Good morning, and thank you for joining our presentation of Swedbank's first quarter 2021 results. With me is our CEO, Jens Henriksson, and our CFO, Anders Karlsson, and our CRO, Rolf Marquardt. We will begin, as usual, with our presentation, and thereafter, you will be invited to participate in Q&A, where we would like to keep to two questions per person at a time to give everyone an opportunity. With that, I'll hand over to you, Jens. Well, thank you, Annie. Good morning to everyone, and welcome to the presentation of Swedbank's Q1 report for 2021. Today, I am proud to present the report with an increased profitability during a quarter where the bank has moved forward despite the challenging time. It has been a tough quarter for many people, businesses, and the economy, and the most important issue for the global economy has been and is access to COVID vaccines. In these tough times, we have continued to deliver a strong result. Swedbank continues to be one of the strongest performers among large banks in Europe with a return on equity of 12.8%. We are also efficient with the cost to income ratio of 0.44. The ratio is higher compared to what it used to be due to a high investment rate and a considerable effort spent on fighting financial crime. Our capital position is also strong with a reassuring buffer of 560 basis points to the Swedish FSA's requirement. Profit after taxes increased by 10% from the previous quarter, mainly due to lower costs and credit losses that were down by 50%. NII, net interest income, was stable and mortgage lending grew, but not in line with the market. NCI, net commission income, was stable as well. Our capital management business had a positive impact on NCI during Q1, whereas income from our card business was negatively affected by both seasonal effects and pandemic restrictions. Costs for 2021 are in line with plan. Our cost cap remains unchanged, 20.5 billion SEK, and an additional SEK 500 million for investigations related to Swedbank historical shortcomings. All in all, a strong result in tough times. We have also faced challenges, especially in mortgages and IT. In Sweden, home prices have continued to rise, and the dynamics in the housing market is very fast, especially in large cities. Our Swedish market share does not match our ambitions and where we have to improve. We believe that we are well-positioned when it comes to pricing, but we are too slow in responding to our customers' needs. We simply haven't kept up, and this is an area where we need to improve. Every day, Swedbank and the savings banks meet the customers through six million digital interactions, and the pandemic has accelerated the digitization process. Our customers are banking online more frequently and have higher expectations on our services to work smoothly. That has not always been the case. We've had incidents and disruptions with our services, the accessibility so far this year has been below our target, and the disturbance in our equity trading platform have unfortunately been extensive. This does not live up to our customer expectations. They must be able to carry out their business and access the bank in the way they need to, 24 hours a day, seven days a week, 365 days, and sometimes 366 days a year. We are working hard to address the challenges we are facing. Our share in new mortgage lending in Sweden needs to increase. That's why we're increasing focusing on meeting our customers' needs. Our strength, as you know, is a broad base of customers across the country together with the savings banks. We have made the loan approval process quicker to meet expectations during the quarter and have now cut the response time by 50%. We have reallocated resources and provide faster feedback to customers, both digitally and in person. We proactively advise customers with an emphasis on creating deeper relationships and highlighting our full service offer for financial health, with savings playing a key role. We are working actively to shorten our queues and wait times in the customer centers. The collaboration with our real estate broker subsidiary, Fastighetsbyrån, has recently been expanded to include special offers and integrated marketing, both in virtual and physical channels. The activities in Swedbank and the savings banks' IT platforms are record high, and the interest in equity trading is also historically high among Swedbank's and the savings banks' many customers. In order to future-proof the bank's IT platforms, we run a comprehensive program with a number of measures. It contains long-term plans to meet stability and availability requirements, but also here and now to minimize and manage incidents. We are investing in simplicity, availability, and stability, and when we reach customers, we also win business. As you know, we strive to be a low-risk bank, and we have addressed the historical shortcomings identified by the authorities and the Clifford Chance report. In the wake of such historic events, there are still investigations yet to be concluded. Nasdaq Stockholm, i.e., the Stockholm Stock Exchange in March, they concluded that the bank, during the period 2016 to 2019, did not fully follow the Market Abuse Regulation properly and the rules for the Stock Exchange. The bank mainly shares the view of the Stock Exchange, and therefore we anticipate a fine, and that fine can amount to a maximum of SEK 60 million. In September 2020, we informed that the Swedish FSA is carrying out an investigation around issues that are parallel in time and matters with the Stockholm Stock Exchange statement. The SFSA, the Swedish Financial Supervisory