Katie Murray: So I think if we look at the mix of, I’m not going to get too drawn on that the way that I think of them revenue, particularly of this sort of 14.8 billion of guidance. Three things you want to think about, NIM, we have spoken about already. Volume, we’ve seen some good volume growth this year in terms of the 6.7 growth that we had. And we do expect to continue to see growth, certainly in the mortgage market. And commercial will obviously be more dependent on the macro environment. In terms of non-NII, we’re up 19% this year, very pleased with the NatWest markets performance. We didn’t expect that to grow at the same kind of that paces we go into this next year. And as it’s linked and kind of spending and confidence get comfortable with its performance, probably not going to get drawn on a relative mix in the medium and long-term. I think we are guiding you to that 14.8 for the year, and the sustainable growth 14% to 16%.
Operator: Our next question comes from Benjamin Toms of RBC.
Benjamin Toms: Firstly, on your RoTE guidance of 14%, 16%, which is considered sustainable in the medium term. And by saying this target sustainable presumably you feel you can hit the target under a range of base rate outcomes. What’s the lowest level that you think rates can go to in the bank still hit a 14% to 16% range? Or I guess, put another way, what rate assumption does the bottom-end of this guidance assume please? And then, secondly, sorry if I miss the answer to this question, but in relation to old costs, for your full year ’23 guidance assumes 300 million indirect costs, what will that that number go to overtime. And how long would it take to get there? Thank you.
Alison Rose: So look, I think we’ve got — we’re very comfortable with the guidance we’ve given you on the 14% to 16% as a sustainable number. There are a number of elements in that as you know, you’ve got our economic assumptions. We’re assuming a 4% interest rate through the course of this year, and then that will gradually reduce don’t forget, the number includes a 1.5% drag in ’23, which will reduce. So there are a number of factors in there. But what I would say is we’re very comfortable with the guidance, as you go forward, slow drag from Ulster, there will be a reduction in interest rates and a number of different factors in there, but I think we’re pretty comfortable. Apologies if we didn’t cover Ulster.
Katie Murray: Let me just close off the Ulster question. So you’re absolutely right, direct costs expect to fall to 300 million end of this year. We’ve always said that we’d be largely complete in sort of 2024. So you’d expect another material reduction on that I’m not going to be drawn on the specific number but making good progress. really delighted with what the team are delivering.
Operator: Our next question comes from Omar Keenan of Credit Suisse.
Omar Keenan: Thank you for taking the time to answer the questions. I’m afraid I’ve got another question on deposit migration. And I didn’t really want to throw too many numbers around because it’s not fair to the other conference call. But I just wanted to double check my thinking around some of the assumptions. So the idea that the cumulative pass-through on interest bearing deposits at NatWest. So it’s currently sitting at 35%. And the assumption that will end up at 50% with Bank of England rates fairly unchanged from where they are today at 4%. I’ve just done a bit of back of the envelope math, but it seems to imply we need to get to that number. And given the 400 bps of rate hikes roughly, we’ve seen so far, that you’re assuming an interest increase in deposit costs, all else equal of about 60 basis points.
