Dixit Joshi: Sure, Kian. We — as we haven’t re-segmented, of course, it’s been IB reporting for Q4 under the old segment. The non-core, of course, will be split out when you see the results in April in that time series, but also, we’ll be reporting Q1 in our new market structure. We, of course, did in advance of the non-core unit taking shape on the 1st of January. We have been disciplined on executing on our exits of products or exposures to free up capital in a manner that will benefit the shareholder, and you’re seeing that come through in the fourth quarter. As I mentioned, that’s about…
Kian Abouhossein: Sorry, I’m referring to the P&L. Can you — just a simple question, can you give me the breakdown of the losses in the P&L within the IB?
Dixit Joshi: No, not yet, Kian. As I said, once you get the restatement, once we restate in the new segment, then we’ll be able to provide more visibility around that. Of course, in the Q4, as you point out, of course, in the Q4 in the IB segment, we have losses related to intentional de-risking and especially accelerated de-risking that we’ve absorbed in the fourth quarter, which is what you’re seeing coming through in the results as well.
Kian Abouhossein: Thank you.
Operator: The next question comes from the line of Daniele Brupbacher with UBS. Please go ahead.
Daniele Brupbacher: Yes, good morning, and thank you. I wanted to ask about the liquidity coverage ratio of 144%, which is a three-month average. Can you tell us where spot levels were year-end or probably now? And historically, that was closer to 200%. There was probably some reasons behind that. How should we think about it? Whether you can also structurally change some of the funding, bearing in mind legal entity constraints? So, that’s one. And then, secondly, also on the capital situation, I mean I guess the U.S. business was running at 24% CET1, Q3. I don’t know where it was in Q4, but how do you think about the capital distribution within the group and things you can optimize in that regard? How are you going to do that in the context of the carve-out of CSFB? Are you going to use that legal entity? And what’s the possibility to repatriate some of that capital to then really have a benefit at the parent or the group level? That would be interesting. Thank you.
Ulrich Koerner: Thanks, Daniele. With respect to LCR, 144% at the end of last year, as you said. So, what we do not do is giving spot rates here. But that’s why we said, and that’s how you should think about it, that’s why we said it has improved since then. And if you put that all together, what I said about the overall flow situation and so on should be pretty clear, and what we are, and hence, a good question. So, assume throughout this year, we are rebuilding further the LCR ratio to an extent different levels, which is obviously, as it’s immediately clear to you, driven by the whole derisking, deleveraging, which we are doing and Dixit was talking about. What we have not yet fully defined, so to say, what should be with respect to new Credit Suisse an adequate and sensible target ratio for the long term, this is certainly something which we will do once, but not yet, too early in this year because as you also immediately understand, it has a lot of questions tied into legal entity structure and so on where we are also working on.
