First your net income came out at one point fifty seven billion euros. Very strong performance in global markets on both the
fixed income and the equities of fast snaking missing. However on the cost of risk and operating expenses. Can you tell us
exactly what's been the impact of the war in Ukraine on your activities. As first of all very strong performances across the
board and actually a very strong management of the customer cost increases related to their variable compensation and taxes. So
again very strong performances because the risk 60 percent comes from Russia. Both onshore and offshore exposure to the rest of
the course the risk is very good. At the end of the day it's 59 basis points under control. We are
seeing for the full year between 15 and 25 basis points. So it's limited. We will book the impact of those disposal of ROEs back
in the second quarter. Let me just highlight that the impact of capital is actually
largely booked in the first quarter. And so when we will close in the in the way of disposing the second quarter the impact on
capital would be very limited. Could you tell us exactly how much you got from the sale of Rose Bank to Vladimir Putin in and
that is I expect it would cover the 500 million euros of subordinated debt. Is that all you got. No we don't disclose the
detail. As we said we have that which is of course something very
positive. The civilian they did that and beyond. Aren't you afraid that Vladimir Putin would actually end up on
the sanctions list before the deal is actually closed which which is something that you expect in the coming weeks. Listen
we will see that. If that were to happen we would probably request a license but for the time being. As you know he is not
sanctioned and we are moving ahead smoothly with the closing process. So how much do you expect in terms of impact in the
second quarter going forward. As we've said in the piece now it's roughly a minus 3 billion euro. It's a mix of the position
of the asset and non-cash item of 1 million. But as I said in terms of capital impact we had initially communicated on 20
basis point 14 basis point is actually already booked in practice in the first quarter. So the net margin and impact
would be just six basis points. In terms of capital in the second quarter how much provisions do you ultimately expect to
book from your offshore exposure to Russia excluding a rose bank which is estimated to be around 2.8 billion euros. Yeah. First
of all let me say this exposure is going down has gone down in the first quarter than NPL ratio actually remained steady for
the first quarter at two point nine percent. And we are giving the guidance of the cost is between 30 35 basis points for the
full year. When we had said below 50 basis points. So as you can see the very marginal effect on the course of risk. This is of
course your exposure. But then you have the secondary effect of the war in Ukraine the impact on inflation the impact on growth.
Do you expect a recession in Europe this year. And how do you position over this.
I think the outlook remains uncertain as well as I would say the conflict and the final outcome. Our central scenario the central
scenario of the economist is more of a soft landing of the GDP than a recession. So we have a monetary policy in particularly
in Europe which will be very progressive. And so an inflation. Yes. Which will remain more important for longer because of the
war. Also related to analogy prices in particular but then a soft landing. So that's where we stand in terms of central
scenario knowing and certainty is there. We had obviously the Fed decision last night. What do you expect from higher rates.
Is that good news or bad news. Foster's decision now especially for your global markets franchise your equities revenues.
Are actually beating estimates in the first quarter about nineteen point five percent and a fixed income of 22 percent. So
how do you expect to position with those higher rates as unfolded. Well first of all let me say I think this raise was
expected and I think the country would have been worrying for the markets and we saw a positive reaction. So I think a
monetary policy which will deal with inflation is will be seen by the markets as normal and a good news.
Second as you said the performance is exceptionally strong in the first quarter in very different circumstances than last
year. That shows all the hard work and the success with all the work we had on the business. It's both for fixed income and
equity and we are confident going forward that to deliver very good the performance is on our market activities. So we can't
expect these counterfeit farmers to be sustainable for Bloomberg Markets for both equities and fixed income. You know there's
always seasonality. The first quarter is always a strong one. So not the one point seven billion every quarter. A good
performance well positive all the good and the hard work we did in 2021 is successful in your opinion. What do you expect the
ECB to do after this Fed decision. What do you expect the next move from the ECB to be. Again something probably more
progressive in Europe. The inflation is not as strong but again progressive normalization. Probably a buying less bonds and then
step by step but progressively increasing rates. Both Deutsche Bank and UBS have actually warned about this payroll pressure.
They have inflation of wages. Is that a concern for you in the race for talent. First let me say first quarter the cost income
is 10 10 percent below our guidance for the full year. We are rhetoric maintaining our guidance for this full year. So we
think we can manage other cuts this year. Second I think it's probably more a US thing than the European one. Pressure is even
more important in the US and Europe. And I think that we have to build if you wish our relationship with our staff which is not
just built on money. And I think the way that the working environment that challenges positive challenges which offered
the sense of purpose of the company is also important. So yes it's certainly one element which remains
uncertain. But overall I feel so that we can control. Finally we had the re-election of President Emanuel in my call about 10
days ago. Do you see any markets risks. Have the legislative elections next months.
An I'm not a politician but when I look at the polls you know the voting system in the parliament in France should not lead to
a significant surprise. All the polls seems to say that even you could have still the majority in the parliament.