We do expect the new production to be relatively soft in the coming year for mortgages, but more importantly, given the rates and given the fact that the stock is very much variable rate mortgages in Spain, 75% of the stock is variable rate mortgages. We do see early payments and so on a bit. Given all that, it’s not going to be a major negative but slightly negative balances in growth in mortgages. But when you sum them all up, we still do expect a positive growth in consumer. We expect clearly a positive growth in — although there is some prepayment dynamic there as well. But for companies, mid companies, especially, we do see a clear dynamic of growth there because there is inflation. We see a clear working capital need related lending activity, quite strong lending activity in that segment in Spain.
Overall, when you sum them all up, our guidance to you is flat. Regarding the buyback, will it be a part of the shareholder payout going forward. If you remember last year, when we — 2021, in the Investor Day, when we announced our new payout policy, we said we are increasing our payout policy. At the time, it was 35 to 40. We took it to 40 to 50, and we said, as compared to before, we are also adding this sentence into our payout policy, saying that going forward we do have the flexibility of doing a piece of the payout in terms of share buyback. So will it be a part of the payout policy going forward. It already is. We already injected it into a payout policy. But what is our intention? Our intention is to do a piece of the payout in buybacks going forward as well because we do think looking into the dynamics of our business.
I mean if we do our own, and we do think we are quite objective in that valuation, all the cash flows going forward and so on are fair value. Our fair value is much higher in our view than the share price that we have. As such, and also given the fact that we are, at the moment, currently traded below book value, it’s accretive in terms of tangible book value, it’s accretive for our shareholders. So for those reasons, we would like to have a piece of our payout in share buyback. But we do also have a large amount of retail shareholders. So we will always also prioritize the dividend as the cash dividend as the core part of our payout. Again, as you know, 40% to 50%, this is not a policy. This is not — but maybe a guidance and intention that can help you in thinking through this.
The 40 to 50, the 40%, as we have done this year, will always come in terms of cash dividends because we do have, again, this retail customers, retail shareholder base who depend on that cash dividend. We do have the clear, clear intention to continue on an increasing path of cash dividend increases year after year, a consistent pattern of strong and hopefully increasing cash dividends, 40%. And then the remainder we intend to do some share buybacks. So that’s kind of the mix that we have in our mind at the moment. Was there — the third question?
Patricia Bueno: Increase in payment.
