In terms of the accounting, well, I think Investor Relations will give you more details about – this is pretty detailed. But in the first half, there is no impact or no adjustments between net interest income statutory and underlying zero. What happened in the first quarter is, we had an positive adjustment of €211 million and we have reversed exactly the same amount in the second quarter, which by the way in terms of the €20 billion, it’s a very small amount. So, no adjustments to NII in the first half. What we added to underlying in the first quarter was reversed in the second quarter. There are other adjustments in the P&L, but basically netting out in most cases will happen in the first quarter in the second quarter. But Investor Relations will give you all the details line-by-line of the differences between the first and the second quarter.
Thanks Sofie.
Begona Morenes : Thank you, Sofie. Can we have the next question, please?
Operator: Next question from Marta Sánchez Romero from Citi. Please go ahead.
Marta Sánchez Romero : Thank you very much. My first question is on the digital bank. Could you please provide an update on your strategy for gathering deposits here. You’ve raised possibly €3.4 billion year-to-date, but seems a bit below what you had planned a few months ago. And also possibly, you are trying at 200%. So how much more deposit do you expect to get? And where do you feel like you need to put rates in order to be – to be more successful in Northern Europe and Germany? The second question is a follow-up on mortgages in the UK? You are shrinking pretty fast for €1 billion per quarter. When do you expect to stabilize that book? Thank you.
Hector Grisi: Thank you, Marta. Okay, on the study the open bank is quite clear. Okay. And we just don’t have open bank as the only vehicle to raise deposits. We have some other vehicles also. We are having some of the other different countries, okay? We believe that strategy is right? And the one that we manage at open bank is going along to our expectations and we believe that we are going to continue to manage that accordingly. Okay? And in the some other different initiatives that we have, for example in Germany and some other places, the study has been proving very successful and we don’t believe we need to basically continue raising rates depending on what the market reacts to it. Okay? So we’re going to be moving it according to the market.
In terms of mortgages in the UK, I was very specific about what we’re thinking in terms of profitability, okay? And the way we’re managing the portfolio. First of all, we’ve been very cautious in the way we manage and our risk appetite is being very prudent in the way we’re managing the UK, okay? If we see that there is a change of how we see the market, then we’ll adjust at the point. But right now, we’re concentrated in the two things I told you. First of all, profitability and being cautious on the risk appetite there. If we see one of these changes, then we will adjust in any way. I don’t know Jose, do you like to comment a little bit more?
Jose Garcia-Cantera : In the digital consumer bank, now includes open bank. We have €60 billion in deposits, like you said. And I think we obviously manage that to maximize profitability. So it’s not only a question of the amount of deposits, but the question is, managing the margins in a business that has negative sensitivity to rates. And I think we’ve been very successful if you compared these figures to what it was a couple of years ago and you look at margins and interest rate sensitivity management, I think you have to look at a whole picture and I think we’ve been very successful in managing interest rate sensitivity in a business that is naturally – that has naturally negative sensitivity to raising rates. Thanks Marta.
