Dear ladies and gentlemen, welcome to the conference call of Banca Transilvania. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions, if any participants that still could use sign the conference plus parties followed by zero telephone for operator system. May I now hand you over to the management of Banca Transilvania. Please go ahead. Hello, thank you for joining us in the second attempt to have the Q1 2021 financial statement related press conference call. This time, unfortunately, Omer, our CEO, is not attending the call. He was having some meetings with clients around Romania, in fact, in the southern part, already scheduled for this week. We said that real economy is very important, so he's continuing his trip. I am here together with our CFO, George Călinescu, and we are going to try to present results for Q1, and also we are going to try to answer your questions. We would like to start by apologizing once again for the technical problems we were facing Monday during the call. A couple of times we were thinking that you are able to hear what the operator was transmitting you, but unfortunately, there was a problem which was not fixed in due time. Coming back to what Omer was starting to present and to talk to you on Monday, a little bit about the macro developments in Romania. For sure, you have a lot of details in that respect. We are coming just with a couple of confirmations with regard to how financial development, economic development in the country was taking place. When it comes to real economy, we had a strong rebound, let's say the V-shaped recovery seems to be really in place. We are having in our presentation, which is available on our website, a couple of graphs which are giving you some details with regard to how the real economy is having the evolution. Very relevant are indicators like the energy consumption or the fixed investments, which proved to be on a highly upward trend during the first quarter of the year. Coming closer to what, let's say, economy and macro indicators are meaning for the banking sector, we would like to mention that in terms of the monetary policy, we are currently expecting that the central bank is going to keep the policy rate around the current level, which is 1.25. It might be that another potentially 25 basis points cut could follow, but we are not really, let's say, betting on something like that. We would anticipate some stability in this respect, especially looking also at how the inflation target is being set. When it comes to the exchange rate, we were facing a depreciation for the local currency, but the pace was, let's say, quite well under control, or it was a very linear one without shocks or without unexpected abrupt moves. A very important aspect which we were mentioning also in the past, like one of the opportunities for Romania, are the available EU funds. The very good thing is that now we are seeing really quite nice increases when it comes to the absorption rate, which rose by seven percentage points during the first quarter of this year. When it comes to the banking sector dynamics, as you might already know, we were having a nice growth in terms of private loans, in terms of corporate exposure. All in all, the areas in the economy, being them corporate clients or retail clients, were having nice growth when it comes to the outstanding exposure. In terms of non-performing ratio, even though everybody was looking with a lot of attention to what is happening in that respect, considering last year's lockdown and the public and the private moratorias which were applied in the banking sector in Romania. People or analysts were anticipating that NPLs could have been on a rising trend. However, the level is still below 4% also at the end of February. We don't have yet the figures for the end of March, but things look like being under control. On the deposit side, the growth continued during the first quarter as well, and we are having a very high liquidity in the banking sector. The loan-to-deposit ratio declining to less than 70% across the banking sector, with significantly higher liquidity when it comes to the FX segment. Not only the local currency component, but the FX side is also bringing a lot of activity to the market. When it comes to Banca Transilvania and what we have done in the first quarter, as you were able to see also in our press release, we were trying to have all the engines prepared and started in order to support all the new initiatives taken by the private economy. Besides going with all the programs which were offered to the market by the bank, we were also an active player in all the government programs which were either continued or started during the first quarter of this year. Here we are talking about an additional program when it comes to the guaranteeing scheme for SMEs, the so-called IMM Invest, which was started last year and which continues with the two phase this year. We are having now a new initiative which is looking for specifically the agricultural sector as part of this IMM Invest program. There is a program for leasing, there is a program for factoring, and we are having again a program which is a continuation of the Prima Casă program for individuals in the past, which is nowadays called