Onur Genç: Increase in payout. We just increased it, Max, a year ago. So it’s obviously on the table. But we — let me be very clear on this topic because it’s important to us. We told you very clearly when we sold the U.S. business, that number one, we have a capital target of 11.5% to 12%. We confirm and stick to that target very clearly, 11.5% to 12%. That is our target. Number two, we told you that we don’t like to operate with excess capital, and given our target, if you do have excess capital, we do have two — a few things to do with that excess capital. Number one, grow our business profitably, number two, remunerate our shareholders in a very positive and a very favorable way. What we said, these phrases that I’m just repeating to you, is what we are committed to, very clearly, which means if we continue to operate with this excess capital, our intention, 1,261, pro forma 1,280 versus the upper end of our range of 12%.
We are very committed to, as we have said before, to grow our business profitably organically in such a way that we create even more organic capital for our shareholders and/or to remunerate our shareholders, which implies that given again where we are, given the expectations that we have given the guidance that there might be other programs of extraordinary payments to our shareholders going forward. But this 40% to 50%, again, we just changed it. But whatever the excess capital is not through maybe 40% to 50%, the annual payment program that we have, but through other extraordinary measures, we are committed to give it back to our shareholders.
Operator: Our next question is from Alvaro Serrano from Morgan Stanley. Please go ahead. Your line is open.
Alvaro Serrano: Can I have two very quick follow-ups and then a question. So you said the 20%, 25% deposit beta in Spain, is that the average for this year or the end of the year? And in Mexico, I missed it if you gave your rate assumption, I apologize for that. And then hopefully, that’s very short. And then the question is around Turkey because the trends in Spain and Mexico are very strong. In Turkey, you said flat profits for this year, which is reassuring. But considering at the beginning of this year, admittedly, we’re going to hyperinflation, you were saying breakeven. Now you feel confident the €500 million is the profit. We’ve got elections mid-May and that creates uncertainties. Can you maybe reassure us why you’re confident that you can be that profitable? And what’s behind that confidence? And what happens if there’s an adjustment in currency? What are you baking in? Just a general reassurance behind that assumption.
Onur Genc: Okay. So the 20% to 25%, it’s not full year. It’s not average for the year. We are assuming that in the second half of the year, to be specific, as of May, as of June, in that period, this dynamic will kick in. And then the dynamic kicks in, 20% to 25% will kick in. That’s the guidance. So maybe starting with the second quarter, take it in that way. But our — given again the competitive dynamics and the liquidity in the market, I do think that we have an upside on that assumption. What we are telling you is not our expectation. What we are telling you is what we have baked into the assumptions for the guidance. If it’s worse than that, it will affect. If it’s better than that, which is actually my base case, then we will see that it will be a better figure than the guidance.
