Nordea Bank Abp Q1 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst : It's Sofie from JPMorgan. So my first question would be on the cost line. So I recognize that it includes the EUR 224 million resolution fund fee. But if you adjust for that and kind of it's around EUR 1.1 billion of cost and (inaudible) you get to EUR 4.4 billion and then last EUR 224 (inaudible) for your stake. I was just wondering the growth already looks a little bit high than I recognized, you also mentioned it, but is there anything you can do to kind of overachieve on the cost side? Are there any cost savings that we should expect in the second half of the year? Or anything kind of that would boost these costs or you can start due to kind of fee and commission, the old legacy platforms faster than expected? So if you could just talk a little bit about your costs, that would be very helpful. And my second question would be on capital as well. I recognize that the base case is very (inaudible) that you will be able to pay out the dividend in the fourth quarter and also that you can start to implement the share buyback. But under a scenario where ECB for whatever reason extends the dividend ban for a long period of time, what would you do in such a scenario? Would you consider M&A? Or how should we think about kind of excess capital under a scenario where the dividend restrictions are extended?

Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst : Yes. Yes, that's very clear. Just maybe on the FX. Do you have any FX hedges insight or would you consider putting any kind of hedging insight?