Alvaro Serrano: I apologize I’ve got a follow-up on U.S. and one on — a new one on Brazil. On the U.S., I’m looking at your charts on the right-hand side on Slide 25 that you showed the delinquencies — early delinquencies. My understanding is that the vintages of the second half ’21, in particular, the vintage of 2022 were the ones that deteriorated most. It shows yours and from competitors, but it looks like you’re showing an improvement. So maybe you can comment on apart from the general comments you’ve made, specifically on the latest vintages. Is that what’s giving you confidence? Or maybe some commentary there. And within that guidance of the cost of risk in the U.S., maybe you can share what the car price assumption you’re using for this year.
I know your competitors are expecting mid-teens reductions, but I don’t know what you’re factoring in that cost of risk. And then on Brazil, just some commentary maybe on the NII growth that we can look forward to this year. It’s obviously been slow as you had already guided to in the second half of ’22. I don’t know if with the latest sort of rate expectations, should we expect only growth in the second half, as you were saying before, or any updates on the Brazilian sort of dynamics.
Ana Botin: So thanks. I’ve actually — just give another high level — apologies for that. I think it’s important to put vintages and more specific questions in the U.S. in the context of the country. I think it’s really important to understand that our U.S. business is fundamentally much stronger than it was 3 or 4 years ago, including the consumer business. It’s a business we understand, we know how to manage, we are in control. The cost of risk this year was better than guided. The leases is what linked to car prices, maybe that’s lease sales that may be Héctor can address that. But what is important is we’re very confident that we can deliver 15% through the cycle returns in the U.S. I also want to point out that in the last 3 — 4 years, actually ’19 to ’22, medium-term plan, the U.S. was the country that added most value to the group in euros.
Actually, the combination — and this is after all cost to TNAV, FX in euros for shareholders. U.S. and Brazil were the top 2, delivering 50% of the total shareholder value creation. This is really important as you think about where we put our capital. It has proven to be anti-cyclical because of the 2 extraordinary years we had in the U.S., almost EUR 5 billion in dividends last year and more coming this year. And we’ve looked at this business inside and out. It delivers very good returns to shareholders way over the cost of equity through the cycle. So again, it’s important to put this in the context that it’s a business we know. It’s a business we understand. It’s a business that is leveraging the group, that is leveraging the retail funding, which we are using to derisk and compete successfully with U.S. banks in prime and near prime.
We won Mitsubishi, as I mentioned, and hopefully more to come. Having said that, Héctor, could you address the latest vintages, please, and car prices in a minute? Brazil, again, as I said, U.S. and Brazil the 2 countries that have generated 50% of the value creation in euros after everything is assigned, 50% of the value creation in euros to shareholders in the ’19-to-’22 year plan. Brazil has a negative exposure, I mean, negative sensitivity to rising rates. I believe this should reverse once rates stop going up in the second half of the year. But again, Héctor, maybe you want to add on the car prices, Manheim Index and others?
