Ulrich Koerner: Thank you very much for the questions, both very good questions. First one, we said like two-third in October. If you look into October and November together, it’s more than 85% of the outflows stemming from these two months, and that was exactly the reason. And you are aware of, before our strategy update end of October, we are not in a situation to communicate. That made it so hard in October. And that’s why we started immediately at October 27, literally, our client outreach program, which travels with us — traveled with us throughout the whole year and travels with us right now and as we speak. So, it has not stopped. So, more than 85% from October and November, which tells you now how the development was also in the last quarter.
With respect to your second question, net new assets, in particular, we said we are positive, which is very good, because that’s a very proactive region, growth region. We are positive in APAC with a good number for January also in comparison to other years. We are positive in Switzerland, also with a good number overall here. We are positive in a couple of smaller other geographies, but we are also still having some outflows in other regions. And that’s why we gave this guidance to say, look, it’s not at the moment the case yet that we can say we are all over and in every market and in every region already positive on net new assets. That’s how you should read it. But again, as I said, in my eyes, the situation has completely changed from last year.
Jeremy Sigee: Great. Thank you very much.
Operator: The next question comes from the line of Alastair Ryan with Bank of America. Please go ahead.
Alastair Ryan: Yes. Thank you and good morning. So, Slides 24 and 31, if I could, please. So, Slide 31, you’ve now this very, very large surplus to your going and gone concern capital requirements. And as you said, Dixit, there’s 30 basis points uplift in CET1 from Securitized Products and then there’s this operational risk RWA reduction. So, it seems that you’ll have really quite striking surpluses and, in particular, in the debt and the subordinated debt stack. So, going back to Slide 24, I can very much see why you might under-issue. Is there a possibility you might under-issue by more if you’re able to execute on the deleveraging plan that you’ve laid out? Thank you.
Dixit Joshi: Alastair, thank you for the question. And I’m glad you’ve noted that because it is a change from, as you can see on the chart from the previous years, certainly the last two years where we’ve had a greater issuance requirement than we’ve had redemptions. As we simplify the balance sheet and as we execute on our strategy, and I hope you’re seeing that now in the fourth quarter, certainly, as we’ve taken the size of the balance sheet down, the intentional pieces where we’ve delevered the SPG transaction, the early start of the noncore unit, you’re starting to now see some of those funding efficiencies come through, and that’s now reflected in this issuance plan. We set out, we said, up to CHF17 billion. Of course, the funding plan is dependent on the evolution of the balance sheet through the year, and one has to be somewhat responsive and nimble as you get through the year.
