00:00Before we get started, I want to say we booked this weeks ago.
00:03This was not necessarily booked to talk about the credit issues that are emerging to stave off any concerns that might be percolating out.
00:09But I do want to start there, this idea that this morning we're all focused on what are we missing?
00:14Have things gotten too frothy and have there been some issues of fraud or easy financing conditions?
00:20Do you see that anywhere in your book?
00:23Good morning, Lisa. No, actually not.
00:24I mean, there is a lot of volatility in the market.
00:27We have seen that actually over the last weeks and months, whenever something is supposed to be there, market is reacting.
00:34In our books, I can tell you, no, there is no deterioration.
00:37We have actually, we're very confident with our credit portfolio.
00:40And that across the world, whether it's in Germany, whether it's in Europe, whether it's in the US, in the different asset classes, corporate bank, private bank.
00:50And in this regard, I think the market is reacting quite heavily.
00:55But I think you always have to see it over the long term.
00:59And so far, to be honest, I see no credit deterioration.
01:03Long term, your shares are up more than 80 percent so far this year.
01:06So a couple percent here or there is sort of, you know, OK, it's tough, but we can manage through it.
01:11I am just wondering, though, whether it's indicative of people's mood that people are looking for a reason to sell because they're getting nervous about how good things are getting and how far valuations have gone.
01:21Do you see that with any executives and the confidence that you're hearing from them in terms of what they're seeking to do or how much they're planning to expand?
01:31No, actually, confidence is quite good.
01:33I mean, there's obviously always the risk in case of in case a recession would come.
01:39Then obviously, the confidence would go down.
01:42You would also see then a deterioration in the credit portfolio.
01:45But this is not a topic at all.
01:46Also, in the whole week here in Washington, we haven't discussed the topic of recession at all.
01:51People are seeing growth.
01:53They're seeing employment.
01:55We talk a lot about what is happening in Germany and in Europe and how we can actually grow competitiveness and the economic output.
02:04So, therefore, I wouldn't say that people are concerned.
02:07Of course, the geopolitical uncertainties still trade discussions.
02:12Other issues are also dominating the discussions.
02:19But I wouldn't say that there is a concern of the executives.
02:24We are watching the market.
02:26But there is nothing out where I would say people are concerned of a deterioration.
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