 you. Thank you for joining us. Now we have seen as as was touched on there, Monty Dupasky's debt for equity swap extended. Germany, however, warning about state aid. Again, what does this tell us about the I guess the health and the politics within the Eurozone economy at present? Yeah, good morning Natalie. I guess Germany is still holding firm on its line there that you know kind of any kind of taxpayer support you know without bailing in some of the creditors of the capital structure would constitute state aid and is not allowed under EU rules but we've seen that time and time again that you know the governments do work around those regulations to try and support the bank as the report said you know the government is rumored to be reporting it's still press speculation at the moment of 15 billion in terms of state aid for Monty Dupasky and other Italian banks which you know are still settled with you know some fairly large bad loans non-performing assets that are looked to be hyped off into so-called bad banks so that the the remaining bank can then can build up its asset base and asset quality and then continue as a going concern. You know there's still a lot of uncertainty as to whether or not Monty Dupasky will be able to raise you know up to five billion of equity as you rightly say there there's there's a portion of a portion of that in terms of the the retail component there's around about 35% is going to retail investors 65% is looking for the institutional market and you know it's difficult times in Italy obviously we've just got a new government in there and it's also a very quiet time for financial markets as we go into the Christmas period and they have that 31st of December deadline and then in terms of the debt for equity swap as well there's the tier one tier two hybrids four and a half billion of those of which are up to a billion of the new 2008 hybrid which are nicknamed fresh they're offering to convert those at 23 cents in the euro so again that the those hybrid holders are looking at a significant haircut to try and you know aid and inject some capital into into the banking system and into Monty Pasky so there's a lot of moving parts there but again I think it just highlights you know the weakness of some banks within the European Union and the fact that they still have bad loans non-performing assets on their balance sheet that they haven't taken the write-downs with and we'll have to do it sometime in the future. On the global calendar today we're also set to hear from US Fed chair Janet Yellen overnight in fact she's speaking at 5 30 a.m. tomorrow morning in Sydney time however you know sooner does the US Federal Reserve Act then we have more Fed speak coming through comments from Fed member Bullard discussing his thoughts on the US central banks balance sheet saying they should be reducing that but also comments coming through from Richard Richmond Fed president Jeffrey Lacker saying it's likely more than three rate hikes will be needed in 2017 he says the US economy will get some fiscal stimulus under the Trump administration which could push the Federal Reserve to raise interest rates more quickly saying at least some measure of fiscal stimulus appears likely if we get behind it's it's hard to really calibrate. Certainly I mean how will be set to be taking this commentary if the US Federal Reserve have only just already surprised markets as it were with expectations of three hikes next year and already you know Lacker coming out and saying that there should be more essentially. Yeah I don't think it'll surprise the markets too much you know the Richmond Fed president Lacker is a notable hawk and he's always been on on that side of the ledger so the fact that he's talking up you know potential future rate hikes shouldn't come as a huge surprise to the markets and in any case he's he's not of voting FOMC member until 2018 so you know he's a fair way away to getting those views actually even expressed in the votes yeah but you're right in terms of that initial shock after the the FOMC's decision to hike rates by 25 basis points in terms of those blue dot plots and what they mean you know I think in terms of the expectations three next year and three in 2018 as well and that was you know above the consensus of and the previous guidance in September of two and again I think it does continues to ball down to the fact in terms of how the FOMC and the Fed have been positioning the markets in terms of this year as well you know we started this year with four potential hikes we only got one and that is exactly the right way to position the markets it's always better to say look we're going to hike and in the date of or whatever reason they don't hike rather than spooking the markets and surprise them with a hike and I think that's exactly the right way to play to play the markets and you know I think you know James Bullard the st. Louis president you know he's also changing his his forecast as well whereas he was only expecting one hike before the end of 2019 he's actually expecting maybe one hike in 2017 and I think that's probably a more fair reflection of where I'll actually be I think it'd be between one and two rather than three and higher and the markets and the yield curve has reacted to that and you have seen that steepening and kind of shift higher to reflect those higher rate expectations I'm still not convinced as we've talked about previously that you know that fiscal stimulus will actually lead to any kind of significant inflation coming through in the United States or more broadly globally and I think still think there's a lots of economies around the world lots of regions around the world where economic growth is fairly tepid and I think you know there's the the monetary policy from the ECB and the Bank of England will continue to be fairly accommodative in terms of what they're trying to achieve in terms of the growth and and economic stimulus packages on the monetary side for those regions and countries and I think you know the US is in a fairly unique situation that it's actually starting to twist around and starting to hike rates and trying to look out for potential signs of inflation which I'm not massively convinced will come through because of the fiscal spend