Hello, welcome to Novo Banco first quarter 2023 results presentation. My name is Ben, I will be the 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. 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. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to your host, Mr. Mark Bourke, CEO, to begin today's conference. Thank you. Good afternoon, everybody, welcome to the first quarter 2023 results. In the room, I'm joined by Ben, CFO, Bruno and Maria, the IR team. As said before, we will run you through a presentation and take Q&A. Firstly, I would like to say these are, you know, these are a very strong set of results and therefore easy to deliver. I'll call the pages on the presentation that we have already put online. On page four, first of all, we are announcing a net or a profit after tax of EUR 148 million, equivalent of profit before tax of EUR 183 million in the quarter. This is our ninth successive quarter of profitability. Our capital generation, which that is underpinned, is 100 basis points in that quarter. In terms of net interest income, EUR 246 million, that represents an 85% increase on prior year and 12% on the quarter. Our NIM at 234 or 2.34%, is also still increasing with an exit of 2.43 on the quarter. Our cost to income is 35.5, down from 51.2 in the prior year, and that is achieved despite with a focus on cost, despite the inflationary pressure and the ongoing investment in our network. Our cost risk at 41 basis points, it represents a very conservative view and needs to be seen in light of a very, very low NPL formation. Our NPL formation is about a third, running at a third of what we would expect at barely EUR 30 million in the quarter itself, representing a very benign backdrop. Our balance sheet is stable, so at a credit level, our credit book's remaining at EUR 24.6, with each of our books advancing very, very slightly. As we say at the end, our capital stands now at CET1 fully loaded 14.1, and our total capital ratio of 16.5 fully loaded as a result of that additional 100 basis points. The 100 basis points is run rate organic capital generation from the business. We are, you know, really well capitalized, liquid, and positioned to support our customers as they work through their own plans. On page five, we have just tracking back to this year, we announced revised set of financial targets for the medium term. We effectively are achieving in the quarter a positive or a fulfillment of each of those targets literally in the first quarter after announcement. We announced an expected and ability to maintain net interest margin above 2.2%, a cost income ratio ambition of less than 40%, cost of risk through the cycle maintained at less than 50 basis points, an NPL ratio below 4.5%, and a profit before tax expectation of greater than EUR 600 million. We forecast about 250 basis points of capital generation. In each of those numbers, taking each of those numbers in turn, 2.3, as I said, and climbing, in terms of NIM or in terms of net interest margin. Cost to income at 35.5%, beating the 40%. Cost of risk at 41. NPL ratio of 4.4%. Our PBT is actually EUR 183, therefore the run rate beating that EUR 600 million target. All of that giving, as I say, 100 basis points of organic capital generation, which means essentially that we exit the quarter with that run rate. Turning the page to page six, I'd just like to draw attention to the fact that the turnaround is now filtering through and being picked up in terms of our upgrades. We've had a five-notch upgrade in a 12-month period, and two after each set of results. Our senior unsecured by five notches and our Tier 2 by four in that period. That is as a result essentially of significantly improved asset quality. You can see in the middle of the chart there from 8.9 down to 4.3%, and that over a much longer time series going from 28%. Our CET1 at 14.1, fully loaded well in excess of a SREP number of around 10.2%. Profitability, our profitability, which is noted as, you know, significantly improved, with an ability to sustain and offsetting any upward pressure in terms of costs or cost of risk. We are seeing essentially the results of the turnaround playing through into our ratings. You know, with the capital generation and the cost income ratio in this quarter, we would see ourselves as comparing favorably with any European peer that you can pick in the quarter itself. We are also going to add to that list of targets that we have published, a achieving in the interim or in the medium term, an investment grade rating. Turning you now to page seven, a little bit about our context, Portuguese markets. On the left-hand upper slide, you see Portugal 6.7% GDP growth, and there are forecast numbers of 1.8 playing against EU average of 3.6, and one. Figures just out this morning show Portugal really achieving almost that ambition in one quarter, while the EU has effectively, as an average, has underperformed. The backdrop is benign and very supportive in a GDP context. Inflation pretty much will