Operator: Welcome to you all to this Conference Call on our Fourth Quarter Results.
Ulf Grunnesjo - Head of IR: Thank you and welcome to this Conference Call on the Annual Accounts for SEB 2012. We will start with a brief introduction and go through the results as well the new financial targets. Then after that we will go into the Q&A session. With me in the room we have Annika Falkengren, CEO of the Bank; and Jan Erik Back, CFO.
Annika Falkengren - President and Group Chief Executive: Thank you. Welcome, to the presentation. We presented robust results today driven by an increased number of customers and a strong underlying business. We also presented our new three year plan including new financial targets.
Page 2, during the previous three years we have delivered on a clear and ambitious plan, a plan that was set to strengthen our profile as a truly corporate oriented Bank. Three years we set out to explore the window of opportunity in the Nordics as internal competitors exited the market. Today we have built a platform for growth in the Nordics and Germany while at the same time strengthening our banking operations in Sweden. Three years we wanted to achieve a marked increase in capitalization by better meeting our customer's needs. Today we see large improvements in perceived customer satisfaction overall.
This growth and these improvements were to come with cost increasing – were to come without cost increasing. The cost cap we introduced proved to be missive that really worked well for us and for the past three years we have been building buffers to ensure compliance with the new regulations and today we are the one of the highest capital levers in Europe, large liquidity buffers and even a better credit ratio.
Page 3, so today SEB is much stronger bank. We have increased our resilience and flexibility. We've built capital moving from Core Tier 1 ratio, 11.7% to 15.1%. Our liquidity reserves have increased from 10% to 25% on the balance sheet. More customers have deposited more money with us, on average SEK100 billion more, which is important in the new Basel III world. The non-performing loans have more than halved to SEK13.8 billion.
We also focused our growth to add lateral strength. We had added almost 300 large corporate customers to the customer base in the Nordics and Germany, and at the same time increased our already strong standing among customers even further. These customers for the first time ranked us as the number one corporate bank in the Nordics, according to Prospera's last survey. In Sweden, 31,500 new SMEs have become cash management customers. We've also improved capital satisfaction considerably. In the savings area, we have attracted more than SEK100 billion in net new money and our Private Banking business remains top priority.
Page 4, a little over a week ago, we reported the effect from buy-back of covered bonds with a high coupon rates and communicated the write-off costs of our new IT infrastructure, is that of gradually amortizing these costs over time. We also experienced the effect of a lower Swedish corporate tax rate as well as our accelerating report in IAS 19. One of the reasons of that communication was to make today's presentation focus on the underlying business. So from here on, I will exclude the one-off items from figures in the presentation.