Operator: Next question is from Marta Sanchez Romero from Citi. Please go ahead.
Marta Sanchez Romero: First question is Spain and deposits. You’ve seen inflows of roughly 7 billion in the quarter. Can you explain a bit what’s that? Is that corporate deposits? Is it a volatile number? And if you can explain what your strategy on deposits is going to be, do you have a target for loan-to-deposit ratio in Spain. The second question is in Mexico NII. Two small here. The first one is the — when do you see the peak on customer spread and how — if you can elaborate a bit on the competitive side on your loan book, just by categories, whether you are being able to pass through higher rates particularly on the corporate side and on mortgages where you’re being quite competitive, I believe. Also in NII Mexico, the book, it looks like you’ve been adding bonds.
Do you have a target in terms of the size for your bond portfolio in Mexico given where rates are and where rate expectations are moving? And finally, capital. You got 11.5%, 12% target. Do you think that is an adequate capital position or target given that a lot of the capital that you’re building is in Turkey and is effectively trapped. And if I remember correctly, writing it off would cost you around 40 basis points. So is that a buffer that we should be effectively adding to your target?
Onur Genc: Rafa, do you want to take the first one?
Rafael Salinas: Martha, in relation with the growth in the customer deposits in Spain that we have in the last quarter is mainly, mainly related with demand deposits. And it’s also quite related to the new customer acquisitions. So at the end of the day, it’s just more than €10 billion that we have increased coming from new customers in the format of demand deposits. We have seen also an increase of around €3 billion in time deposits, as I said, it’s just a lower and mainly coming from commercial banking.
Onur Genc: Regarding the Mexican NII, have you seen the peak yet, we don’t think so. Our planning, that’s why we are guiding you in the guidance that we are going to grow at mid-teens. Why is that? Because the mix change is still happening because — the repricing is still happening even for the last batches of rate increases that were done in Mexico, we still have some time to reflect all of that to our clients. And there might be some more rate rises to come, as we said. Given that the peak is not reached yet in our view. Adding bonds to our ALCO book, it’s €12.4 billion of an ALCO book we have in Mexico as you might know. The latest increases in the last quarter, we only increased it by around €200 million. So that’s going to be more or less the range.
I mean we would be a bit opportunistic or a bit tactical on this one. We don’t expect large increases into our ALCO book yet. We are a client-oriented customer-centric business. We do have so much very attractive customer franchise business in Mexico that we would rather grow in our Mexican customer franchise. And if you do have some opportunities, which we do, we believe we do have some, but we would rather use that liquidity and capital growing with our customers. So ALCO portfolio book increase would be limited and opportunistic going forward in Mexico as well. Then 11.5% to 12%, is that good enough, the 40 basis point walk-away scenario in Turkey, should we added back to the goal — the walkaway scenario is 39 basis points as you say, 40 basis points, but we don’t think you should be adding it to our capital target whatsoever.