be slightly above. We think that the forecast average of 5.3 there, but equally we played against an EU average lower in the prior year. Looking on the right-hand side, and this is probably the most important graph that we have here, is employment and unemployment. Employment rate ticking up to and holding above the 4.5 million range, and unemployment at 6.8%. While unemployment has ticked up, it is expected that it will plateau and may even come down by year-end, and that would be consistent with the GDP performance figures that we saw, and clearly, you know, a very strong backdrop for the services industries in the country. Housing, both in terms of volume and price index, and this being key for our retail portfolio, we are seeing, or we saw last year a 11.3% HPI increase and volumes holding at a significant level. We expect through this year that that will plateau. Volumes may also plateau or down slightly, still supportive of book growth in the retail mortgage book. The last, but not least, is the expected investment. There's about EUR 13 billion targeted and which must be released, directed at firms of EU funds between the Recovery and Resilience Plan and Portugal 2030 of about EUR 13 billion. That should be effectively fed into corporates supporting corporate development and underpinning the economy over the 4 years. All of this amounting to a benign and supportive backdrop and supporting our ongoing performance and ability to back our clients. Last page before I hand over to the real meat of the presentation, our results, a little bit about our context. For us, on the retail side, everything is really focused on delivery of our omni-channel. We have at a branch network level, we have really gone through the full redefinition and renovation of our footprint. Our concentration now will be on delivery of omni-channel, the omni-channel experience through online, mobile, and branch network being consistent, complete and coherent between those channels, and ultimately for our customers to be able to toggle seamlessly between them. We see the impact of this coming through in client acquisition numbers and also our active digital client numbers climbing through the first quarter. In the corporate side, we continue to implement our sectoral approach and invest in being able to deliver solutions and credit more quickly and seamlessly to our clients. They're, they are the focus, the focuses of the business internally. We see, although it is early, we can see our stable or slight increases in each of our major markets. Customer deposits, loans, corporate loans, and trade finance all up in the quarter and reflecting that investment and the performance that we are now about to discuss in pure financial terms. I would hand now to Ben to take us through the financial results. Thank you, Mark. I will first walk you through the income statement on page 10 and following, and afterwards we go to balance sheet covering our loan books as well asset quality as well as liquidity. Starting on page 10 with the profit and loss statement for the first quarter of 2023, we have reported EUR 148 million in the quarter, representing a 4% year-on-year growth. At the same time, the underlying quality of the bank's earnings has increased significantly. Net interest income has increased 84.5% year-on-year, which more than offsets a reversal of capital markets and other results to recurrent levels. Moving to page 11, net interest income of EUR 246 million in the first quarter has increased 12% to the prior quarter. With this progress not being driven by a volume expansion of interest earning assets, but rather by net interest margin having grown from 1.99% in Q4 2022 to 2.34% in Q1. As Marcus mentioned, we are therefore already delivering now on our net interest margin guidance of north of 2.2% for 2023. On page 12, you can see that loan yields have increased from 2% to 3.83%, benefiting from a primarily floating rate loan book as six-month Euribor has increased to an average rate of 3.09% in the period. Yields are increasing across all of our loan books. However, with a less pronounced increase in consumer loans, given their fixed rate nature. At the same time, we see our cost of funding expanding at a slower pace to 1.07%, with cost of customer deposits increasing to 39 basis points in the quarter, and we will provide further details on this later on in the presentation. On page 13, fee income has been more or less flat year-over-year, as decline in commissions on loans was offset by higher accounts and payment activities. Moving to page 14 and our operating costs. Cost income ratio has reduced to 35% in the quarter, equivalent to 33% on a recurrent basis, with top line expansion more than offsetting an increasing cost base. As Mark said, and as we show on the slide, we will compare favorably with almost any bank in the European market on that basis. Also considering that we are a corporate and retail bank with a full branch footprint. On the left-hand side, you can see the expansion