Authority, can decide on a sanction even if the Stockholm Stock Exchange give us a fine. The investigation by the U.S. authorities are ongoing, and the bank doesn't have any new information about when these investigations may be concluded. I see that we take steps and close the historical issues one after one as the investigations are finished. In order to do our part in the fight against financial crime going forward, the focus is now to have the bank on a low-risk level. We low risk through continued structured work with KYC measures. At the same time, we're becoming more precise in monitoring suspicious transactions when both automation and upgraded processes are beginning to fall in place. We have, during the quarter, also decided to stop international payments via the internet bank to several countries with the high-risk profiles. For Swish services, we have tightened the rules to put a stop to new fraud patterns we are seeing emerging. It is also reassuring for me as CEO that significant credit losses so far has not materialized. Credit quality is very strong, and credit losses decreased by 50% during the quarter. As of today, we made provisions of more than SEK 1.8 billion in addition to our models, a reassuring safety margin. We have continued in 2021 to adjust the bank to the needs of customers during the pandemic, both in how we work internally and how we support them. The capital markets are attractive in this new landscape for financing, both ECM and DCM. We assist corporate customers with issuance of both traditional and green bonds and have strengthened our position considerably on the bond market. We have launched automated FX services to assist SMEs to secure their FX business. Corporate customers can now easily connect their accounting with our service in a digital onboarding process, which saves times both for the customer and us. Robur, which is the largest fund manager in Sweden, has also launched in Estonia, Latvia, and Lithuania, where we see considerable growth potential and an opportunity to contribute to society's development and contribute to a culture of sustainable savings, all in line with our roots. It is satisfying to see that we continue to make our customers' financial life easier during the pandemic. Now, Anders, it's your time to go through the numbers and the quarterly development. The floor is yours. Thank you, Jens. Good morning, everyone. We achieved a return on equity of 12.8% in this quarter through improved profitability. Core income lines were stable and a more normalized NGL level was offset by seasonally lower expenses. Asset quality continues to be strong and credit impairments decreased. The cost income ratio ended up at 0.44. Compared to last quarter, the total loan portfolio increased by SEK 5 billion, including a positive FX impact of SEK 7 billion. Mortgage lending in both Sweden and the Baltics continues to grow in local currencies, while corporate lending within Swedish Banking remains muted and in LC&I, total lending volumes decreased by SEK 4.5 billion, including a positive FX impact of SEK 2.5 billion. While direct lending to clients was stable, there was a large reduction of exposures in other lending. Customer deposit inflows continued this quarter increasing by SEK 43 billion, of which SEK 16 billion stems from households and SEK 10 billion that is of a temporary effect stemming from one corporate client's pension premiums that will be invested shortly. Now, let us look at the quarter-over-quarter results starting off with net interest income, which overall is stable. In Q1, we saw lower average lending volumes and excess liquidity placed with central banks being largely offset by lower funding costs, as more expensive capital markets funding matured. Lending margins overall are stable, while we see the increasing trend of customers in Sweden choosing to fix their mortgages in longer tenors continuing to weigh somewhat on the margins. FX and day count effects impacted NII negatively. The deposit guarantee for 2021 will be around SEK 550 million, taking the Q1 net effect down by SEK 78 million. In addition, there was a positive adjustment for previous years of SEK 100 million that was booked in the quarter. Over to net commission income. The asset management business continues to perform well as a result of the development in the equity markets, and we saw net inflows of SEK 7 billion during the quarter. Income was higher even compared to a strong previous quarter that was further boosted by performance fees. Underlying card commissions continue to be on low levels, further impacted by quarter-over-quarter seasonality and more restrictions due to the pandemic, reminding you that there was a one-off payment to the savings banks last quarter. Commissions from brokerage and corporate finance decreased from a high level in the fourth quarter, which also benefited from a SEK 40 million market-making fee. Turning to net gains and losses. The NGL result was lower with good client activity. Last quarter included large positive valuation effects and favorable FX trading conditions. Other income continues to be stable. Higher income from associates offset lower income from other line items such as net insurance and services to savings banks. Let's look at expenses before I hand over to Rolf. This quarter expenses were seasonally lower quarter-over-quarter and in line with our plan. I will now hand over to Rolf to talk about asset quality and the credit provisions that were made in the quarter. Thank you, Anders. Now please on to asset quality, which remained strong and stable and was largely