Christian Sewing

So therefore, I wouldn't say that people are concerned.

Of course, the geopolitical uncertainties still trade discussions.

Other issues are

also dominating the discussions.

But I wouldn't say that there is a concern of the executives.

We are watching the market, but there is nothing out where I would say people are concerned of a deterioration.

Yes, because we have talked for the last two years, given all the instabilities and uncertainties, when is actually a potential downturn in the markets coming.

But, again, there is a lot of liquidity in the market.

People – we have seen it, for instance, in the second quarter when there was a stimulus program in Germany, how much liquidity came to Europe.

And you see that people really want to deploy their money.

And therefore, I think you always have to see if there is a slight decrease in market prices, liquidity immediately comes in again.

And therefore, I'm still optimistic, actually, that we are not talking about an overvaluation.

We have some stretched valuations, no doubt.

But I wouldn't say that the whole market is overvalued.

Well, at least we have discussions.

I mean, look, there are also some tangible items like the delay in the implementation of FRTB.

We have also, in certain national buffers, when it comes to capital buffers, we have seen some movements of the national regulators, but also of the ECB.

I think we have a constructive discussion with the ECB.

We are obviously talking about that we as European banks are demanding a level playing field.

We see the developments here in the US.