the Noua Casă. This is one of the important players and having quite important tranches allocated under this program. Important maybe to mention a little bit, if we are talking about these government programs, also about the public moratoria, which was ended, like in majority of the cases, at the end of last year. Let's say the new items added to the public moratoria for last year was permitting clients which were not accessing the full period of nine months during last year to get that extra months, which were the difference between what they took and the nine months which was allocated in the initial program to take it during 2021. Here we can already mention that when it comes to Banca Transilvania, the amount of clients entering this program is very limited, and we are talking about less than RON 150 million, which are currently under this public moratoria, while everything what was, let's say, as public moratoria at the end of last year was finished and we are not having them as ongoing under moratoria kind of exposures. What we were saying last year that we are doing at an accelerated pace, and it has to do with a lot of digital initiatives, we were continuing this quarter as well. For the whole year, we are having these programs and plans in place. When we are going to talk about budget, George will give you some details with regard to how much we were budgeting to spend for everything, what digital initiatives and meaning in our bank. It's not only about what we are offering to our clients, but also the way in which we are trying to increase the internal efficiency so that we are able to process faster and to provide higher quality product and services to our clients. Most probably, you were able to see that this time we are having a quite extensive report available with a lot of explanatory notes to the financial statement so that, yeah, it might not make sense to lose too much time with details regarding the different items of the P&L and of the balance sheet. What we can say in general is that we are quite comfortable with the way in which we were able to capture the opportunities in the market during the first quarter of this year. That in fact, potentially a little bit conservative way in which we were acting last year is proving to have been correct with the way in which we were able to shape the balance sheet structure and the P&L structure of the bank. We were seeing nice growth when it comes to the pre-provisioning operating profit. A lot or not necessarily a lot, but if we are comparing just first quarter of last year with first quarter of this year, you should take into account that during last year, we were having beginning of March, the shock of the lockdown, which was quite an unexpected event for the banking sector and which was having an impact when it comes to the financial market, so that some of the movements and evolutions during the first quarter of last year were somehow out of the row when it comes to a normal evolution for our different P&L positions. In terms of loan structure, more or less, we continued with the same very well diversified in terms of exposures, customer-wise, product-wise, sector-wise. We are continuing to mitigate credit risk by making sure that we are not over-investing in any of the sectors, and that sector-wise, we are having a dedicated approach when it comes to the sectors which are bringing the highest potential positive evolutions for the Romanian economy. We mean agriculture, IT, infrastructure. We are trying to concentrate on these areas, which are really adding a value for the Romanian economy. When it comes to the loan quality, past 90 is at the same very good or very well managed level, below 2%, with a coverage ratio in line with the way in which we were having it covered also in the previous years. For the deposit side, we continue to see growth on the retail side, which is still accounting for the largest part of our deposit structure, which is completely in line with previous strategies and policies. We continue to pay a lot of attention to that area as well, concentrating on how we are keeping and managing a very constructive and sound relationship with a wide range of clients, being it for the credit side or for the deposit side. If we are moving, let's say, to the capital structure of the bank. As you can see, we are very well capitalized with a very sound capital ratio on all the segments and according to all the definitions. Together with George, we are going to provide details with regard to how 2020 profit was proposed to be distributed in our shareholders meeting, which was also taking place at the end of April. Last but not least, we are going to be much more vocal with regard to our ESG initiatives in the market. Potentially you have seen our ESG report published for the first time in a very, let's say, complex manner and covering several chapters. We are going to come with a lot of updates and with a lot of details regarding the actions and the ways in which BT understands to be an active player in this respect. Not only with regard to how we are behaving as a corporate citizen, but also with regard to the education and the way in which we are going to be able to translate to the SME sector in Romania all the