James von Moltke: Thanks, Amit. So on specific clients, as you know, we just don’t comment on specific clients. I think the Lojas Americanas situation was a bit unique insofar as there was erroneous information in the market. So we felt important to clarify quickly. Generally, we pledged to Olivier’s statements that we manage our loan book carefully and its underwriting in the security interests and what have you. And so hence, we look across the portfolio, as we’ve indicated with confidence. On the fixed sustainable rate, it’s an interesting question, I tell you that if I go back to the materials that Rahm went through with you in 2020 IDD, we’ve cleanly clearly outperformed those assumptions, which is great. I think that franchise enhancement and our ability to invest further in it than we had anticipated tells you that there was more potential there that we had to — than we thought at the time.
And I also think that the underlying dynamics have become more favorable, perhaps than we assessed. Can we turn that into sort of a reliable run rate, it’s hard. And maybe we come back on that question as the year goes by. We’re not saying that €8.9 billion is a new run rate, and we’d expect to grow from here. We definitely think there’s some normalization over time, but I think we would take the views of the baseline is simply moved up based on both the environment and the way we’ve, Rahm and his team in particular have executed on the opportunity.
Amit Goel: Thank you.
Operator: The next question comes from Rohith Chandra-Rajan from Bank of America. Your question, please.
Rohith Chandra-Rajan: Hi, thank you very much. I’ll keep it to one in the interest of time. And just to follow up on the earlier discussion around the volume contribution to revenue growth. I think Christian mentioned that that could be similar to or more than the rates benefit in 2023. Just wondering how that compared to ’22. So when I try and do those numbers, I get to a little bit over €0.5 billion so you seem to be indicating something unlike a doubling in the volume benefits in ’23 versus ’22. So just wanted to get your thoughts on that, please.
James von Moltke: Sure, thanks Rohith. I mean, to begin with, remember that there’s a grow over piece of this, right. So we probably exceeded our estimates of the business volume growth in €41 billion for example, between net new assets in Private Bank and the loan growth exceeded our expectations. So there is a grow over element of that and then this year’s originations. There’s also a bit of a mix shift that takes place in the businesses. So we would think that, that a little bit more of the growth will shift, for example away from Germany into the IPB, and particularly Wealth Management, and the bank for entrepreneurs and also in the Corporate Bank, we could see some shift, as Christian noted from some of the short term lending, lower spread lending to more structured. So I think there’s a variety of features that underlying the view that we have on how volumes and mix shift and also spread can help support that just the interest rate only piece of it.
Rohith Chandra-Rajan: And sorry. Would you compare the revenue contribution from growth in ’23 versus ’22? Is it significantly bigger in ’23 and ’22? Is that we’re expecting?
James von Moltke: I think it’s about the same. If I go through the numbers, it’s about the same.
Rohith Chandra-Rajan: Okay, thank you.
James von Moltke: Thank you, Rohith.
Operator: The next question comes from Timo Dum from DZ Bank. Your question, please.
