The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Domenico Santoro - HSBC, Research Division - Analyst
: Just a few clarification and some follow-up. First of all, on capital. How much of regulatory headwinds you expect this year, 2021? And also in 2022,
if you can quantify the impact?
And then on the -- let's put it this way, noncore part of your guidance on loan loss provision. Can you be more specific which part is model or which
part is additional charges that you might expect from your NPE derisk? Even if my understanding is that you already charge -- you already booked
something in Q4. Because my understanding is that this year, if things that don't improve, you might run with more or less the same amount of
provision of 2020.
Question: Hugo Moniz Marques Da Cruz - Keefe, Bruyette & Woods Limited, Research Division - Analyst
: So two questions. One, on the guidance or the outlook for 2021. If you could give some guidance for the trading income line. It's been quite volatile,
so it's very hard to forecast excluding any kind of CVA effect.
And then I wonder on the EBI kind of ECB stress test. You might have had the chance to look at the methodology. I wonder if you have any comments
around it, if you expect it to be very stringent or not. That will be great.
Question: Noemi Peruch - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: I have two questions, both on cost of risk. Could you please clarify the COVID overlay you charge in the area? Maybe I missed that.
And the second one is, is it fair to assume that 2021 cost of risk will hover around 70 bps plus NPE inflow, the impact of the NPE inflows, while the
potential disposal are already provisioned for in 2020?
Question: Noemi Peruch - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: And if I may, the cover of overlay charged in 2020, if you want to disclose it?
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