We saw those debt quite stable to very stable, while they were unstable at many other banks, and we attributed that as do other observers to the strength of RBC combined with CNB. But we do have to anticipate that there could be some regulation around that, notwithstanding the enormous stability that we have that we’ll have to absorb. So does that change your strategy? Maybe at the margin, you’re looking for, everyone is looking for more operating deposits, more treasury management deposits, lower beta deposits. The whole world is competing for that. So how strong is your customer value proposition, your customer profile. One of the reasons we’re launching a U.S. corporate cash management capability is to compete in a space that we feel we have a strong right to play given our relationships with large corporates.
We’re in the senior in their syndicates or AA rating. So from that perspective, that will also help us maintain a growth profile in the United States and funding that growth. So, I think it’s — I don’t think we can assume that we’re going to be immune from it at the CNB level, but we have very strong ability, we think, to adjust for it, and we will continue to plan for a balanced deposit or profile over time. I hope that helps. It’s an important concept that’s evolving that we’ll watch carefully.
Graeme Hepworth: Maybe just jump in with one extra comment there, Dave. You’d asked about impact potentially the capital markets. I mean, I was just remind you that some of the standards that are being considered, the policy changes that Dave referenced, there are all standards in policies that RBC as a group is subject to inherently have to adhere to. And so in the U.S., likewise, our U.S. operations in aggregate, has been treated as a large bank and subject to things like CCAR, et cetera. And so Capital Markets has been kind of living in a part of that for a long time. And so, we would certainly expect the policy changes or uncertain at this point in time. Dave, as Dave indicated, there are impacts that the margin would be more in City National Bank and capital markets.
Dave McKay: And we aggregate City National into RBC. And therefore, all of those positions are already aggregated into our balance sheet and our income statement. So, it’d just be how they’re distributed with it internally wouldn’t be a top-of-the-house impact.
Lemar Persaud: I’ll limit myself to that just in the interest of time.
Dave McKay: That’s an important question. Thank you.
Operator: The next question is from Joo Ho Kim from Credit Suisse. Please go ahead.
Joo Ho Kim: Just a quick number ones for me. That NII growth target of low double digit, but was that for all of 2023 or just the second half of the year?
Nadine Ahn: That would be a full year 2023.
Joo Ho Kim: Okay, thanks. And just last one for me on your expense outlook for the remainder of the year. I’m just trying to get a sense of what the levers you have to do dial this down, and I think you’ve got a good job of quite talking about on the FTE side, but just wondering if capital markets expenses could play a big role here. I do see over the last few years, seasonal decline in capital markets expenses for the first half to the second half. So, I’m wondering, if we could see a similar dynamic play out this year and then whether that’s a big driver of your expense growth follow?
