 The door is open for question as you already won there and the next one will be there. Thanks yeah very nice I have two questions one is I mean ROA is a tricky measure of riskiness I mean your question is in fact in particular I would think there is some delay you know I mean you would you would detect riskiness from ROA only after a lag and the question is you didn't report that lag maybe you did it or what would it how would it how would that change if you put in the lag that would interpret this second question is I mean you seem to indicate that more risk-taking is problematic or bad at least sort of some some of some of the remarks you made could be interpreted that way my impression would be that possibly risk-taking was far too low before in the Eurozone at least and so this was a beneficial effect bringing this up to to higher risk-taking levels on the side of the commercial banks so is there anything in terms of welfare one could say thank you so the next question all right so in you show that institution that rely a lot on deposit took more risk alternatively they could have changed their funding structure so in reality is the funding structure so sticky so it doesn't change much so question there yeah I think in general the positive rates are relatively low and they vary less than in another market rates there is evidence on that so you would expect at other times someone else to be reshifting if this sort of child to value were so strong seems a bit and be the hard to quite interpret that way but there is also an alternative interpretation which is a high quality borrowers to care about the health of their lender and there is evidence that they switch so might very much be a credit the main site that the one they can afford to switch to better banks and then you have you're left with the other loans thank you any other questions I was proposed you start by answering this and then we see there are more questions and I would also encourage in case there is anything between the two of you to be clarified or asked to take it up so first of all water thanks a lot for the very interesting discussion let me first get back to the two main points in your discussion so first of all on the behavior of loan officers in the six month period let me just clarify two things so for the main analysis in the paper we are effectively looking at the one year and a half period so June 2014 to the end of 2015 a period over which rates are or negative during the whole period but even having said that I fully agree that it's very interesting to further think about these these mechanisms and turn internally in the wooden banks how this how this exactly is is happening because it's that's very important in order to make sure that this the setup we have is a realistic one in the in the end and then on the on the relativness of the effect so on the the loan growth so if you would look at the aggregate levels indeed lending in the eurozone since 2014 mid 2014 has effectively picked up but what we are actually really what we're really looking at in this paper and like I tried to stress during the presentation is that it's always very important to keep in the back of your mind when when reading these results is that we're looking at relative effects of high versus low deposit banks which makes it hard to make this type of absolute statements a good feeling but the aggregate well an aggregate lending is going is going up over over this period but less so for the high deposit banks that's at least what we what we observe in the in the data there then for the question on return on assets so we so the risk measure in our main analysis is the so the standard deviation of the return on assets and it's taken over a five year period before the loan is being granted so it's really it's really already a an ex ante measure of riskiness so and a measure that the bank should also be able to observe when effectively granting the loan and that's why we take this as our as our main main proxy of riskiness and throughout the paper we also have a whole number of alternative alternative risk measures for for further a business on whether or not the risk-taking is bad well I think all our results in some way show that there's does indeed also a bright side that there's new lending going to borrowers that we're not able to get a loan before in this indicated loan markets that we are that we're studying so this might indeed indicate that there might might have been so that that there's a reduction in in credit constraints for these for these firms then there was a question on the whether the funding structure is stable over time so that seems to be very stable for the for the banks and our sample over time this very little so when banks have a really high deposit ratio they tend to have this that for a prolonged period over time so this really seemed to be some kind of business model choice of of the bank and then the last question of Enrico on the on the matching between borrowers and banks that's indeed a very very good comment I would have to think about ways how we could how we could deal with this in the in the paper but indeed it might be that there's some concern from the borrower side about the quality of the bank as well although I would think that that's something that's already place in the period before that that's not necessarily strongly related to a negative rates but really something that's already happening over the prolonged period that that rates were were low but thanks a lot for the comment thank you one more question here in the front first line first row sorry not like you may have given the answer but I didn't hear it if she did which is what happened to the profit rates of the banks as a function of a deposit ratio deposit funding ratio do we know so there so initially you see a limited effect there but if you as time goes by and by the end of our sample you also see a gap opening up there for the so the high the higher deposit banks seeing a slight slight reduction there compared to the do the low deposit banks thank you very much to the audience for the nice question in particular to the presenter and discussion it was a real discussion challenging and I've learned a lot at least for myself we are closing right on time for lunch thank you and you are back in an hour I understand