frederique: not entirely. we are optimistic that these cases of svb, credit suisse, these are isolated cases. when the tide goes, it usually tends to expose the weakest banks. this is what we have seen both banks had some real structural issues. we are looking for signs at this is indeed isolated. it is perhaps too early to say the banking system is based on confidence, so this is something we have to monitor very closely. in our view, the tail risk is not entirely gone. we hope and it looks at the moment like it is contained. dani: the banking index has lost about 1/5 of its value so far this year. the bulk of those losses coming over the past week. what do you think it will take to add more exposure to banking stocks? do any valuations of more attractive? the big banks if anything benefit from deposits leaving the regional once into big players. frederique: as part of a global diversified portfolio there is room for good quality banks. we have more than a benchmark position however because life will become m