unchanged during the first quarter. The outcome from the macro forecast for Q1 2021 was positive and only minor changes were observed due to rating downgrades and revised collateral valuations. For the bulk of the portfolio, whether we look at late payment statistics, watchlist exposures, or other early warning indicators, the picture is very much the same as in Q4 2020. No visible impact yet. The key vulnerable sectors remain to be oil and offshore, hotels and restaurants, retail, and transportation. The total credit impairment for the first quarter decreased to SEK 246 million. This is mainly explained by a management overlay in Baltic banking due to uncertainty about the long-term impact of COVID-19 on vulnerable sectors. Macroeconomic forecasts have improved for all home markets resulting in modeled expected credit losses decreasing by SEK 200 million. However, as you know, Sweden and the Baltic countries, especially Estonia, have been hit by a severe third COVID-19 wave. While the vaccine rollout is well underway, the recently introduced restrictions in the Baltic countries can be expected to stay in place for a longer period than previously anticipated. As before, the viability of many businesses will depend on sustained government support. The uncertainties on potential impact does remain. Therefore, we retain the post-model adjustment made in Q2 and Q3 2020 in Sweden, while we increase the adjustments in Baltic banking, bringing the total post-model adjustments for COVID-19 to SEK 1,852 million, with a management overlay of SEK 283 million in the first quarter. Provisions for individual assessments of SEK 194 million was mainly related to a few oil and offshore counterparties within Large Corporates & Institutions. Rating and stage migrations added SEK 138 million, while other items reduced provisions by SEK 169 million. A main part of our oil and offshore business is in run-off. Since Q1 2020, the gross exposure has been reduced from SEK 12.9 billion to SEK 7.3 billion. During the first quarter, three large exposures were sold and written off with only a minor impact on provisions. We now have SEK 3.6 billion in stage 3 and 45% of that has been provisioned for. With that, I hand over back to you, Anders. Thank you, Rolf. Let me now turn to capital. We report a strong capital position with a buffer to the minimum regulatory requirements of around 560 basis points. The CET1 capital ratio increased to 18%, with a profit in the quarter and the pension liability valuation having impacted positively. The remaining accrued dividend from profits generated in 2019 and 2020 is still deducted from the CET1 capital. In terms of implementation of future capital requirements, we expect higher risk weights from the IRB model overhaul exercise relating to probability of default to potentially start being phased in from the second quarter, while the loss given default component may be introduced early next year. On the other hand, during the second quarter, we expect a benefit of around 25 basis points from the implementation of the SME supporting factor relating to Sweden. The component relating to the Baltics will be implemented later. The Pillar 2 guidance of the Swedish banking package will likely be set and implemented in Q3, and it is expected to be around 1% on the buffer. If we look further into the future, we expect the Swedish FSA to reintroduce the countercyclical buffer on the back of a potential strong economic growth. We do not yet know exactly the impact from all these regulatory initiatives, but once we are through all these changes, we expect our CET1 capital buffer to end up within our capital range of 100 basis points-300 basis points. We are confident that we will remain well capitalized. Let me now go through some forward-looking comments, including some EPS drivers before I hand back to Jens. Mortgage volume growth and lower funding costs will continue to support NII. With regards to margins, if the trend of customers choosing longer fixings for their mortgages continues, we should expect some pressure on margins. Margins in the floating part of the mortgage book are expected to continue to move in tandem with market interest rates. Despite continued uncertainty from the pandemic, we are beginning to see some signs of increase in corporate demand. However, until there is a meaningful pickup and while capital market conditions continue to be benign, corporate lending will not contribute to positive NII development. On the other hand, we expect DCM activity to be strong, which will support NCI. The headwind from deposits and excess liquidity will persist if inflows continue to outpace lending. Net commission income is well positioned to benefit from an economic uplift. GDP is forecasted to recover to 3%-4% in all our home markets already this year. The revival of household consumption is predicted to begin in the summer if current vaccination plans hold. Around 75% of the assets under management in our asset management business is invested in equities, which will, generally speaking, naturally follow market performance. As the uncertainty from the pandemic is reduced, we could see a willingness for private customers to invest cash held in deposit accounts in longer-term savings products. The revenue potential will be further enhanced if our active equity and fixed income funds continue to outperform benchmarks. Payments and cards. Payment processing, i.e. income from transactions made through the bank, has been fairly stable since the onset of the pandemic, while card income has been significantly impacted. We expect card activity to recover