Inés Lanusse: It has to do with the increase in the monetary policy rate that you had in the second quarter that went from 78% to 97% remember, by the end of the first quarter to the second quarter, and that had a repricing also in loans. And the other factor is the position in CER and LELIQ now from our public sector exposure to daily LELIQ represent 76% and increasing, so that is part of the results that all the banks are presenting. Most of the NII of the banks is increasing mainly by public sector exposure, which is high but in control now, in the case of us, probably more controlled than other banks because of our parent company. So mainly the increase in NII and the good result has to do with that, with the increase of monetary portion rates and the position in public sector assets.
Operator: Next question comes from [Ludovic Kachot].
Unidentified Analyst: I’ve got two questions. The first one is about the impact of the devaluation of the official FX rate. On your results and on your book value, your equity, what would be the impact of devaluation of the FX official rate? And the second question is regarding the consolidation that we have seen in the market with Banco Macro buying out Itau Argentina. Would [indiscernible] they are interested in external growth, buying out local subsidiary of foreign bank or merging with a competitor, would you be interested in external growth?
Inés Lanusse: I didn’t understand the last part of your question, I understood [BMA] buying Itau, but the last part was?
Unidentified Analyst: The last part was, if you BBVA Argentina could be interested in buying a subsidiary of an international bank or to merge with another local bank?
Inés Lanusse: Let me start by the last question. Regarding the Itau and BMA acquisition, I think it’s a good position for BMA. It’s a bank that offers a good branch network in the area where BMA had less franchises and I think it’s a good merger for them. If you see, again — today with the last information of the system is March, but with those information, market shares and ramping stay quite stable. There’s not much change by BMA acquiring Itau, but I believe it’s a good acquisition for BMA strategy. Regarding us, again, it’s a very unstable moment. So it’s difficult to say what other M&A is going to take part. BBVA as a bank looks out of every opportunity and trying to remain in the market. So any opportunity that may rise up, we take a look at it and see if it’s an opportunity for us.
Regarding [devaluation] that was the other part of your question, as you know, by recognization we have a cat in the position that we can have loan in assets basically to avoid this high increase in results because of a sudden devaluation. Being that said, we have some bonds tied to FX that helps our results in FX and basically, that’s what we can do. Now there’s not much we can do there, it’s quite limitated what we can do regarding devaluation.
Operator: This concludes the question-and-answer section. At this time, I would like to turn the floor back to Ms. Lanusse for any closing remarks.
Inés Lanusse: Okay. Thank you for your time. And let us know you have further questions. Have a nice day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
