Michael Rhodes: So a couple of things that come into play there. You are right, for the quarter, sequentially, we were basically flat. As you look going forward, there are a couple of things. One is the first quarter, of course, is seasonally a relatively low quarter. The second is I just look into our pipeline on a go-forward basis, I am feeling more optimistic about things on a go-forward basis. We see our advisers are being quite productive and we are making some operational enhancements to our processes. And so the data I look at gives me some optimism on a go-forward basis, recognizing the market is soft, and if the market softens up a whole bunch more, then I might change my tone. But just given what I see today, I think, that’s achievable.
Mike Rizvanovic: Okay. Thanks for the color. And then, Bharat, I just had a really quick follow-up for you, on your earlier comment about the 12% CET1 level. I think what you said was the midpoint of 2024. I am not going to ask you about the FHN timing or anything like that. But when you say 12% by middle of next year, is that based on the assumption of TD’s normal course, the typical environment where you get that 15 basis points to 20 basis points quarter-over-quarter sequential organic generation?
Bharat Masrani: Yes, Mike.
Mike Rizvanovic: Okay. Thanks for the color.
Operator: Thank you. The next question is from Lemar Persaud from Cormark Securities. Please go ahead.
Lemar Persaud: Thanks. It seems like the Bank is going to be able to answer most of my questions on First Horizon right now, but maybe I will try one of them. In the outside chance the deal doesn’t get regulatory approval or an agreement to extend isn’t achieved, would it be fair to suggest the $435 million termination fee would not apply in this case?
Bharat Masrani: I think the deal terms are in the document that we filed and Lemar best for you to check that as to what the technicalities are there in that all the details around it.
Lemar Persaud: Okay. And then maybe turning to Canadian P&C Banking. Can you talk to what’s driving the weaker business deposit growth? It looks like it’s a drop for two consecutive quarters. So it be fair to suggest this is just the deployment of some excess COVID deposits?
Paul Douglas: Yeah. It’s Paul. Thanks, Lemar. If you look back to the early part of the pandemic, you would see that TD outgrew most of the banks for quite a while in the early part of the pandemic. Some of that is just the reversal of that now that we have ended and that has to do just with the makeup of our book compared to others. Then in addition, as Leo spoke about, there is a seek for yield here going on. We are not losing any accounts. The core business is quite strong. Some of the excess deposits that our Commercial Bank customers hold are chasing yield and our policy has always been to be very disciplined around margins and so we have lost some deposits.
Lemar Persaud: Thank you.
Operator: Thank you. The next question is from Joo Ho Kim from Credit Suisse. Please go ahead.