of our operating cost base year-on-year. 8% increase broadly in line with inflation in the year, reflecting on the one hand, exactly that inflation, but on the other hand, investments in systems, digital transformation, and simplification of the business. Staff costs have increased at 5% year-on-year, general and admin expenses by 15%, reflecting the one-offs which we have incurred in the quarter, as well as the investment and the slight inflationary pressures. Depreciation and amortization is stable at EUR 9.8 million in the quarter. On page 15, moving to our loan loss provisions. We have built EUR 27.7 million loan loss provisions in the quarter, which is equivalent to a cost of risk of 41 basis points, therefore, again, meeting our target of below 50 basis points cost of risk through the cycle. This is despite including a management overlay in the provisions which we have built in the first quarter. As we'll show later on, the provisions which we have built in this first quarter are almost equivalent to the new NPL formation which we had, evidencing that we have been conservative in our provisioning approach in this first quarter. We will comment later on in more detail on the asset quality of our book. However, we have seen no deterioration in our client base in terms of credit performance. We have seen no early warning indicators showing us that clients are starting to get into difficulty. Given the strong economic performance of the Portuguese macro environment, this supports clearly our clients, and we're seeing this play out in our balance sheet. Moving to that on page 17. We are showing a 4.7% reduction in total assets in the quarter, which is driven by a repayment of TLTRO facilities in that quarter, while loans have been broadly stable with a EUR 57 million growth quarter-on-quarter. Moving to page 18. We have seen a stable development of loan volumes across all of our books, corporate, mortgage, consumer, and other. With origination levels being broadly in line with prior years, however, we have seen prepayments picking up as clients manage their cash positions more carefully. I would take you through the books, starting with page 19 with the corporate book. We would highlight that after hedges, more than 90% of the book is floating rate. This is a book which reprices more quickly, as over 50% is either one-month or three-month Euribor linked, meaning that it's over 50% of the book reprices in a quarter. On the right-hand side, you can again see the asset quality playing out with only a 0.1% default rate, migration of stage one and stage two to stage three in the quarter running significantly below prior year levels. The mortgage book on page 20, we would want to highlight that we maintained high underwriting standards in the first quarter of this year with an average LTV in the origination of only 60%, as well as with a stressed debt service to income ratio of below 40%. This book is a very well-seasoned book with an LTV of less than 50% on average, and with an average ticket size of only EUR 50,000 per mortgage. We show in the middle of this page, this is a book which reprices less frequently, with 45% being linked to 12-month Euribor, therefore only repricing on an annual basis. I will move to page 21. Walk you through our asset quality performance in the quarter. NPLs are down in the quarter 6.4% with new entries, new defaults equating to only EUR 31 million. Again, as I explained earlier, we have built EUR 27 million of additional loan loss provisions in the quarter, almost as much as the new entries which you have seen. As a consequence, you can see this in the middle chart of the slide, our NPL coverage ratio has increased from 78% to 81%. Given our high NPL coverage ratio, you can see on the right-hand side that on a net NPL ratio basis, we compare favorably to other European countries and are not far away from the EU average of 0.5%. On page 22, we want to highlight that the NPL book of 1.3 billion is a largely secured book, meaning that we either have real estate collateral or we build co-impairments for it. You can see this on the right-hand side, where together with real estate collaterals, we have 111% coverage in corporate and 120% coverage on mortgages, where the consumer book is a very small portion of our book in general. In general, we don't anticipate capital deterioration out of our NPL book. We've been evidencing since December 2020 that all of the NPL disposals which have been taking place subsequently, I'm calling out December 2020 as this marks the completion of our balance sheet cleanup. We have shown that all NPL disposals afterwards have been P&L and capital accretive, we would expect that this would also be the case going forward. Page 23, the same holds true to our real estate book, where we have a very solid coverage of 49%. As we've also shown in the course of last year, on balance, we feel that there is more upside than downside in our real estate book. The assets which we still own have on balance sheet, we have