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
: Well done actually for taking the courage. I do have a number of questions from the -- on the numbers per se. When I look at your core Tier 1 target,
which is 13% in 2021 or 12% not including the DTA. I'm just wondering whether you have included here some regulatory headwinds for the next
2 years, not related to Intesa specifically because we know that DTA guidelines is limited, but more for UBI itself that has presented the plan
yesterday. Because working out the numbers and also the potential cash-in that you're going to get from the sale of branches, I get a number which
is much higher. So a bit more visibility on this would be helpful.
And second, can you also explain us how did you work out the EUR 5 billion net profit for a target for 2022? I'm sure you give a look at the plan
yesterday of UBI that presented a net profit target of EUR 650 million for the year. I just want to understand whether we should consider any double
counting in terms of cost synergies that -- considering that they have presented also a head count reduction program of almost 2,000 people.
Question: Domenico Santoro - HSBC, Research Division - Analyst
: So just a follow-up. That 5,000 people that will leave the bank, of which 1,000 you have been already very clear and you explained on the last call,
they should, in a way, also include the one that UBI presented yesterday -- mentioned yesterday in the plan in reality. So the starting base is clear.
Question: Delphine Lee - JP Morgan Chase & Co, Research Division - Analyst
: Yes. Just 2 questions on my side, 2 quick ones. On the DTAs, I just wanted to know if you have factored in any DTA benefits in your guidance or
whether you could have better DTA recognitions or benefits, either through CET1. Or would it be possible for you to book that in the P&L through
a lower tax rate? I mean just wondering how we should think about the combined DTA stock that you would have and the consumption of that.
The second question is on the restructuring charges, which add $1.3 billion pretax. It looks very high. It's well above the cost synergies. So I was
just wondering if -- what's driving that basically.
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