It will certainly facilitate cheaper funding of banks by replacing more expensive funding instruments by our TLTRO II. Don’t you think that the discussion in Germany about how harmful the accommodative stance of the ECB is lacks some analysis on some wrong business models, for example the one of the Sparkassen?
What we experience in the banking sector is difficult and we have to be very attentive to that, but it is also true that the banks have to rethink their activities fundamentally. I mention here digitalization, which is a very big challenge for the banks. It has the potential to change the business model fundamentally.