Our benchmarks reflect our quite conservative stance with regard to the interest rate, credit and liquidity risks, and are derived on the basis of the specific objectives for each portfolio. The management of the actual portfolios against those benchmarks is constrained by a number of typical risk control measures, such as relative value-at-risk limits and caps imposed on credit and liquidity risk exposures.
All in all, we could describe the investment framework of our regular fixed-income portfolios as conservative. This of course does not come as a surprise. In normal times, we try to retain in our balance sheet ample leeway in terms of risk-taking capacity.