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  "documentTitle": "2025 Capital Markets Day",
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  "notes": "The chart is a stacked bar representing the components of the CET1 ratio requirement.",
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      "text": "Capital target adjusted to >13.75% reflecting higher regulatory requirement, mainly related to interest-only mortgages in P2R.",
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      "text": "CET1 target breakdown: P1 4.50%, P2R 1.46%, CCB 2.50%, OSII 1.25%, CCyB 1.69%, Buffer",
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      "text": "Capital target adjusted to >13.75% reflecting higher regulatory requirement, mainly related to interest-only mortgages in P2R\nTarget implies a prudent buffer to MDA of at least 235bps (including P2G) and includes a relatively high CCyB\nDistribution policy allows pay-out of up to 100% of net profit, in a combination of cash dividends and share buybacks with at least 50% in cash dividend\nIn case CET1 ratio is expected to remain significantly above 13.75%, additional distributions can be considered, subject to successful strategy execution, macroeconomic developments and regulatory approval\nOutcome capital assessment annually with Q4 results",
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      "text": "1) CET1 requirement as of 1/1/2026; 2) After AT1 coupon payment and minority interests; 3) Interim cash dividends will be considered at 40% of the reported H1 net profit; 4) Includes 4bps Systemic Risk buffer for Norway",
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