decided to keep on balance sheet, by and large, as we feel that the asset management steps which we are taking are value accretive to this book. We will continue to deleverage this book. As we said, we would also not expect any capital deterioration out of this book and on balance more upside than downside. On page 24, I would briefly highlight the key figures of our securities portfolio. It's an EUR 11.6 billion book, which is to 76% amortized book and 21% fair value through OCI. The portfolio has an average yield of 2.28%, and 40% of it is floating rate after the hedges which we have, the hedges which we have acquired for it. The duration net of hedges is only 2.4 years. The amortized cost book has an unrealized loss of EUR 214 million, which is equivalent to a 14 basis points impact on CET1 ratios, assuming a full liquidation of the book. On page 25, moving to our deposits. What we have seen in the Portuguese deposit market, and this is confirmed by the results which were released by our peers recently, as well as the Portuguese market data, which is available only until February, is that the Portuguese deposit market has been shrinking in the first few months of the year, 2.7% for the market until February. In this context, we have expanded marginally our market share in the deposit market from 9.3% to 9.4%, leading, however, to a drop of in total customer deposits. In terms of cost of deposits on the right-hand side, we have, as we mentioned, increased cost of deposits back to 39 basis points with deposit betas for the term deposit book, running in the first quarter below 20%. Our deposit book is granular with our retail book being 72% insured, meaning below EUR 100,000 and 28% uninsured. Our client base has been loyal and has been with us for a long period of time. 67% of our deposit clients have been with the bank since before 2014, which means they've been with the bank also through very difficult times. The structure of our deposits book is more or less unchanged to the prior quarter, with 74% being retail and only 35% being demand deposits. Moving to page 26 in terms of our liquidity ratios. Our loan-to-deposit ratio has increased marginally to 85%, still benchmarking very favorably to the European average. In terms of liquidity ratios, we are at 111% NSFR and 188% LCR as a consequence of having started to repay the TLTROs. We are expecting to stay at the 110% level for the NSFR on the back of a full repayment of the TLTRO, which is already fully funded, as well as a normalization of LCR to roughly 140% after repaying the TLTRO in full. We have a EUR 13.2 billion liquidity buffer, meaning either cash at the ECB or available ECB-eligible collateral. Moreover, as we repay TLTRO, another EUR 4.7 billion ECB-eligible collateral will become available to us. As such, we have enough means to further steer our liquidity ratios as required, and we've been optimizing this for profitability primarily. On page 27, we have built 100 basis points fully loaded CET1 in the quarter, now running at 14.1% CET1 as of March, and we will continue to generate excess capital. We can therefore fully fund our capital requirements with the organic capital generation which we're generating on a recurrent basis. This does not only cover our total capital requirements, but this also holds true in terms of our MREL needs. Which leads us to page 28, where we highlight our MREL position, showing that we are meeting our linear targets and that, again, our organic capital generation, as well as future balancing optimizations which we're planning to undertake, will satisfy our MREL needs without the need to access the markets. In respect of the Tier 2 transaction where we have a call coming up at the beginning of July, we continue to monitor the market and assess the tools available for potential replacement transaction. On that basis, I will hand it back to Mark. Okay, thanks, Ben. As I said at the beginning, I think, as I said, our results, there are very few gaps in terms of the profit and loss. I think strong on every line, and a very easy set of results to deliver. In terms of the business itself, you know, we are implementing on the retail side, as I said, our omni-channel model and our on the corporate, our sectoral SME approach. At the same time, we are constantly striving to simplify and digitize our end-to-end processes. We are very clear on the markets we wish to address and the services we wish to provide, and equally clear on the areas that we are not engaging in. In terms of what we've achieved in this quarter and the quarters leading up to it, in terms of consistency, being able to build to 100 basis points of capital generation on a run rate basis and having a CI ratio of 35%, as Ben said, puts us literally in favorable comparison to any peer in Europe. We are also now very well capitalized when we compare our total capital levels of 16.5 to a SREP level required of 15, and our CET1 similarly 14.1 playing against 10%. We have the capital buffers, we have the liquidity, we