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: Omar Fall - Barclays Bank PLC, Research Division - Analyst
: Could you give some more color on the Rosbank sales process, please? Specifically, what elements need to be finalized before closing? Is it just
local regulator approval? Then over what time frame with the legal transfer of the assets occur subsequent to that? And just in general, what do
you see as the risk to the closing of that transaction at this stage?
Then secondly, could you just give an outlook for French Retail revenues this year, please? I guess, on one side, we've got the Livret A impact and
on the other activities seemingly better and the interest rate sensitivity that you've got is mainly coming from French Retail, so that should start
as well.
Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst
: Yes. Couple of questions, if I may. Firstly, on capital and your capital waterfall, you show on Slide 13. And in particular, I know you talked about
various elements. But on OCI movement in the adverse rating migration. Is it fair to assume those 2 items have continued to be a headwind after
the quarter end? Or is it, as those items could a bit more stable into April and May? And could you just remind us how much of your CET 1 capital
is made up of OCI reserves at the first quarter stage?
And then secondly, just a quick clarification on something you said on French Retail Boursorama, ING France. Do you think the consolidation that
you're doing, Boursorama getting bigger, taking out a reasonably sized competitor is helping to lower customer acquisition costs? Or is it really a
case that there's still plenty of other challenges there in the French market and the customer acquisition costs probably remain at that kind of
current level for a while yet. Just some color on how customer acquisition costs evolve post consolidation in the market.
Question: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst
: So I've got 2 questions. The first one is on -- just to come back on the Russia exposures. Well, first of all, on Rosbank, just on the process of the sale
because I mean, back in April, you were saying within weeks, and now you're still staying within weeks, just wondering sort of what are the main
hurdles? Is there anything regulatory or -- I mean, just to get a bit of clarity on the process. And also on the offshore exposures, can we have the
duration of that book just to understand how quickly you could potentially reduce that -- those EUR 2.8 billion of exposure?
My second question is on -- just to go back on Tarik's questions on the interest rates. What assumptions are you using when you guide to that $80
million regarding deposit beta? Do you assume that the current account or demand side deposits remain at 0. I mean, just to understand a little
bit what assumptions you're using for that sensitivity?
Question: Jonathan Matthew Balfour Clark - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst
: Can I ask a question on your mortgage appetite, please? So in the past, you have pulled back and ceded market share when you thought mortgage
pricing was a poor risk reward. So I'm just curious how you see the current environment? Have you managed to satisfactorily reprice your mortgages
for the rise in long rates. And I guess, how does that affect your appetite? And at what point would you rather buy a government bond 1.5 basis
percent rather than issue a mortgage at 120 basis points or something like that? How are you thinking about mortgage pricing at the moment?
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