values which are related to sustainability. I would stop here with the general presentation regarding first quarter kind of results, and I'm giving now the floor to George to come with some details, and then we are going to continue with the Q&A session. Thank you, Mihaela. Mihaela mentioned a little bit of details on the evolution of the first quarter. I will go a little bit in detail with the plan for 2021, as they were detailed in the budget approved in the general shareholders meeting. Especially I would focus on what Mihaela was mentioning, that we'll have a focus this year on innovation, digitalization. I will mention that out of the total approximately RON 400 million budget for investment proposed, 2/3 of this budget is proposed to be allocated to investments in IT systems or digital initiatives or cards initiatives. It's the highest percentage of an investment budget allocated to IT and digital initiatives that we had, I think, since I joined BT seven years ago. I'm happy that really we have a focus this year on IT and digital initiatives. With respect to other items of interest related to the budget for the year 2021, I think it's important to note that we have proposed a budget which is, I would say, mildly optimistic in terms of the evolution. It takes into account what Mihaela was saying in terms of the evolution that is expected for the economy in Romania from a macroeconomic point of view, with a positive growth in terms of asset size and especially in terms of loan book, with a planned increase of the loan book of Banca Transilvania to a gross amount of RON 47.7 billion from the RON 44 billion that we ended up the year with. While total assets are estimated to be increasing to approximately RON 115 billion at the end of this year. In terms of key ratios, we will maintain a balanced approach that the bank has had throughout last year And the return on equity, which is at almost 13% at the end of this year. Of course, this will be highly dependent on the ability of the bank to distribute results throughout 2021. We have not taken into consideration dividend distribution because we don't know at this point in time if we will be able to have the restrictions made by the central bank on the distribution of dividends lifted by the end of the year. Should that happen, we are prepared to distribute dividends, and it's our intention to do so. If you look at the shareholders' meeting proposal, actually, the results of the year 2020 were split into two. One, it was proposed and approved to be distributed as share capital increase to the shareholders. This will take place throughout the year. One was kept into reserves, especially with the expectation to have this restriction on dividend payments maybe relieved by the end of the year. Should that happen, we will ask again for the shareholders meeting and discuss with the shareholders the dividend distribution, which will be similar to what we had in the previous years. We want to maintain the same pace sort of dividend distribution if we are allowed to do so. We have the capacity. We are very well capitalized. We have put aside in the reserve such amounts, and we just wait for the permission to do so. That is from my side with respect to the budget. If there are any questions, we will gladly take them now from the people. Thank you. Ladies and gentlemen, if you would like to ask a question, please press zero and one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask a question. If you find your question is answered before it is your turn to speak, you can dial zero and two to cancel your question. If you're using speaker equipment today, please lift the handset before making a selection. One moment, please, for the first question. The first question is from Hai-Anh Tran, Concorde Securities. Your line is now open. Hi, can you hear me? I guess it's me with the pronunciation, this one. Yes. Okay. Thanks for your presentation. Just two questions from my side. The first one would be on the NIM outlook. I was wondering if this figure, if you had in the first quarter already reflects the interest rate environment, like all the rate cuts that happened so far, and what is your NIM outlook moving forward? My second question would be on personal expenses, because it grew quite substantially year-over-year, and I was wondering if this is related to wage increases or how much was it due to wage increases, and how much was it due to increase in the number of employees or other expenses? We are going to split the answers. I'm coming on the NIM with details, and George will take over the personal expenses part. When it comes to the NIM, yes, indeed, it incorporates the majority of the effect related to all the cuts because there is some time since the last cut was taking place. In addition to this, please do not forget how liquid we are and the level of the loan-to-deposit ratio. It is highly dependent on also this excess liquidity. We are hoping, and we are giving our best to come with a higher pace when it comes to placing loans to the market and to make sure that the absorption of the excess liquidity is going to happen at a slightly faster pace compared to the past. With respect to the personnel expenses increase, I want to point out that the first