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Bloomberg. Francine Lequad, Queen Victoria Street, and she is with David Fulcrats Landau as well.

Francine, just an extraordinary research piece from DFL, this really hearkens back to his thoughtful pieces decades ago, and I'd like to go to a piece of this right now for Francine for you to bring up the conversation with DFL.

Negative interest rates, and they have a punishment to them.

The aggressive implementation of a new regulatory regime and the failure to create a unified

home market are eviscerating bank profitability.

Needless to say, since the introduction of negative interest rates,

EU banks have lost two-fifths of their market value

while US banks have gained the same amount. It is inappropriate for DFL to speak of transactions

of German banks, but Francine certainly he can speak to a larger banking system right now.

How do we clear this mess, David?

Well, Tom, you, one first needs to understand that in modern economies,

the intermediaries, financial intermediaries are key to making it work.

...