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: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst
: Just have 2 quick questions. First of all, sorry to come back on net interest income. Just to clarify, so you mentioned the EUR 20 billion reduction in
the govies portfolio, which I would assume would have probably on a full year basis, something like at least EUR 200 million impact on a full year
basis. So just trying to understand if your -- this portfolio is due to increase over time or are you trying to offset this negative impact from your
investment portfolio? Or -- just trying to understand what's the strategy here. And then on TLTRO, just on the extra EUR 36 billion you've taken in
March, should we see the benefit already of 1% already in Q2? Or do you need to get a bit more clarity on whether you can meet the benchmark
in terms of lending? My second question is on moratoria. Now that it's been extended to December in terms of the expiry, I mean, should we expect
any -- from your perspective on contracts that you have with your own clients, any changes or any decline in the moratoria amounts in the next
few quarters? Or is the bulk of the EUR 30 billion really just expected by December?
Question: Domenico Santoro - HSBC, Research Division - Analyst
: I got 3 questions. One on NII, one on cost and one on capital. First of all, on NII. Thanks for giving us the direction and all the elements. I'm just
wondering whether you can give us a bit of thoughts about all the measures that the government is setting up in terms of allowing you to anticipate
liquidity to SMEs against tax credit, which I suppose will be sort of landing 0 weighted. I'm just wondering whether all the Ecobonus, the measures
that the government is setting up are going to be significant in terms of contribution from -- for your NII. Any thoughts also qualitative would be
very useful.
On cost, I know that you gave us the phasing of the synergies in 2023 and 2024. I wonder whether you can give us a little more short-term guidance
for this year, next year, in order to understand and help us to build up the model given that the integration of UBI has been already completed
successfully.
And then on capital, first of all, can you give us an indication of whether the 14.4%, the [clean] number includes everything in terms of purchase
of minorities of the product companies and what is left in terms of EBA? And then more looking beyond, you keep giving us this indication of a
12% minimum core Tier 1 fully loaded for the future. I know that you're going to present in the investment plan and give us a new target in terms
of capital. I just wonder whether we should consider this 12% a sort of minimum from now on and start to think about what is in excess, what you
could start to think about distributing to shareholders in the future?
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