Christian Sewing

Good morning, Lisa.

No, actually not.

I mean, there is a lot of volatility in the market.

We have seen that actually over the last weeks and months.

Whenever something is supposed to be there, market is reacting.

In our books, I can tell you, no, there is no deterioration.

We have actually, we're very confident with our credit portfolio.

And that across the world, whether it's in Germany, whether it's in Europe, whether it's in the U.S., in the different asset classes, corporate bank, private bank.

And in this regard, I think the market is reacting quite heavily.

But I think you always have to see it over the long term.

And so far, to be honest, I see no credit deterioration.

No, actually confidence is quite good.

I mean, there's obviously always the risk in case a recession would come, then obviously confidence would go down.

You would also see then a deterioration in the credit portfolio.

But this is not a topic at all.

Also, the whole week here in Washington, we haven't discussed the topic of recession at all.

People are seeing growth.

They're seeing employment.

We talk a lot about what is happening in Germany and in Europe and how we can actually...

grow competitiveness and the economic output.