Park Cheol Woo: Yes, thank you for the question and please give us one moment. Yes, so we keep getting questions regarding the buyback and cancellation and was actually very detailed question, so thank you for that. So earlier this year we said that we were going to review all this on a quarterly basis. I don’t think we committed to 150 billion every quarter, but I think largely you expected 150 billion every quarter. So the TSR that we are aiming is around 30% to 40%. And so we gave you some references, given economic uncertainty and regulatory changes, stress tests and so on so economic uncertainty continuing and importantly, the financial authorities are introducing new regulation. The stress capital buffer we are not sure the exact amounts.
I think the tariff is coming to an end, end of October and it should be introduced next year. If we refer to U.S. and Europe, if you look at their situation, the stress capital buffer. So if loss is 1.5%, the minimum is 2.5%. And if we look at the government, Korean Government it was around 1.5%. If we assume U.S., then we need to assume 2.5%. If you look at European banks, the stress capital requirements, they have a requirement and they have a guidance. If you add both of them together, on average they are different countries, but on average it’s around 2.4%. So this means that the requirement is basically going up by 2.4% for the banks. So currently requirement for us is 8%. If the counter cyclical buffer is 1%, that’s 9% and then it’s not confirmed.
And we don’t know the exact number yet, but if we refer to U.S. and Europe, they should be 2.5% additional as the stress capital. So then it goes up to 11.5%. So we add 1.5% offer and that’s how we came up with this 13% number. So we have to still see the stress capital buffer, how that’s going to play out. But that was our logic behind 13%. And we have, and I think you are going through various scenarios, but like we mentioned earlier, I think we’ll be able to largely be in line with what we mentioned early or this year. I’m not sure if this will completely answer your question, but please understand that at this point it’s very difficult to give you more detailed answers.
Unidentified Analyst: Thank you for your answer.
Operator: We’ll wait for the next question. I think we have another question from WhiteOak Capital, Shane Mathews. Please ask a question.
Shane Mathews: Yes, thank you again for the opportunity. So two questions from my end. The first, this is a follow up on the first one. So can you just tell the duration of your investment portfolio? The second question is with respect to your non-banking subsidiaries, total around 2017, the card operation was contributed around 30% of net income, but that has fallen off a bit in the past five years. We wanted to understand the competitive landscape you’re seeing in the Shinhan Card operating segments. And also with respect to the other non-banking subsidiaries, what areas are you targeting more to make more sustainable revenue sources? Thank you.
Park Cheol Woo: Thank you. Please allow some time for us to prepare to answer your question. Okay. I think you asked for the duration of our investment portfolio. And the second question was on the credit card the contribution to the Group’s income. I think the first question, I’ll take the answer and the second question, I’ll refer back to our Card CFO. For the duration of our marketable securities, in terms of short-term, if we look at our fixed income portfolio, the outstanding balance is KRW33 trillion and [indiscernible] 0.47. And the FCOM is KRW75 trillion and 5.9 years and in AC maturity to hold is KRW32 trillion 3.95 years. And now for the second question…
