Good morning. Welcome to the Resurs Holding Q4 year-end report presentation. Moving straight on to page two. My name is Nils Carlsson, together with our CFO and Head of IR, Jonas Olin, we're going to present the development over the most recent quarter. With us on this call today, we also have Claes Wenthzel, who as of tomorrow will be taking over as Acting CFO. In addition, we have Sofie Tarring Lindell, who will be taking over as Head of Investor Relations. This is due to the fact that Jonas, for health reasons, has chosen to step down as CFO as of tomorrow. At the same time, I'm very pleased that Jonas remains in the company. He's going to be our finance strategy director. We have, of course, begun the recruitment process for a new CFO. Moving on to page three. 2020 has been a fairly different year, both to the world in the form of a COVID-19 pandemic, it's also impacted many across the globe, Resurs being one of them. I'm going to sum up the year with a few numbers, then our CFO, Jonas Olin, will look more at the details of those numbers for you. All in all, we've had a growth in our lending in three of our four markets. If we exclude Norway, the lending is up by approximately 11% in constant currency. It is the Norwegian operations which are weighing down on the figure for total growth, as we see here. Also towards the end of the year, we carried out a sale of an NPL portfolio to a very large player in the market. This, I believe, shows excellent trust in Resurs' operations and our entire portfolio. All in all, we saw operating income down by 2%, down to SEK 3.6 billion. However, in response to this, our costs are down by 2%, SEK 1.4 billion, compared to last year. As you can see, we have a continued improved C/I ratio of 38.6% if we exclude non-recurring costs and insurance. The C/I ratio is, in fact, the lowest in the history of Resurs. That is very positive indeed. Our credit losses amounted to 2.5%, and we still see no change in payment patterns amongst our customers. That's also a very positive factor as I see it. Comparing this 2.5% in credit losses, you have to bear in mind that in 2019, the corresponding number was 2.1%. This is a positive factor considering the general world that we operate in. We have a very strong total capital ratio of 17.4%. Furthermore, in accordance with the Swedish Financial Supervisory Authority's updated recommendations from December of last year, the board intends to propose to the annual general meeting of shareholders a dividend of SEK 2.68 per share. The board's dividend policy remains unchanged, and the ambition is to pay out the outstanding dividend during the autumn of 2021, when the supervisory authority's restrictions have elapsed. They are in place until the 30th of September currently. Moving on to page four. In order to ensure that we are a truly competitive, sustainable, and profitable bank for the long term in the years to come, we're now embarking on our journey of transformation, as we call it. One of the first steps that you saw in 2020 was to review our working methods to make sure that we are better at safeguarding the synergies we are creating now in the strength we gain from the new Nordic organization. We have a more data-driven and agile working method with product development in autonomous teams. This was implemented during the autumn, and we're now immediately delivering results in the form of a new version of our Bank app. It has been developed in-house, and it's making it easier for our customers to manage their commitments with Resurs. The app was launched in October, and by the 31st of December, we had in excess of 90,000 new registered users, which we're very happy about. Another part of the journey of transformation is, of course, an enhanced focus on sustainability-related issues. During the quarter, we recruited a very business-driven Nordic sustainability manager, and his task is to drive and improve our sustainability-related work across the Nordic arena. We also performed a review of the balance sheet in connection with the transformation project in the autumn when that was all rolled out, and we identified an impairment need of SEK 48 million, SEK 38 million of which related to activated IT investments. In parallel, we completed, according to plan, the negotiations with trade union representatives on a reduction of headcount, which led to additional costs to the tune of approximately SEK 22 million. All in all. We saw non-recurring costs impacting the operating and the result for the fourth quarter of SEK 70 million. These measures are laying the ground for assuring that we can have our ever-important business-driven IT projects be implemented, including solutions in the next few years. During the quarter, we continue our work to evaluate our existing IT systems, and we've had discussions with various potential suppliers and providers. When we've progressed a little bit further in those negotiations, we will be telling you more about the IT investments we intend to make. Let me underline here and now that majority of these costs will be activated, i.e., they will not be impacting the results during 2021. Moving on to page five. If we look at a summary of quarter number four of 2020, we have continued growth of 11% in constant currencies, excluding Norway and NPL sales. This should be seen in the light of a fourth quarter, which was impacted by COVID-19 and the lockdowns we saw in Norway and Denmark. Demand has recovered a little bit during the quarter. We've seen excluding to some extent Finland. This is probably due to the fact that