by at least 10% as the economy reopens and travel restrictions around the world are lifted. Regarding expenses, we are keeping up the investment pace primarily within AML and IT in order to future-proof our bank and fortify IT resilience. Cost discipline is a strategic priority during this phase. We therefore reiterate our 2021 and 2022 cost guidance of SEK 20.5 billion of underlying expenses plus SEK 500 million as our best estimate on AML investigation costs. To summarize, we have the capacity and the appetite to lend. We are strong in SME and real estate in particular, and we are doing our utmost to stay close to customers and are making changes to capture more lending opportunities, especially in mortgages, as Jens has outlined. For clients who are looking at alternatives to bank lending, our capital market experts are on hand, and we continue to focus on our savings business. We recognize that cost has outpaced income growth in recent quarters. We are therefore working hard to grow our key income lines while keeping to a flat cost development for this year and the next in order to improve the cost-income ratio, earnings per share, and return on equity. With that, I hand over to Jens to conclude. Thank you, Anders. Let me say a few words more about the economic development before I wrap this up. First, IMF in its April forecast said that it expects a vaccine-driven recovery. IMF has raised its global economic forecast to 6% this year and 4.4% next year. The upward revision is mainly due to higher levels of fiscal support in a few large economies. We have to go back 40 years in time to find such strong growth numbers. Let us remind us that the pandemic is still affecting all of our home markets in Sweden, Estonia, Latvia, and Lithuania. Healthcare continues to be under pressure. Vaccinations have started. Restrictions are expected to be eased gradually from the summer, and all four home markets are about to enter a considerable upturn where we are counting on households' consumption to be in the driving seat in Sweden. The economic growth will return to healthy levels in the Baltic markets during 2021, and the forecast for 2022 show good growth. Now, looking at where the bank stands today, I see that the work we did within the whole bank with our strategic direction is underway, and that important steps are being taken. In order to contribute to a financially sound and sustainable society, we have clarified the corporate governance and accountability within the group. We've addressed the authorities' requirements regarding AML-related standards, and sustainability is a core when we now assess climate-related risks. We are talking with customers about how they can adapt their business. We are a part of the transformation. We are improving availability for customers and the resilience we need to meet the demands of the complex digital society through investments in IT systems. We have a strong capital position. We have the ability and competence to empower the many people and businesses to create a better future in Sweden, Estonia, Latvia, and Lithuania. I feel confident that we are well-positioned for growth when it picks up speed. We are all three ready for your questions. I give the floor back to you, Annie, I think. Great. Thank you very much. Operator, could you please open the lines for the first questions? Thank you. Our first question comes from Magnus Andersson from ABG. Please go ahead. Yes. Good morning. Just starting off with mortgages and NII. When I look at your market shares, it's gradually and steadily come down from 35% in 1998 to around 33% today, and it's still continuing down. You are obviously taking action, but out of the measures you mentioned, more focus on larger cities, faster loan decisions, and special offerings together with Fastighetsbyrån, I think focus on larger cities, I probably heard that for more than 15 years, and special offers together with Fastighetsbyrån, I buy that, although I think you've had some already. Increasing accessibility and short response times, I think that's probably the most important here. My question is, do you think that what you are saying today will be enough to take you back to your back book market share was in terms of front book? Do you think that you will still continue to gradually lose market share within mortgages? Well, thank you, Magnus. I agree that us being available and being fast is the most important issue we have to face. We haven't been good enough, and we are open about that. We need to be more accessible. We want to get back to our market share. I'm not going to give you a specific date, but there is full focus on that. Just to add, Magnus, I missed some of your numbers there, but the market has changed quite dramatically since 1998 that you're referring to. As you know, there are so many more players in the market today than it was at that point in time. I don't think it's a fair comparison from that sense, but we will definitely do whatever we can to come back to normalized back book market share. Okay. What's a normalized share? Yes, of course, the market has changed, but the other banks haven't lost even close to what you have lost. Actually, they've been quite stable. Of course, [Handelsbanken]. has also lost, which was the other large player, but not to the same extent as you. What I'm just after is, do you think that you will be able to stop this trend because it's also been going on during the last, it doesn't matter whether you look at the last three years, five years, seven years, 10 years, it's a steady decline. Well, if you look at our market share, it's