Now it is the opposite way 7/8  BIS central bankers' speeches  around. As I pointed out in the last two years, this creates considerable interest rate risk for the Bundesbank. The interest income on the liabilities side can quickly turn into interest expenditure if the policy rates pick up.
However, given the comparatively long time to maturity of its investments, we will also generate almost no income on the assets side in the longer term. The continuation of the asset purchases has driven up interest rate risk. This is why we raised our provisions for general risks by € billion. Mr Thiele will give you more details on this in just a moment.