there are temporary rules in place on direct marketing implemented during the summer of last year. They've now been extended to the end of September of this year. We work continuously to develop our solutions as well and our products. During this quarter that I'm describing now, we've signed a number of new partners. We have very strong offerings both in physical stores and in digital channels. A sign of our strength is the fact that in 2020, for example, we brought in 75 new e-commerce players, which we're very happy about. During the quarter, we could see that the Norwegian market remained challenging. However, we also see signs of results on the efforts we made over the course of the past while to develop things. It's looking up in the Norwegian market for Resurs. Our insurance operations continued its positive and stable growth during the quarter with a number of new partners, an increased technical result, but also an improved combined ratio. We've also signed an agreement with one of Swedish largest retailer in home appliances. During Q4, we still see no signs of the customers being impacted in their payment patterns. That's a positive factor. The more restrictive credit process we've had as a whole and which we implemented already during the early parts of 2020, it remains in place. It does, of course, have an impact on our growth. However, we do want to be precautious and careful in our strategy considering the current situation, and we will continue to remain with that approach. This is also in line with the sustainable credit lending, which is fundamental to our operations, and we want to ensure that the customer never borrows more than their personal financial situation permits. This is sustainable credit lending as we define it. Moving on to page six. If we look at our business areas a little bit more in detail, starting with Payment Solutions. During the quarter, we saw quite a lot of variation within the markets and Payment Solutions and in the different industries. There's a broad diversification that we have in Nordic retail, and it gives us excellent resilience and a good ability, as I see it, to offset some of the industries where perhaps you see a somewhat failing demand against others where the demand remains intact, and in some case, it's even increasing. As I mentioned earlier, the Norwegian market is showing signs of improvement. It's still weighing down on the total numbers for Payment Solutions as a whole. In Sweden, here we see good growth and demand. In particular with our larger partners, we see that they've had considerable tailwind during the pandemic. Resurs is well-positioned in Sweden and in those segments. In Finland, we've had a good increased sales in many partners in a number of industries. In Denmark, we do see an impact of lockdowns coming back in the fourth quarter, even if some partners are continuing a good development. In Norway, we have still somewhat lower demand even though we're seeing some positive signs. We also see that the lockdown introduced in Norway impacts physical trading negatively. During the quarter, we started a new partnership with Uno-X in Denmark and their nationwide chain of 248 unmanned petrol stations. The new customer card solution, which has offered the customers of Uno-X, gives them the opportunity to pay quickly and smoothly when they fill up their tank. It's called MobilePay via the Uno-X app. It's very nice to see this happening. Another rewarding piece of news is that I can report that the new old partner cooperation with the HiFi Klubben, with in excess of 20 stores in Norway and Sweden, came back to Resurs after a few years with a competitor. We also have news about the launch of one of Sweden's absolutely largest retailers. Gekås Ullared have a new customer card operated by Resurs. It's scheduled for February, March of this year. Already during the past quarter, almost 10,000 new card users have signed up for the new card in Gekås. That's very nice to see. Very good news. As a result of some travel being canceled, fewer restaurant visits during the quarter, you will have understood by now that Supreme Card has seen some headwind. We've tried to mitigate this by a number of measures to try and reduce the impact, such as refocusing communication when it comes to Supreme Card to be more focused on buying things for staycations at home, DIY, and combining this with increased flexibility to do installment payments on your credits using your card. That was a little bit about that business area. Moving on to page seven to look at consumer loans. If we look at consumer loans, we've seen good growth in three out of the four markets during the quarter. In constant currencies, growth was 4% in total. The more restrictive credit process introduced by Resurs during Q1 of 2020 remained there in its entirety, and that restricts the total growth, as you can see. We also see that demand in Sweden, Denmark, and Norway showed improved numbers during the quarter. We also see a somewhat enhanced competition in the Danish market. If we look at the Finnish market, it remains a bit lower, and one potential reason could be the newly introduced rules on direct marketing when it comes to consumer credit loans that I mentioned earlier. If we exclude Norway, we have a positive growth in all markets for consumer loans. In addition, we see some positive signs in the Norwegian market as well after the initiatives we launched during the third quarter. Norway does have a hampering impact on the total growth percentage. We're developing in this business area new