The IRB approach begins with a careful assessment of relative risks across different credit instruments. But it ultimately has to be grounded in some absolute capital standard. A bottom-up approach would start with the maximum insolvency probability that regulators are willing to accept. This would be used, in principle, to calibrate the absolute capital level for the regulatory minimum.
So I think it’s important to be in the middle, inflation is recovering, we expect it to continue to recover but the job is not over. But there is no need to change the target? The target is, I think, not at the centre of any issue right now.