two parts. One is the part we sell ourselves, and the other one is the part where the savings banks sell. Mm-hmm. Yep. When you look at the savings banks, it goes up and down, and in the last period it's gone down, and it is because they have good access to capital markets, and it's a tremendous inflow of deposits. When you look at our core market share, it's around 18%, and I cannot give you other information that we see the problem. We are not good enough, we're not fast enough in this market, and we have to be better. Our ambition is very clear. We want to get back to our back book market share. The good thing, though, is that we haven't seen any problem with our pricing. We think that we are with the right prices, but it's about us being available. Okay thank you. Secondly, just on costs, where you are running now on an annualized level below SEK 20 billion, significantly below your SEK 20.5 billion cap plus potentially around SEK 500 million in AML investigation cost. Can you give us some feeling on where you are seeing costs increasing in what areas during the rest of the years, and how we should think about cost allocation over the year, i.e., in H2 versus H1? Perhaps I thought that you would start to front load some of this already in Q1. I'll start off before I let Anders get into the details. If you look on Q1, it's seasonally a bit lower. Our target of keeping below the SEK 20.5 billion still stands. We have, as I mentioned, we are looking at IT investments, and in some places we also need to hire some more people so we can meet the customers fast enough. With that, I give the floor to Anders. No, Magnus, if you look at Q1 as a percentage of the total cost over the last three years, four years, I would argue that it stands around 23%-24%, and the same goes for this Q1 this year. Seasonally, Q1 is lower. What we have been talking about for quite some time now, Magnus, is the fact that we have been gradually hiring people during previous year and to a certain extent during the beginning of this year. It has been necessary in order to primarily work with the shortcomings on AML. That will have a full year effect 2021. If you look back, you see that H2 is typically, even though Q3 is a seasonally lower cost quarter, Q4 tends to be a high one. It's not a linear relationship. The conclusion I make is that we are on plan. Okay. Just I noted that your headcount increase, the rate is actually coming down now in Q1 compared to the growth rate we saw quarterly in 2020. I think you mentioned after the Q4 call that you expected headcount to be roughly flat in 2021. Is that still what you think? Has staff turnover changed or picked up, which was a problem for you last year? It has not picked up, although I can foresee that if the restrictions are lifted and vaccination plans are coming through, you will most likely get back to normal turnover and maybe even higher turnover than you have seen previously, Magnus. The way we are managing costs are by two different levers. One is that we have put an FTE cap onto the organization, and the second one is the cost frame that we have talked to you about. The one that is binding is the cost frame. Okay. Thank you very much. That's all for me. Thank you. Our next question comes from Johan Ekblom from UBS. Please go ahead. Thank you. Maybe to continue a bit on the volume side. On the corporate side, I guess for some time it's not only in the mortgages where we've seen underperformance on volumes. Can you talk a little bit about, you said there are some signs that corporate credit demand is picking up. What is needed for you to take your natural market share there? Are there perception issues of you in the market? Is it an active decision on the risk side, or why have we seen as weak corporate volumes as we have? Secondly, just a very quick, is there any update you can provide in terms of timing of the payments review? I know you probably don't want to go into details, but is there any deadline for that to conclude? Okay, thank you. First of all, I think that we are not standing out in particular when it comes to lending to corporates. I think it is a systemic issue. One reason is that corporates are hesitant during a period of such large uncertainty to invest in new capacity. On the back of that, you see that they are cash rich. You see it in the deposit accounts around in the banks, you also see it on the tax account with the tax authorities. They have money to invest. Secondly, as you know, we are heavy in real estate, real estate is capital intensive, it also is a fair number of large real estate companies that have access to the capital markets. If you take a combination of risk weight floors coming from the Swedish FSA on commercial real estate and residential real estate and extremely benign capital markets, some of them are using the capital markets rather than bank lending. I think that is one part of it or the most important part of it. We see, as we said, some positive signs, but again until you see any meaningful pickup, we continue to say that it's subdued. Let me just follow up on the payments business. We have no new information to give at this time. As you know, we came out a while ago and said that we are doing a strategic review in this area, which is an area with a lot of technical development, and we are continuing to do that, and we'll get back to you on that. Thank you. Our next question comes from Andreas Håkansson from Danske Bank. Please go ahead. Good morning, everyone. Sorry, I'm going to have to come back to Magnus' questions about the mortgage market because when I look at it, you're