functionalities and offerings for consumer loans. In the Swedish market, amongst other things, we've rolled out an offer to borrow up to SEK 500,000, and it's now available in all Swedish sales channels. This is after having identified a positive impact, having carried out some trials in a few selected channels. This way of operating small-scale test with evaluation before a broad rollout is a successful manner for Resurs to work in. We've been doing it over the course of the years, and it's a contributive factor to the sustainable long-term responsible credit process where we give priority to somewhat lower credit losses, and that in turn can have an impact on the growth numbers. Moving on to page eight, which is Solid Insurance. Solid did a very good year. The technical result is up by 13%, and the combined ratio is also improved, ending up at 88.2%. What we can see is that the ongoing pandemic has continued to have a minor negative impact on the travel industry, which of course has an impact on our smallest business area, travel, in a negative way. In addition to that small segment, we see that we have growth in all our segments in this business area. I can also tell you, which I touched upon already, that during the past quarter, insurance and Solid signed three new partners in the business area of insurance appliances. The largest one was Elon, 350 appliance stores and corresponding online sales in Sweden. Elon have chosen to cooperate with Solid as a result of our strong value-based offering, and we have long-standing experience of strategic cooperation within retail. We're very happy about this and the launch of these partners scheduled for this current first quarter of 2021. Within Solid, that segment has performed well with strong growth during the quarter. Products is also showing an increased profitability compared to the past year. All in all, we see that Solid Insurance is showing strong resilience in the time of turbulent times that we're currently seeing and that we've seen throughout 2020. They have real sustainability in their business with a diversified product portfolio, with a positive contribution to our performance in Resurs. With those words, I'm now going to give the floor to Jonas, our CFO. Please go ahead. Thank you, Nils. We will then continue on page 10 where we see the loan book. It amounted to SEK 30.9 billion. That is a reduction with 2% compared to previous year. The growth was negatively impacted by the weaker Norwegian krona. However, the organic growth that was 2% in local currencies. In spite of the more restrictive credit assessment, Resurs had a stable growth in all markets and segments, with the exception of Norway being on the decline. We see that there is a slower pace of decline in Norway compared to previous quarter. During this quarter, we sold an NPL portfolio gross value of SEK 500 million, and that had an impact on the loan book negatively with around 1%, so the organic growth was around 3% in local or constant currencies. Nils has already mentioned that if we exclude the Norwegian market and the NPL sales, then we grow 11% in local currencies. If we move to page 11, looking at the operating income, they were down 6% in the quarter, ending up at SEK 886 million compared to last year reduction. This is mainly explained by the weak Norwegian krona, the loan book in Norway being lower, and a mix effect within Payment Solutions where many of Resurs' bigger retail partners have done relatively well during the pandemic, and even some of them with an increased demand. We also have collaborations with a lower margin, and that had a negative impact on the NBI margin. The most obvious effect of COVID we see on net commission. Here we have an impact of the pandemic with lower sales in factoring and credit cards. During the quarter, the recovery of the capital market continued and the market value of our share and the bond portfolios increased, and that means that we had a positive outcome of a net income from financial transactions, SEK 6 million, and that during the quarter. I've already mentioned the NBI margin declining and compared to two previous years, mainly the mix changes within Payment Solutions that is driving this development. Our bigger partners have been growing faster than the smaller partners, and that has an impact on profitability. The mix changes have sped up during this year. That is because of the bigger partners having more of a tailwind during the pandemic like do it yourself, home electronics, and furniture. Operating expenses in the quarter, here we're on slide 12, amounted to SEK 354 million excluding the non-recurring items that Nils mentioned earlier. This is a reduction with 5% compared to previous quarter last year. We have continued the cost focus in the group. The reason why costs are lower compared to the previous year is mainly that we have lower staff costs. During Q4 2020, we had SEK 60 million non-recurring costs, SEK 22 million being staff reductions, and SEK 38 million being impairments of previously capitalized IT investments. Comparing with Q3, we see that we have normal seasonal fluctuations with the summer vacations in Q3. We also have increased marketing efforts in that quarter. In relation to earnings, we see that the C/I ratio is improving over time. That 2020 ends up at 38.6% compared to 39% the previous year, which means that we have an improvement with 0.4%, excluding the non-recurring items in the quarter, which means that we have scalability in our model and that we can adapt it to new situations even if there are periods of lower