quarter of the year includes some one-offs related to initiatives that were discussed and agreed with the employees in the last year before the pandemic, and which were not able to be put in place because of the pandemic. With respect to some loyalty bonus that was to be paid out celebrating 25- years of history of BT to the employees, which had some tenure with the bank. Unfortunately, we couldn't implement this program last year because you remember very well that we were prevented from engaging into stock option plan initiatives. Also we had quite aggressively engaged into cost control initiatives because we didn't know what the impact of the pandemic would be on the financials. Now, since we had a release in terms of the stock option plan, we brought up this agreement that we had with our oldest and most senior and trusted employees that we will take back this program. This cash on amount, which in Q1 was of RON 25 million, represents actually the amount that was due for last year, which we couldn't book. Until now, we don't have significant increases in the gross wages of the employees. The last increases that we had were, I think, in February last year. Since then, only maybe some money for retention purposes increases took place. Yeah. Just an addition that staff-wise, in terms of number of staff, we were having just light increases in that respect, and everything was, or the majority of them were related to what digitalization is meaning. We were growing a lot the teams which are working in the digital-related departments or digital-related activities of the bank. Okay, thank you. That was very helpful. The next question is from Simon Nellis, Citi. Your line is now open. Hi. Thanks very much, Mihaela Nădășan. I would be interested in just an update on asset quality. I was a bit surprised to see such a large provision reversal. Could you just let us know why you feel comfortable enough to release provisions? Have you released any of the macro forward-looking provision? Just what's the background there? Maybe an update on just the moratoria exposure that remains and the payment discipline of those who've exited moratoria. Yeah. I'm going to start with the first part, and then George will come with some add on, let's say. The point is that when it comes to the repayment behavior of the clients, their situation is very well under control. With the, let's say, monitoring actions we were taking already in the last quarter of last year, we have seen that, in fact, the number of clients exiting the public moratoria was not facing any kind of problems for the time being, and that the repayment profile of the clients remained as sound as we were counting. Nevertheless, we were prepared for the worst. What we were mentioning in the previous conference calls was that we are going to be, let's say, closer to having the final statement in this respect more towards the half of this year or potentially the third quarter, because companies were still enjoying some liquidities in their accounts, which they were able to set aside during the nine months of public moratoria they were enjoying last year. To the extent their economic activity was hurt, this is not going to be already very visible in the first quarter of this year. This is, let's say, one aspect, for the second aspect, George will come with the details. You know very well, asset quality is formed by two elements. It's one formed by the collective assessment of our loan portfolio, which takes into consideration macroeconomic indicators and everything that Mihaela was mentioning, which didn't pose significant impact at the beginning of the year. Also, it's formed by an individual component of assessments, especially for the loans that are in Stage 3. For this part, we benefited in the first quarter of some recovery from some clients in the corporate sector. Moreover, normally, historically, we weren't able to book anything in this respect in the first three months of the year because of cutoffs and the audit taking place, and this individual assessment impact being sort of an adjusting event from last year. Whatever we found in the three months of the year in terms of individual assessed clients, it's already booked, but booked in December financials. That's why maybe you see only a reversal, because from a macro point of view, which affects the collective assessment, pretty much things were flat. We had some recoveries on the individual level, and we couldn't book anything on the individual level because those were booked in last year. Already in December. Yeah, if you are going to look, as George was mentioning, at, let's say, historical quarters, you are going to see that for the last couple of years, first quarter costs with provisions were usually reversals, as auditors are having now quite consistent this approach of making sure that whatever they are seeing as potential signs during the first couple of months during the start of a new year, it's already booked in the previous year financials. For this year, we were again quite conservative when it comes to the cost of risk. As you can see in the budget, we have booked a quite large amount, which is related to what I was mentioning that, yeah, we might see the final way in which the