Alison Rose: Yes. That’s right. We’re giving you a view on what RoTE will be. And we don’t give out targets without a great deal of thought and analysis. They’re based on sort of various economic scenarios, and we’ve tested them against upside and downside risk scenarios. So as a result, based on the economics given today, our current views of market competition, customer behavior, we’re confident on the RoTE range we’ve given you.
Jonathan Pierce: Okay, brilliant. That’s helpful. Second question on this TNAV. Is my understanding on the pensions correct. The 500 million is going to be kept against capital, but there won’t be a TNAV hit this year from that pension fund payments. And then, can I also ask on a cash flow hedge reserve that’s a negative 30p at the moment within the TNAV. One or two other banks are suggesting a lot of that will unwind this year, rather than it being spread over 3, 4, 5 years. How do you see that progressing over this year? I’m just thinking again about the denominator and the RoTE.
Katie Murray: You are absolutely correct. Jonathan is as expected to be no impact on TNAV from that pension deduct is purely something that’s hitting our capital line. In terms of the cash flow, hedge we did see a fair amount of unwinding that in certainly, October, early November. Last year, probably, over time that line, it kind of ebbs and flows, depending what’s going on within the different bits of hedging that we’ve externalized from the group. So we don’t kind of think it will unwind, particularly this year, it’s kind of got a life of about five years, is how we think about it. But I wouldn’t expect to see that all come back. We’ve had some benefit already. And we’ll see how it kind of goes through.
Operator: Our next question comes from Rob Nobel of Deutsche Bank.
Rob Nobel: Two please. The behavioral assumption change that you made on your mortgages through the effective interest rate. So how long does your average customer stay on SVR within your current assumptions? How much was that shifted? And is there a difference between what you have in your assumptions now in the stock? And then, what you’re lending on? Is there a flow and stock difference between your assumptions on EIR in the mortgage book? And then, secondly, just on the on the deposits again, so how much of the structural hedge is based against commercial deposits versus retail deposits? And then, I think I heard you say that you think deposits will start to come down at the end of 2023? Is that more driven commercially or retail in your view? Thanks.
Alison Rose: Okay. I don’t think we said deposits would come down at the end of 2023. We said there’s sort of customer behavior. What you’re seeing actually is on the commercial side, because I haven’t touched on that already. Generally, there’s a lot of liquidity still sitting in commercial balances. And just to give you a sense with the bounce back loans, 25% of those are still sitting in cash on people’s balance sheets. So there is still a lot of liquidity sitting there. On your SVR question. Most customers, I mean, SVR is a relatively small part of our buckets, it’s around less than 4%. And about and most customers are on short-term SVR, which is about 3%. On the behavioral life, we haven’t adjusted for a couple of years and update moves to more stable position depends on the customer’s time on SVR. But it’s a very small part of our book and it’s largely short-term. Katie do want to pick up the structural hedge points.
