joining us today is filippo alloatti, head of financials at hermes. s start on the loan growth picture. it is the time that we are finally going to see loan growth get back into first gear? filippo: good morning. it would be about time. historically, whenever they sustain growth, long growth. we are reading about supply chain bottlenecks. especially corporate, they are cautious when it comes to investing. that is the question that we need to solve. especially on the corporate side. that is verified. there is a huge support of the american administration. manus: we were looking at this, at that inflection point, it is kind of moving from reverse to first gear. we are kicking off the earnings season. we have long growth but also the reserve releases. reserve provisioning was a big feature of 2020, we began to see releases coming through, how much more will that be a part of this earnings season? filippo: i think it will be important. just give you a civil example, -- a simple example, 70% is being raised by the top 20 banks. that is the main difference v