00:00All the debate about pan-European consolidation and I'm a big fan of pan-European consolidation
00:04but the problem is without having a banking union you do not see really benefits of it.
00:09You also now see it.
00:10Nobody is really talking about pan-European synergies because there are none.
00:14It's about partly restructuring, which we think is not necessary, and then integration
00:20of two domestic operations.
00:22That's what it's all about.
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