Sofie Peterzens: Yes, here is Sofie from JPMorgan. So I also had 1 follow-up clarification question and then two questions. So my first clarification would be that when you said that gross revenues adjusting for FX to be mid-teens growth or imply roughly mid-teen growth, what FX are you using? Your estimated FX rate in 2023, or the current kind of end of 2022 FX rate? So that would be the clarification question. Then my first question would be that if we look at the free float of guarantee and where the share price of guarantee is currently trading and the fact that it’s not part of the benchmark anymore and my understanding is that, that’s hurting guarantee a little bit in Turkey, did you kind of consider a free float optimization for guarantee in Turkey, I reduce your stake in guarantee from the current 86% level.
And then my final question would be that after the elections in Turkey, there are some expectations that interest rates in the current — in Turkey could increase quite substantially from the 9% current levels. you have around €8.5 billion of bonds in Turkey. What capital impact would you expect from every 10% increase in interest rates in Turkey?
Onur Genc: Very good. The first one is very quick. We use the forward curve always. But as you can see, the NII of the group is very much composed of mainly Spain and Mexico. — if you put the forward curve of those, you would immediately get to those guidance that we are giving to you in current euros. But we don’t have our own estimate. It’s the market forward curves that we use in our planning exercise in our guidance. Second question is, would you refloat guarantee. Sofie, we just bought it, and regarding that deal, we have had multiple discussions in the past, whether it was a good deal and this and that. And now there are some of — it was very negatively perceived by the market, let’s be very honest about it. But then given the share price now, we bought the shares at 15%.
Today, it’s around 25%, and the currency is more or less the same. People are saying to us that, oh, you do have an opportunity here. So it’s actually a very good deal now. Some of the people are telling us the other way around. And none of them, in my view, is right. We don’t know whether it was a great deal or not in this very short term. And we are not very short-term investors. We are not trading on floating, refloating, taking it back now that we have 25, we sell it, we are not that player. We are a strategic long-term oriented value focused bank. And we have done the deal because in the long term, we do think that there is value in that franchise. We do think that there are big risks, but we do think that those risks were already factored into the price.
And we do think that it was a great value for our shareholders, and it was better return to our shareholders versus other alternatives like share buyback. That’s why we did the deal. And we are consistent with that. We are long-term shareholders. We would not be refloating in the short term and trading, that’s not who we are in this type of strategic assets. Then elections, what is the — Rafa, do you want to take it, but we have €1.7 billion of fixed bond portfolio. It depends on how much the fixed bond portfolio moves. Obviously, there might be some capital impact, but it’s very absorbable, very removable. It’s already in the planning.