bleeding clients every quarter. I think you lost around 5,000 clients this quarter. I assume they bring with them other forms of revenues from the bank as well, so it's a very serious problem. When I look at your exposure to the Stockholm region, it seems like it's not that you underweight Stockholm, you're losing market share quite rapidly in Stockholm. You're telling me that you're not being available and fast and all of that, but you're increasing your staff numbers by 1,000 people over the year and costs are going up rapidly. What are you going to do about this? Well, I think the key point is that we are not losing customers. We're losing a part of their business. They have gone to other places, but they're still customers of us. We have their contact details, and now we are pushing even more on this. We have not been available. If you look at how fast we've been, we've not been fast enough. We are doing things there, and I am confident that we can get back to market share. Jens, it's not rocket science. If the clients call you have to pick up the phone. You spent I don't know how long talking about the AML. Is the organization overall still in AML limbo and forgot about the client? You're hiring people, you're increasing costs, but they don't pick up the phone when clients call. There must be a problem somewhere. Well, put it like this. Of course, the AML problems have affected us. We are spending a lot of time and a lot of effort, and we're hiring people here. As you know, I know a lot of you was disappointed when we said that we have roughly 1,500 people in the bank working full time against financial crime. I agree that there's been a weakness, but when we reach the customers, we do business. We have not been fast enough. That's the only answer I can give, and it's the only brutal answer. We think we're rightly priced, but in this fast market, we have not been good enough. I assume then that every KPI in the organization is now based on this. Is that? Not every KPI. We need to think about earnings per share, return on equity, AML issues, compliance issues, customer attractiveness and things like that. It's an important step, and I'm pushing this, and I've said that we will get back to our market share. Okay. I'll come back to that in the next quarter. The next question. I hope so. On your deposit growth. You increased deposit by SEK 43 billion, even if you adjust it a bit, and your loans by SEK 5 billion. Why? Why don't you introduce negative rates like the Danes do, especially in the Baltics, where you had a massive increase in deposits in the quarter? We have increased the charging in all three Baltic countries. We have increased, I think, the number of clients charged with 50%. We are doing that. It's not as easy as it sounds, Andreas, since we have introduced floors on our lending side, as you are aware of, and you cannot charge someone on deposits and have a floor on the lending side. Part of the customers, it's very difficult to do that. In Sweden, we are charging. I think it is in LC&I, 20% of the clients, but we are very hesitant to charge Swedish small-sized corporates and private individuals. As you probably saw that in Denmark, Nordea introduced now a positive deposit margin of 50 basis points by going down to -125 basis points. That's quite aggressive. I agree, but you have to talk about that with Nordea in Denmark. I will. Thank you. We have no plans to put in negative rates on private individuals in Sweden. Okay, thanks. Our next question comes from [Adrian Cighi] from Credit Suisse. Please go ahead. Hi there, [Adrian Cighi] from Credit Suisse. Thank you very much for taking my questions. Two from my side. We've seen one of your Nordic peers pursue a similar strategy in their mortgage business over the past few years, defending their price on the back book, but recently announcing a bolt-on deal that is augmenting their capabilities by purchasing an online mortgage bank. Put it simply, could M&A help you bridge the gap versus your previous market share? The second one is a clarification on capital. You mentioned that you expect to remain within your target range post the regulatory capital reviews. Does that mean that you're expecting at least 260 basis points of headwinds, or have I misunderstood that point? Thank you. We're always looking at different opportunities to do sort of M&A business. I think the key point here is that, I'm getting back to what I've been saying all over, is that we need to get better on faster and meeting our customers' needs. This has been a period where we think we're right on price, but we are not fast enough in this fast-moving market where objects are taking on the time they are being shown or done just before they come to the market. In this time, we've been too short from a loan promise to be a real deal. On the other, I'll let you answer. On the capital side, one of the reasons why we are increasing the buffer in the quarter is that we have not increased our lending volumes, which is a real driver. There is a lot of uncertainty, especially with the IRB overhaul. The only thing we have any visibility on, we think, is the pillar 2 guidance of 1%. Reinstigation of the countercyclical buffer is difficult to judge when it will come and at what magnitude. It's our best estimate at this point. Thank you very much. Thank you. Our next question comes from Nick Davey from Exane BNP Paribas. Please go ahead. Morning, everyone. Two questions, please. The first one, if I can just focus on the Large Corporates & Institutions business, which is doing a 9% return on capital in what's typically quite a