So — but again, 4.6% is roughly stability. Net interest income in Spain. Again, details will be given in Investor Day, but I do want to reiterate what I said before. We are still below the levels — way below the levels, again, very different market but a much better quality of earnings to date and what we had before. Spain is growing the number of customers. Spain is gaining market share in deposits. I think Héctor mentioned that, I think, around 15% last year. Spain has grown 700 — or 600,000 new — 700,000 new customers last year. So what you’re seeing in Spain is a combination of very important, a change in the model already, and we will tell you more about where that is going in the next few years. And also the tailwind in interest rates and, as the CFO explained, a very conservative ALCO in euros, which, of course, mainly benefits Spain.
DCB, that’s one I know well. So DCB is obviously like our consumer business in the U.S. These are businesses that are more hard-hit by higher rates. In spite of that, we’ve actually improved our return on tangible equity to 14%. We, as you know, joined up DCB with Openbank. So we have now a digital bank helping to fund our business in DCB with very good growth in deposits. And by the way, very cheap deposits. So if I remember correctly, the EUR 10 billion, EUR 11 billion of Openbank is at around 5 basis points cost. So that is helping. In terms of cost of risk, and I can say that. So if you look at — so we’re seeing a normalization of cost of risk with all the caveats and less risky portfolio and so on that Héctor explained in the U.S. We are seeing a normalization again in the U.K. from very, very low levels, and we will see some normalization in DCB.
And all of that is included within the less than 1.2% cost of risk. More details to come. I think any…
Jose Garcia-Cantera: Just a couple of things. On NII Spain. As I said, the EUR 2 billion to EUR 2.5 billion is mostly in euros and, to a great extent, in Spain. And quarter-on-quarter, fourth quarter over third quarter NII in Spain was up 25%. So I think you can have a pretty good idea what NII is expected to do in next year in Spain. Funding in DCB. DCB has around 1/3 of its balance sheet funded with deposits. As interest rates go up, that offers a great opportunity to improve the funding structure of DCB. And we have plans to grow deposits at DCB in Germany and in some other countries but mostly in Germany over the next couple of years by a significant amount. So this should help keep our spreads in DCB at very attractive levels.
Begona Morenes: Thank you. We have around 10 minutes remaining on the call. So let’s try and make this brief. Next question comes from Sofie Peterzens.
Sofie Peterzens: Yes. This is Sofie from JPMorgan. Sorry to go back to Brazil asset quality. But if I look at your NPL ratio in Brazil is now over 7.5%, but also coverage in Brazil has weakened quite significantly. In the past, you always had over 100%. Now it’s below 80%. I’m just wondering — and then in addition, you have 20% unsecured. Why do you feel comfortable with 80% coverage in Brazil? Shouldn’t it be closer to 100% and also considering that you have 20% unsecured lending in Brazil, is it fair? And most of these loans seem to have been originated when rates were kind of in the low single-digit range. Isn’t it fair to assume that NPLs probably will continue to trend up in Brazil? And if not, why not? And then my second question would be on the hedging policy. Could you just remind us how much of your FX is hedged? And how much is it costing Santander per year to hedge the P&L and capital?
