Tanate Phutrakul : Well, Amit, thank you very much. The level of deposit growth is really something that is driven by customer growth, customer activities and the prevailing market. So from that perspective, the growth in liability is actually welcome from that perspective. And unlike when we were in negative rates, liability replication was actually P&L negative, but now replication is P&L positive. So that’s a good sign. And we have given you this guidance on replication of 45-55. And from that perspective, we see that we replicate about that same level depending, of course, on different markets as well. And the pass-through rate, we are at about 20% as of the end of Q2, but we expect that year-to-date, it’s around 29%.
Amit Goel : Okay. Thank you. Just on the size of the replication portfolio. I guess just what I was checking there was when you gave the disclosure, I think, at Q3 ’22 you said the size of the book was about €461 billion. So obviously, that’s grown from 461 to 480 now. It seems like the book growth has outpaced the kind of the growth in actual customer deposits. So I just wanted to check what’s driving the size of the replication portfolio? And can we expect that portfolio to continue to grow or be stable or maybe come down in the future?
Tanate Phutrakul : It’s driven by flows by our customers. So I think the expectations is that as maybe the market starts to slow down on deposit growth and then the replication portfolio will be less, and like we see in Q2, demand for deposits continue to come into the bank, then it will be more.
Amit Goel : Got it. And you’re seeing that pass-through, I think you said of 29%. Is that correct? Right?
Tanate Phutrakul : Yes, Yes. Year-to-date.
Amit Goel : Okay. Thank you.
Operator: The next question comes from Flora Bocahut from Jefferies. Please go ahead.
Flora Bocahut : Yeah. Thank you. The first question I had is actually around the ROE target of 12%. I think this is a target you have on the CET1 that would be 12.5%. You’re obviously at 12% over the last four quarters, but that kind of CET1 that is north of 14.5%. So the question here is really why stick to that target? I know you don’t like to update those targets too often, but you know we’ve had many other banks updating ROE targets this year. So is there anything that’s holding you from upgrading the ROE target towards 2025. Is there anything negative that you expect will change the picture? And then the second question is regarding the ongoing share buyback. I’ve been surprised by the speed at which it’s been conducted so far in that sense.
I know it’s not in your hands that there is a mandate towards another investment bank. But in the sense that at this pace of buying just €4 million a day, it would take beyond the deadline. So can you just confirm that, with certainty, the €1.5 billion buyback will be finished at the deadline even though that implies a significant increase in the daily volumes that need to be bought until the deadline of October 18? Thank you.
Steven van Rijswijk: Okay. Thank you, Flora. So on the share buyback, we can confirm with certainty the share buyback will be finalized in October. And then on the ROE targets, look, we have said that we gave indications at the investor presentation and that if we will give an update, we’ll do that once a year after the fourth quarter results. And that’s how we do it. And otherwise, we need to give up this every quarter. So we stick to the yearly cadence.
Flora Bocahut : Thank you.
Operator: We’ll take the next question from Guillaume Tiberghien from BNP Paribas Exane.