pandemic is going to be reflected in the quality of the loan book just towards the third quarter of this year. We are nevertheless monitoring closely all clients and all exposures, and we hope that as we have seen in the first quarter, if the economy is going to have such a nice recovery pace and such a nice rebound, the level of NPEs is going to be rather limited compared to what we were initially anticipating. Okay, that's quite clear. Just to confirm that there were no releases of the collective provisions? No. No. Nothing substantial. If I could ask just on cost growth, because I think you have around 15% cost growth penciled into your budget, but you've obviously been performing better than that. I think you kind of discussed it before. Can you explain why costs should accelerate going forward? It's a factor of what I mentioned a little bit before. Our investment budget, it's not reflected only in investments. It's also reflected in maintenance costs and all the nice things that come after you finish the investment on those IT initiatives that I detailed briefly at the beginning of the presentation. If you look at the base comparison, we are comparing a budget for 2021, which includes also some initiatives related to acquisition of new business in the year 2021, with the base case, which is heavily affected by cost cuts in 2020. We had, even though the first quarter of 2020 was actually sort of business as usual from a cost point of view, in the last three quarters of last year, we put the brake quite heavily on those investments and costs. This is why you see an increase, but an increase with the comparison to a cost control environment, which is not very conductive to growth for the bank. Nowadays we're coming to what we've seen maybe in 2019 in terms of investments and initiatives in BT, with a comparative amount of cost to the previous year before the pandemic. Okay. That's clear. Just one last one from me is on Moldova. Can you give us an update there? I think you had some political or regulatory, legal risk there, right? Yeah, unfortunately, we don't have any kind of news. No news. Maybe it's not correct to say unfortunately, it might be also fortunately. It might be that they were acting last year a little bit too fast without properly assessing all the aspects, and now they are just, yeah, trying to not do anything. Yeah, we are also hoping that things are going to be just with a positive outcome. However, we are prepared with everything, what would be needed in terms of having legal advisors and everything correctly in place. Yeah, there were no additional actions, when it comes to any kind of authorities there. And what-. Moreover, the business in Victoriabank is growing quite nicely. The bank didn't have any issues in terms of losing clients or losing business after these allegations of whatever, procuratură, prosecutor's office were made public last year. Okay. Thank you. Yeah. Thank you. The next question is from Robert Knotters, PKO BP Securities. Your line is now open. Hello, can you hear me? Yes, we can hear you. Hello. Hello, everyone. I have two perhaps repeated questions. First, could you provide maybe more detail, because I'm not sure if I understood the outlook for the net interest margin. I understand the dilutive impact of the excess liquidity, still, I would be interested if the repricing impact, especially on the mortgage loans, has already been fully priced in on the portfolio level. That's the first question, the NIM outlook in more detail. Secondly, about the expected cost of risk or provisioning charges this year. I understand that you might have quite a conservative, again, budgetary assumptions of close to 600 million RON, if I'm not mistaken, of provisioning on the bank loan level. Still, I'm a little bit surprised because that would imply a very significant increase in provisioning cost over the remaining three quarters of the year. Where do we actually stand, if you could comment in more detail on the provisioning outlook? I understand that, in the end, you expect to do much better than the outlook outlined in the budget. The question would be how much better, and additionally, if you could reveal some figures about the Q1 NPL formation and how did it compare to the pre-COVID past. Thank you. Thank you for the question. Coming to the net interest margin, whatever repricing was is already fully priced in. When it comes to the previous cut, it's already in. That's all for clarification. When it comes to the cost of risk, indeed, we are as usual quite conservative, and we want to make sure that we are properly assessing potential risks, and we intend to show that we are able to provide a certain bottom line while making sure that from a risk perspective, we are well covered. These were principles which were guiding our activity throughout the entire existence of our bank. The same way we are acting for this year, and we intend to remain with these principles. Definitely, we are not going to exaggerate with over-provisioning if we are going to see that after the second or third quarter of the year, things are really just going on upward trend, and things are, let's say, just performing extraordinary. When it comes to the level of the cost of risk which was