good quarter. I just wondered whether you had a plan for the unit itself. I think we talked about thematic plans, but for the division itself, how do you bridge the gap to a sensible level of returns? Is it as just the cost cap and hope for better activity, or is there anything more focused on the division itself? The second question, just coming back to this question of high deposit growth and what you can do about it. I think you made some comments about less wholesale funding issuance in general. It looks like you've actually issued a fair amount in Q1. If you have any comments about the opportunity from high deposit growth, if you're not willing to charge negative rates, maybe you can flesh out the comments about AUM or less wholesale debt. Thank you. Well, thank you. First, we do not have specific targets for different divisions. We have an overall target, and that is to reach the 15% of return on equity. I think that this quarter is a good quarter of 12.8%. I think if you would withdraw the capital that we put aside for accrued dividend payouts, we'd end up with a return on equity of 13.5%. The other question is, of course, this deposit. You have to think about two things when you look on how we act on the bond debt market. The first one is that we have some regulatory demands that we need to fulfill with specific kind of instruments. The other thing is that we need to keep an activity ongoing here in order to keep the market open. Of course, we'll take the opportunity to use the deposits in a good way. Anders, do you have anything to add on that? No, not really. Presence in covered bonds and senior unsecured and non-preferred is necessary. We are limiting it to the extent possible, but we have to be present there. Thank you. Can I ask a quick question on a follow-up on the no divisional targets? If you're running them with a 9% ROE in the large corporate unit, obviously, you can have a cost cap and hope for better activity. Is there any point at which you would say this division needs to become much more capital efficient in and of itself? What would it take to bring in divisional targets? Well, we always look on and follow up our heads of business, how they are doing, and we're always pushing them on that side. I think the key point here is that we need to be more active, and we need to be there for our customers, and we have no plans on putting in the extra targets on each of them. We are a bank that are for the many people in businesses. These are product offerings that we need to give from the big companies to the small companies. I think we've acted in many ways in a very good way in LC&I. Okay, thank you. Our next question comes from Rickard Strand from Nordea. Please go ahead. Yes. Hi, good morning. I have two follow-ups. On the staff expense and FTEs, we see that the number of FTEs continue to be up sequentially, though at a slowing pace. I was just going to ask if you could give any flavor on how you see the progression there going forward, and you talked about potential natural attrition coming up in the later part of the year, but what if that doesn't happen? Also on the AML capability, do you see that you have recruited the staff you need there, or is there additional needs there? As I said, as you know when you hire someone, they are not immediately starting. When you see increasing FTEs in this quarter, it's most likely it's people we have hired at the end of last year. We have put in FTE caps together with cost frames. You're right, we underestimated the attrition rate coming down so dramatically last year. We planned for a normal turnover, and that did not appear. We expect to have a slower development on the FTE side this year. Absolutely so. What was your second question? I think I forgot what you asked for. The AML capabilities there in staff, do you see that you have the staff you need in the AML side, or do you see further needs there in some areas? Well, we hire some people in this area, the key number and the key metrics was the one I gave you last quarter, that is that we expect almost a 10th of every person in the bank working with the fight against financial crime. Of course, in the long run, this is something we want much more automized and things like that. In a time like this, we are working with three different perspective. First, cleaning up our historical shortcoming; second, following the flow as we speak; and the third, investing for the future. In the long run, I do not expect so many people to work with this. Yeah. A question on your IT spending. You raised both that you're a little bit slow on responding to mortgage applications, and also then the problems that we read about in the newspapers regarding your equity trading platform. Overall, how do you see your IT spending from your current level and then going forward? Is there a risk that you need to improve it to stay up with competition, or how do you see that? Well, the only thing we know about IT is that that is an area where we'll continue to invest. I think if you look on the investments on this year, I think it's the highest ever on investments. We've had problems, and I was extremely open about that, and we are having a Stability Resilience Program, and I think we've been under-invested a bit in the sewage systems of the IT part. We are heavy focused both on the short-term actions and on the long-term remedies. Okay, thanks. Our next question comes from [Maths Liljedahl] from SEB. Please go ahead. Yes, good morning. Thank you. Sorry to come back to the mortgage business again, we consider it all your bread and butter. When could we expect you to