but first of all let me say that um we're very very pleased with the H1 results um they're very strong um um if you look on on the key ratios um 59% um cost income ratio um an RTE of 88.9% and a um CT run ratio of 14.8% very strong results and a very good basis for the second half and therefore we um confirmed um apparently um our Outlook um and um that um means that we will deliver what we have um promised and um most importantly it gives us also the confidence that we will hand in actually today our request um for approval for the um first TR of the um third share buyback um to ECB and the Agents um the the Finance Agency um of German Republic batina I mentioned the worldwide on markets this week and what happened on the back of it expectations still changing around what central banks could do when it comes to the ECB question marks over a 5050 basis point rate cut two in September potentially what does this mean for you as we gear up for new interest rate expectations because in June after the rate cup we had from the UCB you mentioned that net interest income fell only slightly could we see a ramped up fall in terms of net interest income if we're talking about more rate Cuts here yeah I mean on the rate Cuts it's always a combination of very different things you have um the deposit better so how much do you forward to your clients it's the interest rate level per Z it's a volume size where we have seen very nice growths and volumes over the first half year and then clearly also it has an impact on the lending business because if you lower um um the rates um then you will have a positive impact on the lending business overall um we feel very comfortable with our um guidance of 8.1 um billion um because it's a very solid 8.1 billion so even if there are a little bit more weight cuts um than we originally anticipated for this year we still feel very comfortable with the 8.1 billion um guidance it's here in Frankfurt batina let me talk a little bit about the um your your focus on doing Banking and especially retail banking in Germany how much of a concern is the topic of deposit migration for you given that there's so much competition um and so many other Banks who try to attract customers I mean we have now a little bit of experience um um um since the last 12 months I mean we have um done a lot of things have tried out a lot of different offerings and I think in the M um we show that um we can uh we can um offer very attractive conditions um for our clients on the one side but also keep the profitability for the bank and um we just intend to continue this story um it's always um a managing um you have to really manage it closely and um we are basically on a daily um observation of our competitors but um so far I would say um um it it runs nicely and the Private Client colleagues are doing a great job