It used to be, as, you know, 5.5% at the beginning of the year. It ended 10.5% at the end of the year. That has led obviously to some of this impact as well. Some of that repricing continues because, some of the latest increases were done very recently. We do expect another 25, 50 basis points to come. Our BBVA research estimate is that there might be another 25 basis points in the next meeting of Mexico. So that that will continue. And depending on whether that stays at that level or so on, the impact from the rates will come along as well. But the mix effect is also very important and the mix effect is what we also intend to maintain for the coming year. We will be growing more in the commercial SME credit card consumer portfolio. As you can see in 2022, the pieces that grew the least is mortgages and public sector, which typically comes with lower margins.
So the mix effect is under our control, and we will continue on that path and the interest rate impact will also be there because the curve is still very, very high. On the fee income, Rafa?
Rafael Salinas: On the fee income in Mexico next year, at the end of the day, we are still believe we are going to have a good performance. We don’t — we don’t have a guidance in terms of a growth rate, but clearly it is not going to be — it is not as affected as the market component because of the weight of the asset management component in Mexico. In fact, the big portion of the fees related with payment services and brokerage. We, given the level of transactionality that Onur mentioned, I think we still believe that we are going to have a double-digit growth on that. Clearly there is a little bit less than 20% weight on the asset management fees that clearly is going to be depending on market evolution, but still some growth in face in Mexico is here.
Patricia Bueno: Thank you, Benjamin. Next question please.
Operator: Thank you. Our next question is from Max Mishyn from JB Capital. Please go ahead. Your line is open.
Maksym Mishyn: Hi. Good morning. Thanks for the presentation and taking our questions. I have two. The first one is an outlook for loan growth in Spain. You seem to have increased new production in mortgages from the third quarter. Do you see the market better? And how do you see growth in new production evolving in the beginning of 2023? And then the second question is on the shareholder remuneration. Can we assume that buybacks will now be part of shareholder remuneration in the coming years? What was the reason to put part of remuneration as buybacks this time? And also with the strong capital generation and excess we currently have, could you consider an increasing payouts in the coming years?
Onur Genç: It’s actually three questions, Max, but they are all very good questions. So yes, so the after for 2023 for the loan growth in Spain, we guided you in the page as the flat growth. You asked about mortgage specifically. We actually expect mortgage to deleverage a bit. So there will be negative growth in mortgages in our expectations, in our base case expectations. As you said, the production has increased for us in the fourth quarter. but it is mostly because of the baseline impact. Because in the third quarter — in the second and the third quarter, we didn’t like the pricing dynamics in the market, and we were basically out. And we came back in once the rates are up, we came back in, in the fourth quarter. It was specific to more to BBVA.
