our next guest, otto dichtl. good news in the numbers.fo can't reach some of the goals in 2016, citing the low interest rate environment. it seems that is where the attention is. maybe negative consequences of negative interest rates. i just want your thoughts on that particular debate as it goes on. otto: i think it's one of the big items that arguably are hitting the banking sector, particularly hard at the moment. implicationshas widely, across industries, for insurance companies as well. at the moment, the banks are taking the brunt of that. basically, low interest rate, there's a number of implications. one is, an indication of a very low growth outlook and for banks in particular, it also reduces earnings prospects. with a very flat yield curve, the margins get pressurized, of course. jon: in the u.s., we were hoping for a steeper yield curve. that is not materialized. i think what is really interesting is the selloff. the banks index is down 20% year-to-date. if you bring up a long chart, stoxx 600 banking index over five years, go