Ulrich Koerner: Okay. Tom, let me take that. So, as we said — or as I said earlier, we feel that the declines are overwhelmingly supportive. What we have observed, I would say, since October, in particular, and then early November on all these client meetings, at least where I was participating and doing, as I said, typically several a day, I would say there are three groups of clients. The one group which we started to come back very quickly already last year, so after a successful capital raise, they came back, they brought money back and so on. A second group, which I tend to believe is a very large group, at the end of the day, which was a bit more careful, so I look — let’s look at that, let’s look at how you are doing, how you are executing and so on, which will come back over time, I’m not saying in a run, but over time.
And there’s a third group, I would think relatively smaller group, which says, look, we stick with you with what we have now. After reductions, we like you, but we want to observe you a little bit longer than just, let’s say, the next, whatever, a few months. So, I think that’s what I felt at least from client meetings. So, to your concrete question, how much is coming back, I would like to know that as well, as you can imagine. As I said, the Wealth Management colleagues are pretty hopeful that we bring a fair part of the outflows back already in 2023, and the rest will come later. And as I said also earlier, obviously, our target is to bring all and everything back and then go beyond that.
Andrew Lim: Okay. Thank you.
Operator: The next question comes from the line of Adam Terelak with Mediobanca. Please go ahead.
Adam Terelak: Good morning. Thank you for the questions. Lots of questions on flows. I want to see more detail on deposits. Clearly, they’re down more than a third Q-on-Q. Can you give us any sort of color around that by division, that by term versus site deposits; and then, the assumption around deposit costs in the NII guide through 2025 and what that might mean particularly for Wealth Management, NII quarter-on-quarter into the beginning of this year, given the repricing outreach program that is ongoing? And then, secondly, back to credit. The language around the AT1 seems to indicate that the preference will be to kind of call and reissue this year’s first call date. Is that the right way of reading it? Thank you.
Dixit Joshi: Adam, hi, sure. We wouldn’t traditionally break down deposits necessarily within term, site, et cetera. I mean what I’d say is, look, we’re looking at deposit efficiency, of course, on our balance sheet. So, step one for us was really ensuring that we’ll restore confidence with our clients and customers, and you’re starting to see, per Ulrich’s remarks, you’re starting to see that come through. A core part of that was to ensure that we tapped the capital markets, undertook private transactions, restored CET1 to a higher level, all of the actions that I mentioned that we did in the fourth quarter, and that’s now starting to come back. I would point you to the LCR ratio. Look, that’s ultimately a combination of both deposits and other measures lead to us managing the LCR ratio.