growth. If we continue with page 13, we see credit losses amounting to SEK 195 million in the quarter remaining unchanged. The credit loss ratio of 2.5% remains unchanged as well. Basically, we do not see any negative changes in our customers' payment patterns. Uncertainty has been reduced, but there is still a risk of increased unemployment and a risk for a reduction in payment capacity. Our evaluation has not changed to what we said in Q1, and the credit loss provision of SEK 75 million remains unchanged. We have entered this quarter into an agreement with a leading credit management company working with acquiring non-performing loans. We sold non-performing assets amounting to around SEK 500 million. This is in line with the strategy that we have had for non-performing loans. Meaning that we sell on an ongoing basis non-performing loans and combine that with selling parts of the existing NPL portfolios if the conditions are favorable. This means that in the current market situation, we do have good quality in our underlying assets, and the market has a high level of confidence in us in this situation that we're in today. Before I continue with the segments, let's go to page 14 where we have the operating profit amounting to SEK 338 million, and before credit losses, SEK 533 million, which means that we have a reduction with 7% compared to previous year and previous quarter. Looking at the full 2020, the operating profit amounted to about SEK 1.4 billion compared to about SEK 1.6 billion the previous year. Let us continue with the different segments. Here we have not adjusted for non-recurring items, but we see page 15 where we have Payment Solutions, loan book being down with 4% and adjusted for the weaker Norwegian krona, 1%. Payment Solutions is the segment that has been most clearly impacted by the COVID-19 pandemic with a lower growth in all markets because of the lockdowns that we have seen in combination with the continued challenges in Norway with a declining loan book and the new rules on credits and the debt register, Gjeldsregisteret. The lower earnings are explained by the downturn in Norway and the mixed effect within Payment Solutions, where many of our bigger retail partners have done relatively well during the pandemic with the unchanged or increased demand. The risk-adjusted NBI margin ends up at 10.5%, just below the previous year, which is mainly explained by the non-recurring items within credit losses that had an impact on the corresponding quarter the previous year. Page 16, where we have consumer loans. We see that the loan book was stable and unadjusted Swedish krona, if we adjust for the weaker Norwegian krona, the increase was 4%. Here as well Norway has continued to have a negative development even if we see positive signs in Q4. Nils has also mentioned that we've seen lower growth in Finland in Q4 because of the introduction of new rules in the Finnish market having to do with interest rate ceilings and a direct marketing ban. The risk-adjusted NBI margin had a negative development, mainly linked to a higher credit loss level in the quarter, which is mainly linked to the fact that historically we have had a very high loan book growth, and that has had an impact on credit losses. Here as well, we also have one-offs that had a positive impact on the corresponding quarter previous year. The third smallest segment we have on page 17 where we have insurance and Solid. Here we have premiums earned being stable in the quarter at the same time as the segment's smallest part travel lost income as a direct consequence of COVID-19. However, in total, that has a limited effect on Solid. Loss level was somewhat higher. All in all, profitability was improved with combined ratio going down with 1.3 percentage points because of good cost control. The technical result was up 3% in Q4, and the total operating profit increased with a full 16% because of a continued good recovery in the portfolio. Solid is a very nice activity that has been developing very well during this pandemic, with the technical result up at 13% for the full year 2020. If we continue with page 18, we see our capital position. It tells us that we have a very strong capital base with total capital ratio and CET1 ratios that are well above regulatory requirements and our internal targets. The total capital ratio amounted to 17.4%, strengthening with 1.1 percentage points compared to the previous year. That is also to be compared with the regulatory requirement of 11.7%. We do follow the statement from the Financial Supervisory Authority and those recommendations that came in December. We have also consulted with the Financial Supervisory Authority and therefore the board will propose to the AGM a payout ratio of 25% at the maximum recommendation for the years 2019 and 2020, which means a payout of SEK 536 million corresponding to SEK 2.68 per share. Let me stress the fact that the dividend policy remains unchanged and the remainder of what we have predicted to be the dividend, the remaining SEK 360 million or SEK 1.70 per share will be paid out as soon as possible and as soon as we can. According to the recommendations today, that would be during Q4 2021. If we continue with page 19, we have our funding, where we see that we have good continued diversification of our financing in Q4. We have extended the ABS funding with JPMorgan Chase Bank, and the financing framework is now for SEK 2 billion. We have started in December a new revolving period of 18 months. In this quarter, we also issued bonds. We had an issue in November of SEK 