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  "documentTitle": "Q1 2025 Fixed Income Call",
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      "text": "Hedge contribution expected to grow further, with limited sensitivity to short-term rates; Long-term hedge notional of ~€ 240bn, including equity; FY 2025 tailwind of € 0.3bn with increasing impact in outer years; Average hedge duration of ~4-5 years",
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      "text": "Long-term hedge contribution protects NII in volatile rate environment",
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