 Very good. Okay, so you can direct your questions via the Q&A as usual, so first already came in Sort of a broad question here, whether your results inform a complementarity between fiscal policy and prudential policies and potentially advise a tighter coordination Yes, yes and no, I mean number one is of course what be I mean This is a more very general remark, but we typically see doing these crises is more coordination, right? I mean, we've seen it in monetary policy and prudential policy Micro pru and micro pru. I mean, there's much more coordination going on during crisis situation. It's also necessary, of course And similarly, I mean in the US I mean there has been close coordination in these crisis management programs between the Federal Reserve and the federal government So that's on the one side. On the other side, of course, it's important for regulators to know How are these loans being used and whom are they being used for? I mean, who are these these funds being lent to because of financial Financial stability implications further down the road. Now, of course if the if all of the losses are ultimately being picked up by the by the government Then that's all fine. But for example, if these are loan guarantees, that's as we had them in Europe, which is then It's a guarantee only up to 80% or 75% then of course, there is a still remaining risk, which then might stay on the banks On the banks books and this has of course implications for Prudential authorities and they are in the monitoring exercise. So I think there are two sides Coordination, yes, but then of course also careful monitoring afterwards and how these funds are being used Thanks, and then there's a question Related to the stronger results that you find generally Throughout the paper for exposure to lockdown policies as opposed to exposure to the COVID spread itself Could this possibly be because The lockdown index is easier to observe Than the other one or that the two may somehow be correlated Yes, I mean so under correlation, of course, they are correlated, but they in many cases they end up both independently Significant from each other so both in the significantly include them both So they're not that's not a perfect correlation And yes, one thing is of course the observability demand as a measurement bias Probably especially in the early days of the of the pandemic at the first quarter Definitely to a certain extent, maybe also the second quarter, but also, I mean interestingly enough if you look at unemployment So the X how can we explain explain variation in unemployment across counties and states both are Significant to the same extent so both can explain it Maybe it is When it comes to the banking system That's locked on measures and maybe effect The loan book more or maybe also the demand For loans more. I mean that that would be my explanation. Although I would have to think a little bit more about that Okay, and then there's a question by Francesca Barbiero Connecting basically back to Shepnam's paper Who showed that because of this massive fiscal support that haven't been so Hasn't been so much corporate distress also over your period So would you see any role for Some latent exposure to credit risk deterioration and explaining the behavior of banks I mean coming basically from the demand side and the fiscal support Well, I mean, this is a very very general question now, right? And I think that's the what we've been discussing over the last 18 months What happens is there a cliff effect when the fiscal support goes away, right? How will banks react? To fiscal support going away. Will they keep up the lending? Will they stop it? To which extent will they recognize losses if If if businesses get into trouble or to which extent will they try to throw good money after after bad money Or good money after government money. Let's put it this way So I think that's going to be a big question and I think that's Something to be carefully monitored over the next couple of months That is the stress test earlier this in the summer Seem to have indicated that maybe our first or worst fears Haven't come through in the sense that maybe there's not as much corporate distress And therefore not as much potential distress on banks, but she's had we had all feared But I think the final jury is still out because on the one hand I mean you're coming out of the pandemic, okay Let's assume everything goes fine and lockdown is all done in the spring But of course there is there are supply chain strains There is still real occasion to be had across sectors So I think there's a little bit more turmoil ahead And I think now I'm kind of going more normative rather than positive So I don't have any numbers on that but I think it will be a challenge for Regulators and authority more generally to coordinate in the sense that When for example fiscal support goes away that regulators then also kind of force banks to recognize losses when they have them and at the same time to also allow Corporates to restructure where it's necessary and where the firm is viable So there's kind of a multi-pronged approach where lots of Authorities have to coordinate In order to kind of get out of the crisis both before Kind of the the seed or the core for the next one is being laid through zombie landing for example So that was a very general answer to a very specific question. I'm not sure That's fine. I think it sounds like This is for another paper right a follow-up paper actually related so that did I understand correctly Thorsten that you said that the syndicated loan analysis You had some data Constraints there. So you had to answer them in the second quarter because Something was missing The deals can data seem to have ended in mid-june or late june 2020 and we try to tap another data source Unfortunately, we couldn't match it properly. That's why our data in this case ends there. Yeah, okay understood Okay. Well, great then I don't see further questions and we are you you put us a little bit back on track in terms of time. Thanks for that so this brings us to the end of today's conference, but There is a second day tomorrow. So, uh, please join us again then and uh, hope You have a nice recipe afternoon or evening wherever you are and Thorsten. I see you later this weekend Zurich indeed Uh, Carlo any anything from you to that? No, just thank you also on my side. It was a great sessions and uh, See you tomorrow all uh at three. So today the starting uh hours was a two but tomorrow We have one hour more of uh, uh, work and uh back. So see you all tomorrow at three. Thanks. Thank you