400 million, then another SEK 200 million in December because investors told us that they would like to see more bonds available from Resurs. To have financing agreements like these being entered into in such a time of turmoil tells us that we have a good quality in our underlying assets and that the capital market feels a great deal of confidence and trust in Resurs. Page 22, to conclude, we can say that 2020 was a stable year. We did not reach our targets for lending growth, the risk-adjusted NBI margin, given the current situation, but we compensate for this with the C/I ratio. We see that we have a good margin when it comes to regulatory requirements and our internal targets as well for our capital ratios. There I stop and hand over to you again. Absolutely. Thank you, Jonas. The coming period, the final slide of this presentation. Our focus, our target for the next period is clear. We will strengthen our competitiveness, we will improve the experience our customers have in dealing with Resurs, and we want to get back to growth in total, of course. By starting our new transformation project, we focus on strengthening our competitiveness and our growth by investing in very much business-driven IT solutions. In parallel, we're also creating a more unified offering for the entire Nordic market, and this will see improved customer satisfaction. During the next period, we're also going to start up cooperations with several of our new partners, such as Gekås, that I mentioned, for example, Elon and others. We will continue to focus on a sustainable credit process with credit lending. This is the foundation of everything we do. Safe, smart loans, which will be a sustainable business for all parties involved, including our customers. Our ambition is to present new financial targets to the market in 2021 and also invite you all to a capital market day where we will tell you a bit more in detail about our operations, our targets and aims, our future position, and the very exciting journey of transformation that we've embarked upon in the company. All in all, I'd like to say that our financial position is very strong and stable, and that we have a good sales pipeline with our partners for the upcoming year. For the first quarter 2021, we see that perhaps not expect any major changes to the trends we've identified in Q4. Of course, just as in Q4, there might be lockdowns introduced in some of our neighboring countries that would potentially have an impact on us. We cannot really control that. In addition, the marketing laws in Finland might also have a short-term impact on our demand. With those words, I'd like to say that we have an ambitious agenda for 2021. We will focus on long-term profitable growth. With those words, I'd like to say on behalf of Jonas and myself that we thank you for your attention, and we'll open up for questions. Thank you. As a reminder, if you do wish to ask an audio question, please press zero one on your telephone keypad now. Our first question comes from Patrik Brattelius from ABG. Please go ahead. Your line is now open. Hello. Thank you. A few questions from my side. I'm starting where you finished focusing on growth, and we see that the net interest income has had a negative trend in 2020. What can you do to reverse that trend in the beginning of 2021? That's an excellent question. We have a lot of activities ongoing. We're obviously impacted by what's happening in society and in the economy generally. It impacts Resurs. We cannot control very much of that. A very positive factor that we've tried to convey during this presentation is the fact that we can see that there's a real interest from customers, both when it comes to physical stores and online traders. There is a real trust in us in the market. We have a possibility to expand our offerings through these channels. As I see it, that's a very positive factor also in order to create growth in the future. Okay. In Q3, it sounded a little bit as if you had perhaps more positive hopes for the Norwegian market for the future. Has that been strengthened since, or has the second lockdown led to a situation where you've had to extend that more into the future in terms of your hopes of achieving growth in the Norwegian market in 2021? In Q4, we see quite clear signs to show that there are improvements in the Norwegian operations, and those signs are quite clear as I see it, but they're not quite visible yet in the total numbers. We're going to remain in the Norwegian market. We have no plans to do anything other than that. We have a long-term approach, so we're cautiously positive when it comes to the Norwegian market. It has been through quite a considerable transformation with the regulatory requirements over the past year from the authorities, and that's obviously had an impact. We remain cautiously but still optimistic and positive about the Norwegian market as a whole. Okay, the extended Finnish interest rate ceiling, the cap, how is that going to impact you in 2021? It's a bit of a speculation, your question there. If I had known that in detail, the answer I wouldn't perhaps have told you. Very difficult to say really. What we can say from looking at 2020 in Finland, we've had very good growth, quite significant growth, and that's a positive thing, of course. For authorities to step in and make regulatory changes with impacting interest rates with caps and ceilings, I cannot today say for certain how it's going to impact us, but I don't think it's going to be any different to what we've seen in 2020. Okay. I thought perhaps it could