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  "notes": "The chart shows a bridge from 13.2bn in 2023 to 13.0bn in 2025, driven by deposit margin, hedging, and volume/other factors.",
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      "text": "Expected reduction in deposit margin as both deposit betas and policy rates converge to steady state; Hedge portfolio will deliver sequentially higher revenues; ~€1.0bn interest rate hedging from maturity transformation and portfolio hedges; ~€0.7bn from equity hedging; ~€230bn of total hedges; Lending activities are the key driver of the remaining increase, evenly split between volume growth and margin increase",
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