budgeted for this year, in fact, we are within the limit we were mentioning that cost of risk should be throughout an economic cycle, so between 110, 120 basis points. Definitely, we are still on a more conservative side, thinking that we are just in the second year after the pandemic. If it's going to be confirmed that we are in the year of a new economic cycle, definitely things might look better. Yeah, again, repeating myself and ourselves, we are within the range we were mentioning always that it's according to our provisioning policy and the IFRS 9 policy we are having. We are consistent, let's say, with previous statements and with our provisioning policy. When it comes to the NPL formation during the first quarter of this year, we are happy to say that we were not seeing any kind of reverse in terms of trend. There were no, let's say, real hiccups. On the contrary, things were moving just in the way in which we were anticipating, with some sectors having significantly better results compared to others. Definitely, whatever is linked to the hospitality sector is facing some problems, but our exposures sector-wise are not that significant, so that trend-wise, we are not facing any kind of changes until now. I have a follow-up question on the state of the NPL resale market. How is this market doing, and whether you intend to make any potential sales later this year? Unfortunately, the NPL resale market was heavily affected by the fiscal regulations, which prevented banks that are in a good sort of fiscal tax position to engage into sales of assets on the secondary market. We have had, let's say, promises from the government that they will change that legislation. I guess that the government had other priorities with the pandemic and all these activities around the pandemic, and did not focus on solving this until now. We did have promises, as I mentioned, and we are periodically reminding them. It's not on top of the agenda of the current government, unfortunately. Right. Thank you. Thank you as well. At the moment, we have no further questions. As a short reminder, if you would like to ask a question, please press zero and one on your telephone keypad. Yeah, maybe just, let's say, an observation. Whatever kind of extra questions you might have after finishing the call, please feel free as usual to send short emails to us, and we are going to follow up with relevant answers in due time. Yeah, we are still available if there are going to be extra questions now. We have some extra questions. The first one is from Thomas Unger, your line is now open. Yes. Hello, good afternoon. Thank you very much for taking my questions. You've talked about the asset quality and the NPL ratio and how it remains quite stable. What do you expect for the NPE NPL ratio for the rest of the year now going into, you could talk about Q3? Do you feel that the NPE ratio could remain below 4.5%-5%? What is your expectation there? On capital, the capital ratios, what is the dividend that was set aside in capital? What do you expect in terms of RWA inflation for this year? Are the RWAs, the risk-weighted assets, expected to move up with loan growth? Any other factors that you anticipate for 2021? Thank you. Yeah. When it comes to the asset quality and NPE levels, indeed, we are hoping and we are working towards keeping the ratio below 5%. That would be a level we are targeting to keep for this year. Hopefully, as the economy is going to continue the trend we are seeing now, and if it's going to continue like this, then yeah, we are more than less comfortable that the NPE can stay below 5%. When it comes to the capital adequacy ratio, maybe I'm going to answer first the last question. As usual, there are a couple of items which are influencing the risk-weighted assets or the allocation of capital, and one of them is related to the operational risk, which is more or less going in line with what the bank activity is having as an evolution on a three year basis. Usually we are having some updates there and some increases of needed capital. The same is happening when it comes to the market risk, where by the growth of all the portfolios related to market risk, definitely also risk-weighted assets part is growing. On the lending side, it's going to be just in line with the portfolio growth. We are not going to shift the strategy towards more capital-intensive kind of exposures. When it comes to the dividend part, as you could also see, maybe if you are looking on our website, there is a presentation we had at our shareholders meeting. There we were having mentioned that half of the profits of last year could be used for the dividend payout in cash to the extent regulators are going to allow such an exercise. Half means something between RON 550 million and RON 600 million. Okay, that's reserved in capital already? Yep. Yeah. We have a follow-up question from Robert Knotters. Sir, your line is now open. Thank you. One follow-up question, if I may, on the general administrative cost. I've noticed that you had a declining advertising cost in annual terms. Given that you want to gain business and presumably market share, what would be the expectation for the coming quarters? Would the level of marketing expenses return to pre-COVID