But at CHF17 billion of indicated issuance versus a CHF22 billion redemption, we’re starting to now really turn the corner and start setting ourselves up on a trajectory to eventually reduce our funding costs through time. A couple of things I’d highlight. In response to what you’ve just said around Slide 31, it does lead to the reduced HoldCo issuance, which is, at CHF2 billion, much less than our expectations would have been, let’s say, at some point during last year for this year. And again, that’s a reflection of the strategic actions that we’re taking. On OpCo, we’ll be opportunistic, as you’d expect, through the course of this year, but we’ve already issued CHF4 billion of an indicated CHF9 billion. And then, of the overall issuance plan, we’ve come out of the gates quite fast with an issuance of around 25% of the entire full year plan in January.
So, we’ll be responsive, but what you’re going to see is a much more efficient balance sheet over time as a result of the strategic intended actions that we’re taking. I hope that’s helpful.
Alastair Ryan: Yes. Thank you. Can I just — as a sort of supplemental, so I appreciate you’d expect to grow the balance sheet somewhat as you get deposits and inflows back. But those very large buffers that you’ve ended up with perhaps through shrinking faster than you’d expected, is it fair to assume that if you can execute, you wouldn’t need buffers that big so that the sort of capital requirement goes down, but also some of those buffers that you’ve ended up with, in particular, that sort of 900 basis point buffer in HoldCo debt might be able to come down?
Dixit Joshi: An important observation. I mean what I’d say is if you look at the comments that I made on operational risk, as a result of setting out the strategy and then beginning to execute on it and then demonstrating that we’re able to derisk, especially in the mortgage-related portfolios, as you can see, I’m giving fairly clear guidance there that in dialogue with our regulators, we would expect a lower OR requirement. Now, when it comes to really AT1 and HoldCo, of course, this is in the list of our regulators. That said, we will continue transforming the balance sheet in a manner that I think would be conducive towards lower issuance needs. But of course, that’s in the hands of our regulators as well. It will be an active dialogue that we will continue having. But I think what’s in our hands right now is to continue to drive the balance sheet efficiency that puts us in a position to be able to have that dialogue.
Alastair Ryan: Thank you.
Operator: The next question comes from the line of Kian Abouhossein with J.P. Morgan. Please go ahead.
Kian Abouhossein: Yes, thanks for taking my questions. The first one is on Wealth Management again, but maybe slightly differently, could you talk about the RM decline of 5% quarter-on-quarter, year-on-year by region and also how you see RM development through 2023? And in that context, could you talk about the cost as well, which clearly has continuously increased in WM? And how you see cost development on an absolute level within the Wealth Management business? And then, the second question is on SPG is, can you give us a little bit of an idea of our modeling, how we should think about the revenues and the costs that are coming out of the disposal of SPG?
