know, does this affect and how would it affect movements to stage two or stage three in a way which is more than, or is a technical, kind of impact in IFRS 9 rather than, what would just normally happen in our kind of analysis of our books. We have to work through that. You know, our initial, as I say, reaction to this is yes, it's law. Yes, we comply. You know, largely we have the view that this effectively codifies what should be normal banking practice. Okay. On the capital side, I think the first thing I'd say is that we expect that number to continue to grow. The focus has obviously been to ensure that we get to above 15% during the course of 2022. But 2023 and onwards, we are looking to obviously build a buffer above our regulatory capital requirements. In addition to that, obviously over the next three years, we do need to address the MREL requirements, and we see that the buildup of CET1 can assist with that. One could say, well, you know, should you replace some of your CET1 with Tier 2? I would suggest that at current market rates that probably isn't an attractive option. Our view is that we will continue to build the CET1. If there are opportunities in terms of capital optimization, we'll look at those when the market is more attractive. Certainly at this moment in time, our view is just to continue to build the CET1. Thank you very much. Thank you. We will take the next question from line Corinne. The line is open now. Please go ahead. Everyone, thank you very much for the call. Couple of questions, please. One, just following up on MREL and what you think your trajectory is likely to be there in terms of building up towards the final requirement. The second question is about other restructuring sales that you've got in the pipeline. You previously guided to about 35-45 basis points capital benefits coming from that. Is that the same, or have you already, I guess, booked some of that with some of the specific provision releases that have taken place in Q3? Thank you. The MREL. Mm-hmm. Okay. Thank you for the questions. Just in terms of the MREL, I think there is a consistent answer with the one I gave previously. We have given guidance around a capital build in the region of 100 basis points per annum. Over the next three years, we will be able to address some but not all of our MREL requirement through the capital build via profitability. In addition to that, we do expect to make a number of issuance into the market over the next three years. We believe that that will be in the region of about EUR 1 billion over three years. It really depends on how the P&L evolves. The amount of issuance could be slightly less than that. That's really the guidance that we'd give in terms of MREL. Just to add on that, as Leigh says, you know, very much profitability driven and efficiency in terms of capital consumption. EUR 1 billion is probably the top of the range. The range probably runs from EUR 600 million-EUR 1 billion. We are obviously going to be more back-ended and front-ended as the rating story unfolds. We have had a couple of notches. We would look to have rating reviews as we go into next year. The more normalized we are, the more in terms of years under our belt of performance, the more that enhances our market entry points. You know, by definition, although we have linear progression targets and intend to make all targets that we are set, it is, you know, more likely that we would be back rather than front-ended. On the restructuring funds, can you ask the question again? Because I didn't quite get whether it was in relation to the piece that we have transacted or what's left. Sure. Previously you'd guided that there would be 35-45 basis points, not related to HQ sale, but some additional sales, by year-end. Do you still have the same guidance there? I just wondered if some of the provisions that you released, the specific provisions that you released in Q3, is that basically relating to some of these sales? Has some of that capital benefit already been booked in Q3? Thank you. Corinne, it's Maria here. The 35 basis point you are mentioning from the real estate assets, the majority of them is already included. We are still in the process to complete some of these transactions. Once the deal is complete, you still have a couple of basis points in the last quarter of the year. Yeah, the 35-40, we were looking at each other, not sure, but that's a combination of everything. You know, there are a number of transactions. There's probably only one significant one that would impact us. And it wouldn't have anything like the 35-40. Yes, built into the capital build and CRO would have been a part of with obviously the others, the other smaller individual ones and one significant class in the Lisbon area, which we are still looking at transacting. In relation to the provisions, the provisions are not related to real estate. The provision releases would be in relation to transactions where we have sold businesses perhaps a number of years ago, but in relation to the reps and warranties, we have held over provisions which are reexamined literally on a six monthly basis. Therefore, there are a couple of individual ones that we released, but we don't see that as structural or ongoing. It's not related to real estate. Thank you. Thank you. We will take the next question from line, Ignacio from BNP Paribas. The line is open now. Please go ahead. Thanks. Good afternoon, gentlemen. Thanks for taking my questions and for the presentation. I have two questions. One on the repayment of the TLTRO, and what would be your strategy in that, and how sort of like this repayment will impact your LCR and NSFR ratios. A bit linked to that, do you think that the competitive landscape could suffer if competitors start to pay down the TLTRO? Could that increase the need to pay for deposits and therefore impact the deposit betas? Thank you. Okay. As I mentioned in the presentation, we are very much focused on building liquidity in advance of the repayment of the tranches. By reference, the first tranche due on December 22 is for EUR 1.6 billion. Our LCR is today even higher than 193%. We have substantial surplus liquidity that will enable us to repay not just that tranche, but a number of the other tranches that fall due within the next 6- 9 months as well. We've done an extrapolation of our LCR, and we believe that it would still be in a strong place at the first half of 2023 by just simply using the surplus liquidity to address the first three tranches, which are due in December 2022, March 2023, and obviously June 2023. In terms of the NSFR, most of the drag on that is going to either play through in the results we've shown or, well, the final drag is in December 2022 when the tranche in June enters its last six months. Again, what we are doing with the NSFR is we are building from that position we reported in September 2022, and we anticipate that it will go down slightly when we report in December 2022, but we're building in advance of that. Your second question around sort of the competitive landscape in terms of, I assume, the cost of deposits. We've seen pockets of competition, but nothing across the market at this stage. It is something that we are monitoring very carefully, but obviously what we're reporting today is no upward movement in the cost of deposits. We do anticipate a small increase going forward, but the observations that we're making in the market today is that that will be a modest increase. Thank you very much. It appears there's no further question. Thank you. As a reminder, if you would like to ask a question or make contribution on today's call, please press star one. Thank you. It appears there's no further question at this time. Thank you. Okay. Pretty much exactly on the hour or just about. We have run to time. I'd like to thank everybody for attending, and I hope that we have answered your questions. Please feel free to contact Maria, Investor Relations or myself or Leigh directly if there are any needed follow-up. Thank you very much, and good afternoon. Thank you for joining today's call. You may now disconnect.