are very well positioned to continue to support and win clients in the Portuguese market. I will stop at that then turn to Q&A. Thank you very much. Ladies and gentlemen, as a reminder, if you would like to ask a question or make a contribution on today's call, please press star one now on your telephone keypad. To withdraw your question, please press star two. Thanks. The first question comes from the line of Corinne Cunningham calling from Autonomous. Please go ahead. Afternoon, everyone, and thank you for the call. Couple of questions from me, please. First one, if you can just give us a bit more detail on your real estate exposures. Appreciate what you're saying on the high level. You're not really seeing any signs of deterioration, but I think there's quite a lot of interest in what's happening under the hood on the commercial real estate side. The second one is more to do with MREL, and certainly appreciate what you're saying about the pace of capital generation. You have a fairly large senior bond reaching the call date in January as well. Is there no expectation that you might seek to refinance that one now, given your stronger credit ratings, et c.? How do you think about the maturity of that one, playing into what you're saying about, I suppose, organic capital generation, but also the fact that your MREL requirements is kind of going up year-on-year? Thank you. What I do on both of those is I'll make a couple of very high-level comments and then hand to Ben in terms of detail. Working backwards on MREL itself, we have obviously a longer time horizon to fulfill our MREL requirements. I think the principal messages are that, you know, we will just through dint of pure organic capital generation fulfill those targets on the basis of even of our original plans delivery, we have already beaten expectations on internally. However, you know, as we do so, and as our ratings actually catch up with the reality of the business, then looking to funding and looking to Tier 2 our redemption of other instruments or replacement of other instruments will be largely driven by the economics. I'll let Ben give you the kind of the detail behind that. On the real estate exposure, our principal messages again are we have the flexibility. On what we hold, we are very comfortably marked. We had a considerable amount of asset development opportunities which we are executing, and we believe that even with, you know, movements in the real estate market in terms of valuations, we still have upside, and we have flexibility in terms of when we dispose. I'm gonna give both of those in terms of detail on the instruments and detail on the portfolio to Ben to comment. I would maybe first start with the real estate exposure, and I would first start with the direct real estate exposure on page 23, to give you a bit more granular color on how this breaks down. We have a EUR 600 million real estate book, EUR 604 million real estate book as of March 2023. That's net book value, net of the 49% coverage. As you can see in the middle of the slide, it breaks down between land, EUR 300 million commercial, EUR 230 million, and residential other, EUR 70 million, EUR 70 million. On the right-hand side, we're showing how we are thinking about this book and how it breaks down in more detail. EUR 75 million of the EUR 604 million, we've already signed a contract to dispose of them. Here it's just a matter of the closing conditions to be fulfilled and this asset basically transferring to the counterparty. Down payments have been received on those EUR 75 million. It's just a matter of time. We'll always have some of those assets which will just transition, but as of March 31st, it was EUR 75 million. We have EUR 115 million commercial real estate book, which we've optimized in terms of asset management with lease ups and optimizing the net operating income. This is also where you see in a sense, an inflation hedge as rents increase with inflation. The NOI, sorry, the yield on our net book value is 7.8%, which even if we're looking at current market yields, again, on balance, we think there's more upside in this portfolio than downside. We have a EUR 250 million book of land plots. Those land plots have not been disposed in prior sales processes of the bank because we decided that we think with further asset management, we can significantly increase the value of them. Those are primarily five plots, and we have the details in an annex slide on those. Some of those plots are, I would say, amongst the best and most prominent real estate development plots still available in the Portuguese market. And we have been working with municipalities in terms of the licensing, that we de-risk for a potential buyer, the prospects of acquiring this land. What we have seen in prior disposal processes is, as we de-risk the licensing process and basically sell a plot of land, which with the architecture fully approved and the developer can start, basically the next day, the development of the project after he's