make you focus more on higher credit value customers, and that in the longer term you'll see the credit loss levels in the Finnish market drop over time. Is that something we can expect in 2021? We have a very cautious strategy in the bank when it comes to credit losses, and that it becomes apparent in the growth numbers. That is our sustainable approach to credits. We are intentionally cautious to hold back on credit losses. We don't want to go out and say anything in too much detail about the exact impact of different markets or segments. It is a very clear intentional approach by us to be cautious in the credit lending, and in particular, given the current situation in the market. Okay. Finally, capitalization. You were quite clear in your approach to payment of dividends, but your CET1 ratio is still above your target for the total capital ratio. You could have paid out more, in fact. Of course, the lending isn't very strong right now. What should be the thinking moving forward and what's your approach to this issue generally? Well, just as you point out, we are very strong on the financial side on the various indicators that you mentioned. It's a good thing. We comply with the recommendations from the authorities. We believe that we have a well-capitalized bank and strong ratios. When it comes to the dividend, we're going to move in line with the recommendations from the authorities. Jonas, would you like to add anything? No, I agree. I have nothing to add. Okay. Nothing further from me. Thank you. Thanks. Thank you. Our next question comes from Robin Rane from Kepler Cheuvreux. Please go ahead. Your line is now open. Yes. Go on, Robin. Thanks for taking our call. Well, good morning. Thank you for the presentation. The development of the margins have been somewhat negative. Is this a new level that we're at what we see now, or is there a strong trend? Will this be normalized, or can we expect margins to go down even more from this level? Growth volume, can that be combined with the stable margins? Well, thank you. That's a very good question, and needless to say, margins are impacted by the major changes that we see to our customer segments where we see bigger changes in mix and changes to customer segments. Our bigger customers, predominantly in Sweden, are the ones forcing margins down and they're doing very well. Of course, we'd not have the same margins there as for smaller customers. I wouldn't say that this is a new level. I see nothing preventing us from having better margins in the future. Of course, this depends on how successful we are in the market with our growth and demand in the different countries. Okay. Thank you. In Norway, you have mentioned the challenges in Norway, but also that you see positive signals. Could you say something about those positive signals that you have been seeing in Norway that could be a sign that developments will improve? Well, new sales we see being improved considerably, and that I think is a very positive sign. Okay. Thank you. Then if we move back to Finland and the restrictions being imposed by the government agency. I'm mainly thinking about direct marketing. Does that have an effect mainly on your own channels? Well, we have these restrictions from the government agencies, and that has an impact on many actors, I would say, and including us, of course. Which means that we have to find other ways to reach our customers with our offerings in a manner that makes sense for us and the customers alike. I cannot say anything about the possible impact this would have on agents or brokers. That's not for me to say. Okay. Thank you. Thank you. Our next question comes from Jens Hallén from Carnegie. Please go ahead. Your line is now open. Good morning. Thank you. First, just a clarification on the dividend. Your target is to have a payout ratio of at least 50%. You have part of the payment then for the first half of the year. Why are you splitting it this way in two different payments? It doesn't really tally with the 50%. The 50% on the earnings for 2020, and then we had SEK 420 million remaining from 2019, and that constitutes the total amount of just under SEK 900 million. The Supervisory Authority and their limitations of 25% defined for the earnings in 2019 and 2020 totals SEK 536 million. The remaining can be paid at SEK 360 million, which we would have done if we hadn't had any restrictions from the Supervisory Authority. That's then reserved for the fourth quarter. Okay. That's right. Because you had a partial dividend payment. Yes, that's right. Okay. Well, that explains that. A question about Norway. You've explained already to some extent what the situation is. Before you came in as well, perhaps you're having to answer for things that happened before your times, but it's not entirely impossible that we might see a consolidation in the Norwegian market that's been suggested by various people. Is that a potential growth engine for you? Would you be interested in buying purchasing volume in Norway? That's a highly theoretical question, and I wouldn't comment on it at all. In fact, not to be rude to you in any way. We're not interested in anything. We're looking at anything that moves basically in the Nordic market, but our focus right now is getting back to growth in the total growth numbers for the group, for the company. As I mentioned earlier, the Norwegian market is a large market, a good market, and more recently we've had some issues to deal with. That's really what I'm trying to convey, that we do see some lights. That's a positive thing. That's really