Jorg Friedemann: And our next question comes from the line of Flavio Yoshida at Bank of America.
Flavio Yoshida: Hi everyone. Congrats on the results. So my first question is on Payroll Loans. So I was wondering if you guys could share some details of the evolution under the CRP [ph] operation. Is it coming better than expected? What are the main challenges faced so far? And how should we think about the overall NIM and ROE for Nubank going forward given the fact that Payroll Loans should have a greater relevance on the total portfolio especially taking into consideration that Payroll Loans interest rates are lower than cards and personal loans as well?
Guilherme Lago: Flavio, thank you for your questions. We have launched what we — I would say, is a partial launch of our consignado business in Brazil. We started in late April by launching only the CRP product but still without portability, right? So I think the main features that we’re going to be adding in the second half of the year are fairly important for us to be able to ramp up the product, mainly the portability of CRP plus INSS, plus FGTS. So I think with those 3 asset classes, we will have on our shelf, products that represent the book of the secured credit market in Brazil, which is the single largest target of addressable market in the country. So we are super encouraged with the early results. And what we have seen so far since we started to operate with consignado back in April, as I mentioned, is fairly strong signs of product market fit.
So customers love the product. Conversion has been better than expected, and we have been able to have lower-than-expected operational losses for it. So we like what we find so far, but it’s too early to call kind of a victory on this. It’s going to be a longer journey. We don’t expect that consignado or FGTS will move the needle in 2023 in terms of loan originations or loan balance, but it will be fairly important for us for the next 3 to 5 years as it represents the largest market in Brazil. Now, it will, as you correctly pointed out, involve lower net interest margins, which is the essence of the payroll loan business in Brazil. However, it will not necessarily come with much lower ROEs because it also draws less regulatory capital, and we are confident that given our cost structure, we will be able to deliver growth, lower prices to consumer and still very compelling levels of ROEs. I think we’ve mentioned in the prior calls that we are aiming at having ROEs of about 30% of our loan book and we do expect that with combination of all of these products we’ll be able to deliver on that.
Flavio Yoshida: Okay. Thanks for very complete answer. And my second question is a follow-up on Yuri’s question. So this was the first quarter that we saw a positive result for the holding company without Brazil. And I was wondering if there was any change in the investment strategy, and if we should expect further positive results in the coming quarters?
Guilherme Lago: No. I think what we have seen is a slightly better results in our treasury operations at the holding company, given the $2.4 billion, $2.5 billion that we have there. But mostly, as a result of the more benign markets that we have, our investment policy at the holding company has been fairly conservative, and we expect to continue to be fairly conservative investing in basically very safe and liquid investment assets.
Jorg Friedemann: And our next question comes from the line of Rafael Frade, Citi.
Rafael Frade: Congrats on the numbers. I have a question only related to capital. So I understand that now you — for the third quarter, you should already have all the regulated entities in Brazil under the same umbrella in terms of capital. So, just to have a sense of what would be your Basel at the current — this current configuration?
