At the end of the day, we are combining the capital hedging policy with the P&L hedging policy in the case of Turkey. Also increasing the amount of hedging that we do through options in order just to combine volatility hedging with also with the current traditional hedging of the carry with the forwards.
Onur Genc: Regarding the wholesale funding, you asked about Mexico. First of all, in our funding — maybe on the hedging for Mexico, you should know that the key — from a P&L perspective, the key risk that we have is obviously Mexican peso, and even the very strong levels of Mexican peso, you have already hedged once again. Maybe to repeat the message, we have once again hedged a good part of the P&L to come along from Mexico already in our books this year. Regarding the wholesale funding in our funding plan, Rafa, we have 1 to 2 billion to issue maybe possibly in Mexico, depending on the market conditions, obviously. But the liquidity of Mexico is such that we have deposit funding, and it’s so strong and the wholesale funding impact within the balance sheet that we have in Mexico, it’s going to be marginal.
So I wouldn’t be too much worried about it or so on. It’s a small figure in the context of the balance sheet that we have in Mexico. Profitable growth, market share, should we be planning or thinking about after elections in Turkey to do so? Let’s see how the elections come out, and we have to be in this mood of cautiousness and prudence in Turkey, in our view. So it’s too early to comment on those types of things. We have to see what comes out basically.
Operator: Our next question will be from Fernando Gil de Santivanes from Bestinver Securities.
Fernando Gil de Santivanes: Two questions, please, quick ones. First, can you please provide the amount of excess deposits that you hold at ECB right now? What’s the balance on and your maturity profile? This is one. And the second one, can you please provide some metrics on the budget you have allocated for these different new operations in European countries?
Onur Genc: The second question, did you get Rafa?
Rafael Salinas: No, no, no.
Patricia Bueno: Can you repeat the second question.
Fernando Gil de Santivanes: Yes, how much capital you have committed for this investment in new European operations like Italy or new ones that you might decide to open?
Onur Genc: TLTRO, your expertise, and liquidity, do you want to comment on that one?
Rafael Salinas: I mean on TLTRO, as you know, we have already amortized 30%, 1/3 of the portion. We still have 7 billion maturity in March, 16 billion maturity in June, and a 3.5 billion maturity in March 2024. In terms of our liquidity, we have plenty of equity, so this is already included in our liquidity and funding plan. And probably the only point that we will need to think a little bit in the coming weeks is whether we smooth a little bit more the profile of the maturities as we did in December when we early amortized €5 billion, probably we will try to also to do something similar in this first quarter of the year in order just to — probably to reduce the peak that we have in June, but only as a way to shape the profile of the maturities so that we don’t have any kind of job on our liquidity ratios.