average? Would it imply that the subsequent quarter's run rate of administrative cost would be by at least RON 15 million-RON 20 million higher? Yeah. What you were mentioning in your question, that's in fact the reality. We are expecting marketing expenses to come back to what 2019 levels were meaning. If you are looking at the budget for this year, you are going to see that that is the situation. I don't have now the figure for the first quarter in front of me, but George might have it, or we can comment on it later on. For the whole year, we are anticipating that the expenses with that part of making sure that we are properly presenting ourselves to the market is going to be at the correct levels in order to properly support the activity of the bank. Okay, understood. Thank you. The next question is from Christian Pitcher. Your line is now open. Hello. Can you detail a little bit on the net trading down under net income on Q1? What happened? Thank you. Yeah. Well, it has a lot to do with the way in which the market in general was having the evolution, and we were having a nice growth when it comes to both fixed trading and also trading of security. Both of them were contributing positively to the income when it comes to what trading is meaning in the bank. On the fee side, again, we were having a nice growth, which was related to the increase of the economic activities in the country. BT was keeping and potentially increasing a little bit the market share when it comes to the local billing in the country. The number of active clients was growing during last year. As the economy was, it's again on an upward trend, the economic activities were triggering also higher turnover to the accounts clients were having with us. In principle, market conditions combined with an increase in economic activities were helping both of them to the growth of the different income types in our P&L. Thank you. No further questions. The last question is from Simon Nellis now open. Oh, hi. Thanks so much. I think you may have mentioned this, but I must have missed it. Can you tell us how much, if there is any dividend accruals taken out of capital in the first quarter? There is the proposal to have between RON 550 million and RON 600 million. I don't know now exactly the figure, which was proposed and kept under reserve, so not distributed as stock dividends, but kept under reserve so that it can go out like cash dividend if permitted. We were not, and I apologize if we were not properly understanding a previous question in this respect, we were not diluting the CET1 level with this figure. It's still in, the dilution would be like a couple of basis points, so less than 20 basis points if I'm correct. We are going to make the computation and post for you. Okay. the dividend hasn't been deducted from. No. The proposed dividend hasn't been deducted from capital. No. Okay. You are very well capitalized. I guess you're still in a good position to do further M&A. Are there any transactions that are potentially interesting on the horizon? We were always mentioning that to the extent it is going to be something which is making sense and it can add value to BT, we are going to look at those transactions and, yeah, we continue to be active there. Okay. You're still looking, but there's nothing kind of live that might be executed soon. Yeah. We are well prepared if conditions are proper. Okay. Thank you. Thank you as well. I think we could thank everybody for participating, except if there is another urgent question. Please let us know if there is anything additional which you would like to have explained now. Otherwise, we thank you very much for participating in this call, and we apologize once again for the misunderstanding on Monday and the fact that you had to readjust your agendas to connect today once again. We have a follow-up if you have some time for Mr. Knotters again. Okay. Yes. Thank you very much. Mr. Knotters, your line is now open. Thank you very much for taking this question. Actually, we had one, it's about risk-weighted assets. Again, I wasn't sure if I understood it correctly. On the group level, between the end 2020 and Q1 2021, the total own funds have decreased, whereas the total capital ratio has actually improved by 40 basis points, right? This implies that risk-weighted assets went down quite considerably. My question is, on the group level, what has been behind this move? Did you experience a lower credit risk ratio, or the market risk-weighted assets went down and for what reason? Thank you. I need to double-check because I don't have now all the details. We should come back with an answer by email, because I don't know exactly how the evolution for the entire group was when it comes to the different allocation of capital. That's something we have to come back to you. I don't have now all the details available. Thank you. That's clear. Thank you as well. We have no further questions. Okay. Thank you once again. Yeah, we are looking forward to meeting you and greeting you at the next conference call. Hopefully, everybody will stay safe and sound and, yeah, hopefully, we are also going to enjoy some summer holidays this year. Thank you very much. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.