the answer I have for you, I suppose. Okay. Another question on Payment Solutions. You mentioned that you've signed agreements with 75 new e-commerce players. Do you have a net figure for new e-commerce traders? The reason I'm asking this question is because I saw that Biltema, I still have you in physical stores, but have made a switch for e-commerce. I'm trying to gain some understanding if it was price or if it was the product that they preferred from somebody else. Do you know anything? Yes, we know the answer. The first part is no, we do not have an official net figure that we report for certain types of customer segments. No answer there. On Biltema, we still have the largest chunk of that business, but we had some differences of opinion on what the infrastructure should look like and the solutions they were looking for. That's probably why they have been on the lookout for someone who would be a better fit with their own infrastructure than we were, as it were. Okay. Excellent. The journey of transformation. I'm not really looking for any major detail, but more generally speaking, is this a fine-tuning of products or is it a new Resurs that we can expect at the end of this? The entire transformation project has the aim of ensuring long-term competitiveness and an improved customer experience, but also to improve the efficiency of the group as a whole. Over a long period of time, a number of years, we've grown considerably. This was before my time, perhaps we have not always been able to get the synergies out of that process that we would have liked to see for the group as a whole. I come from a tech-oriented previous situation before I came into Resurs Bank, I'd like to see a much more technology-focused bank over the next few years, because I firmly believe that that's what banks will need to remain competitive. We're not performing poorly in any way currently. In the future, I think there's going to be a demand for a much more flexible technical setup. I think it's the same for many banks, both if you look in the Nordics and in the rest of Europe. That's my approach. You should understand the transformation project for precisely what it is, a new Resurs, but trying to maintain and preserve the core we've had over the past 40 years. We're not going to become something entirely different. We'll remain a bank, but we will be a much sharper bank than we have perhaps been over the last few years. That's the idea. Okay. That's very interesting to hear. We'll see what happens during the course of the year. We might get more details. One final question when it comes to costs. If you have something to say about that. Earnings are down, you've really had a cost control, and now you have projects underway that are not really to have that much of an impact. Can you continue to reduce costs, or what will be the thinking for 2021? Well, this is a bit of a Resurs tradition that we're very cautious when it comes to credit losses, and the same goes for having high costs unless it's combined with growth. That is a strategy that is typical for me and us, and I think that is how you should interpret this, that we're not going to be stupid in any way, but we will look carefully at costs, but will invest in things that are necessary, like the IT system. Details, well, we'll have more on that during the year. We are now negotiating and discussing, and I shouldn't preempt and talk in detail right now. Thank you. Just a follow-up question. Will we find out beforehand, so to say, what plans you will have so that it will be possible to adjust for investments for the future and thinking underlying operations? We will be as transparent as we possibly can, is the answer. Okay. Thank you. Thank you. Thank you. Thank you. Our next question comes from Herman [Botor] from Pareto Securities. Please go ahead. Hi, good morning. A follow-up question having to do with Norway. Do you see an improvement, I believe, in volume, and what have you done? Have you seen an increase the demand in Q4 or is something else that has been done? Well, we've been working with price, products, our offering, and needless to say, also the acceptance level. That's what we've done. Okay. Thank you. Should this be interpreted as you being too restrictive in the Norwegian market? Well, it's always difficult to say if you go in a year ago and then you see additional limitations in the market. Yes, we are cautious with our strategy, and we'll continue in the same way. Okay. Thank you. Well, we've heard a focus for 2021, and I would like to know what impact this will have on you, what the Financial Supervisory Authority has said. Well, I think it's good, and if you look at other Nordic countries, they're kind of aggressive as well from regulatory agencies. I think it's good as a matter of fact, because it benefits in the longer term, the entire credit market. When it comes to Sweden, the Swedish Financial Supervisory Authority, I guess, will be more curious, maybe focusing on the credit assessment, what you do before you grant a credit. I think that they'll show more of an interest in that component in 2025. This is no concern at all for us. We have excellent credit assessments. We know the markets. I'm not the least bit concerned. Okay. Thank you. Thank you. Thank you. As there appear to be no further questions, I return the conference to you. Thank you very much. Thank you for your participation and for all the questions. If you have anything further, please just get in touch with Jonas and myself or with Sofie. Thank you to all. Have a pleasant day. Thank you. Bye.