come back with more details? Because when I read this, more focus on largest cities, to my knowledge, that is not where Fastighetsbyrån have their strength. It's more out in the countryside. We see that you need to invest, and obviously you need to convince us here that you are doing something rational that will change the negative trend. Will you come back to us with more details on how you intend to proceed with this? That's the first question. The second is more of curiosity, I think. Swish, you mentioned actions there to fend off hostile behavior. Could you mention what has happened? Thanks. Well, first, don't be sorry about asking about mortgages. We love to talk about the mortgages, and we have a strong business there, and don't forget that. First on Fastighetsbyrån, I actually thought that as well. If you look at the numbers, we are strong in a few parts of Stockholm, but we can always be stronger there. Regarding the action, I think the key point is that we need to show that in the numbers. I don't think it's about us saying we're doing A, B, C, and D. It's about us showing strength there. As you know, I'm going out there saying this very clearly that we haven't been good enough. I'm communicating that, and I think we have a good potential for getting back. On the Swish transactions. If I remember correctly, it's the number of times you can switch your phone numbers linked to an account. What we are seeing is that some individuals are changing their phone numbers aggressively. What we're now saying is you're only allowed to change your phone number three times during a year. Things can happen. You can change job and things like that. When you start to seeing big changes, well, then that's a warning flag in our AML systems. Okay. Thank you. All the initiatives here on mortgages, and also the disturbances in IT systems, et cetera, everything should go under the cost cap as you see it? Of course. We have. Cap. Cost cap of SEK 20.5, and we are doing this, but I think the key point is that look in the numbers, and that we need to deliver there. Yep. Okay. Thank you. Thank you. Thank you very much. We currently have just under three minutes to go. I'm going to allow the last question, which is from [Sofie Peterzens] from JP Morgan. Please go ahead. Yeah. Hi, here is [Sofie] from JP Morgan. I was wondering if you could just give an update on the banking tax in Sweden. What's your view here? Do you expect it to go ahead next year, or do you think it will be delayed? Do you think that you can offset the potential impact by pricing and how you think about the resolution fund fee? My second question would be around the resolution fund fee. You say it's SEK 550 million in 2021, but it's not really clear how much it actually was in the first quarter, because if I look in your fact book, it says that it was SEK 229 million in the first quarter, which just doesn't seem right given that it was SEK 220 million in the first quarter, according to the fact book. If you could just guide how much the first quarter resolution fund fee was, and how do you think about the resolution fund fee going forward? The last question would be on the dividend. You still accrue the dividend from 2019 and 2020. How should we think about a potential payment of this dividend, and if the dividend restrictions, for whatever reason, are extended, what will you do with those funds? Thank you. No, thank you. On the tax, I got no new information on that. You have to ask the government and parliament and the politicians. Here in Sweden, we've let the Swedish Bankers' Association be the one that taking the discussion on that. I think there are good arguments against this tax because I'm not sure it really lives up to the EU rules, and I think the way it treats large banks compared to small banks is not fair. I think the very idea that if somebody deposit on the bank, that we should pay a tax for that is not fair. I have no information on that. The third issue you talked about was the dividend. The dividend is that we paid out, as you know, SEK 7.25 during this year for 2019 and 2020 within the cap provided by the Swedish FSA. They've said that that is a cap that would disappear the 30th of September. What we are doing, of course, we're following the development, both in terms of how the economy develops and what happens with the vaccines and what the FSA is saying. Of course, we want to pay out dividends. We are proud to give out dividends, and we see that as a contract between the very people you advise and are the owners of us and the profits. We hope to get back on that. [Sofie], on your question around the resolution fund fee, I think there are two fees. We talked about the deposit guarantee fee, which will be approximately SEK 550 million this year. As you know, it's finally decided in Q3, I think, or beginning of Q4, so that's an estimation. As far as the resolution fund fee comes, it will increase most likely from SEK 855 million last year to SEK 915 million this year. I think you mixed the different fees up a bit there. Okay. Thanks for that. Sorry. How much was the deposit guarantee fee then in the first quarter? There are a couple of deltas in Q1 that makes the comparison difficult for you. The underlying deposit guarantee fee will be around SEK 550 million for the full year. That means that the underlying deposit guarantee fee for Q1 is around SEK 135 million. You had deltas from Q4, and we have this retroactive repayment coming in for 2019 and 2020. That is disturbing the numbers a bit for you. Thank you very much, everybody. Take good care of you, and see you out there. Bye.