acquired it, this brings up significantly the value of the land. We've been doing all of that work, and we're now starting to dispose those plots. We're actually in the market with some of them, and again, on balance, we would expect more upside than downside. We have an appendix page on this. 39. Page 39. Where we've actually given you a lot of details in terms of the square meter sizes of those plots, as well as precedent transactions of comparable plots of land. You can easily multiply those two metrics, and you'll very quickly get to values which are significantly above our net book value. Going back to the page 23, the remainder of what we have here is really small, a small base, EUR 100 million granular assets, and we're disposing them on a regular basis. As you can see on the top right-hand side, we've been continuously disposing those assets at a gain to net book value, which is on the one hand, a reflection of how the market has developed, but also expressing confidence that our appraisal policy is working. That's that just expresses what I've said before, that we don't expect capital depletion on this book also in the current market context, and we see more upside than downside from this. On the commercial real estate side, I would just highlight that what we haven't seen in Portugal is an uptick in vacancies. This is not an asset class like in the U.S. which is our primary concern given the performance of this asset class in Portugal to date. We have an office portfolio which is roughly EUR 465 million net book value. It's a very small portion of our overall loan book, the office portfolio. Loan to values are primarily below 60%. I think more than 80% of our office portfolio is below 60% loan to value. That, that in general makes us fairly comfortable and relaxed about our real estate exposure being in the loan portfolio or the direct real estate portfolio, which we have on the book. Moving to your second question, which is, which is what in relation to the issuance plan. The way we see it is we've built all of our plans on the basis of not needing to enter the market. We are, let's say, in the luxury position that we can choose the time when we go to market. We have full optionality and flexibility at which time we go to market, be it on the Tier 2 or be it on an AT1 instrument. Obviously, we want to become a regular issuer of both AT1 as well as Tier 2, and we will become one. However, what we have obviously seen is that the rating agencies as well as the markets need to catch up with the underlying performance of the business as we see it today. Once we feel that the underlying performance of the business is reflected in our credit spreads, then we will start to become a regular issuer. I would say this is the same way how we think about optimizing for NSFR. We on purpose, have kept a short duration liability profile, and we haven't churned out liabilities because we obviously see the positive credit trajectory of our bank, given the performance we're delivering. We're obviously trying to optimize for profitability, rather than to lock in expensive long duration funding at this stage. The exception might be the Tier 2, where we by definition, would need to have a five-year paper out there. Thank you. That's very clear. The next question comes from the line of João Rosado calling from Finantia. Please go ahead. Hi. Congratulations on the great results. Just on the target of becoming investment grade, can you please explain exactly which sort of metric? If we look at, for instance, the senior preferred bonds, it's Ba3 by Moody's. Your long-term bank deposits are Ba1, and your counterparty risk assessment is already Ba3. Following up on that, given, you know, how long it is expected that Moody's will take to upgrade you again, do you consider getting a third rating agency to rate your notes? Again, I'll just take a couple of high level remarks in relation to this. Obviously, you know, depending on which piece of paper, the gap whether it be three or whether it be four to investment grade, or to notch up to cross the line, you know, I suppose what we're saying is for both of these papers, we're looking to be for both of these, we're looking to be investment grade. The reason we say what we say is that if we look at the current performance of the bank, and let's take again, you know, NPL reduction from, for the moment, and we run effectively the models for a baseline credit assessment as they would do, we see the current performance effectively projecting us into an investment grade level. That's why we've said we added to our list of targets. Obviously, we are not in control, but we can deliver and continue and maintain, sustain the same performance and believe that we will get to investment grade for both, in, you know, within the medium term. The second question you ask is about other, potentially other, agencies. We do have DBRS, we do have Moody's. Clearly, as we, you know, build out the equity story, we see having at least one of the others as a