Notwithstanding this, we remain alert to the risks here given the combination of a tight labour market, the high level of capacity utilisation and the run of high inflation numbers. If this risk did materialise, the costs would be very high.
I would say in terms of pricing, for the TLTRO you want to first make an assessment; what is the pricing that corresponds the best to the problem you want to address? If it’s lower lending at that time, the pricing has to take that into account. It’s a bit premature now so we’re going to decide in due time, as we say.