choice that we would make, within, you know, again, within a reasonably short time horizon. I would just complement that, Mark, pointing out page 48, which is the Moody's scorecard, which we have put here on paper for you. What we've shown you is the Moody's scorecard as of July on the left-hand side, 2022, when we for the first time received a two-notch upgrade on the BCA. Now the most recent scorecard as of April 2023, with the most recent rating actions by Moody's. What we've also calculated for you on the right-hand side is basically just looking at our first quarter performance and recalculating the metrics, how we would look like. As you can see, between our current BCA of Ba3 as well as the raw score, which would calculate on our first quarter metrics, there is a five-notch differential, sorry, a four-notch differential between the two. As such, this gives us confidence that, and we have a positive outlook, this gives us confidence that further rating actions may happen. In general, we would expect or what we have seen is that we have been, Moody's has reviewed us on an annual basis on the back of our year-end results. The next question comes from the line of Lee Street, calling from Citigroup. Please go ahead. Hello. Good afternoon. Thanks for taking my questions, and well done results. Three from me, please. Just can you confirm you've not changed your assumptions for ECB policy rates? Then does that link to your- Guidance for the net interest margin. Are you not going to be like significantly above 220 basis points for the year and just given, you know, how your loan book reprices? Secondly, do you expect to get a, you know, a reasonable reduction in your Pillar 2 requirement this year as we look ahead? Because obviously it's still relatively high versus many peer banks, and obviously then that impacts your, you know, MREL requirements and, and capital requirements, etc. Finally, understandably, you sound all relatively relaxed, on the outlook. I suppose my question is, what's your biggest worry? You know, what's the thing that can go wrong that keeps you awake at night? That'd be my three questions. Thank you. I love the sweeper question at the end. I will end with answering that one. just on the assumptions, and again, Ben can come in, You know, we can see from, as you say, 2.34% for the quarter, but an exit NIM of 2.43%. Clearly, you know, we are outperforming that target, and we would expect that just mechanically, if we continue to just have the same balance sheet, then we will automatically see that NIM tick up. Our assumptions in terms of that are unchanged, but we will outperform the target. That target, though, is a medium-term target where we're saying that we will consistently beat over a period of time. That's worth maintaining. The second thing is the reduction in capital requirements. I would make no, I would make no forecast in relation to capital requirements. I think in no more than the rating agencies, the slowest, the slowest or the longest catch-up would be in a regulatory context. In terms of what keeps you awake at night, I think it's like everybody else. If the current backdrop holds, if we have an economy where we don't see an employment shock, we don't see a significant, global macro event, if we don't see a major downturn, then I think we are relatively relaxed about the outcome. But any one of those, and particularly an employment shock for a retail bank, would be the one that, you know, we, or the variable we're constantly looking at is employment. Ben, on to you. Just to add on the net interest margin. I mean, as I say, our guidance has been north of 2.2% on the basis of a 20%-30% deposit beta, with an average deposit fund rate of 2.7%. As you say, deposit fund rate is already at 3%, we've been showing you that in the first quarter, our term deposit beta is below 20%. There's outperformance on both ends in terms of in the first quarter, in terms of deposit beta, as we're running below the 20%-30% guidance is for the entire book. As we're saying, we're only seeing below 20% on the term book, as well as the DFR is above our guidance. As Mark said, this is evidenced by our current March exit NIM, and we would expect that this provides further benefits throughout the year. We currently have no question coming through. As a final reminder, if you would like to ask a question, please press star one now on your telephone keypad. We still have no question coming through. Another final reminder, please press star one now on your telephone keypad. We will give another few seconds. It looks like there are no further questions. I will hand you back to conclude or to your host to conclude today's conference. Thank you. On the basis, as you say, on that basis, we would also say that if you have any further questions, please contact Ben, myself, or Maria. We are available obviously for one-to-one as required. All that remains to say is thank you very much and good afternoon. Thank you for joining today's call. You may now disconnect.