Market Leader with Potential for Further Penetration
NII-Sticky Deposit Base Resulting in Modest Deposit Pass-Through
Resilient deposit pass-through¹; gradually increasing at sustained
Outlook
2023-2024
•
Assumptions updated to reflect resilient pass-
through
Gradual increase in Time and Notice deposit pass-
through to 50% by June 2024
(previously expected by December 2023)
Gradual change in deposit mix; Time and Notice
deposits from 30% to c.45% by June 2024 and to
50% by December 2024
(previously expected by December 2023)
levels of 50%
Cost (bps)
Current
2025
•
•
Time and Notice deposit pass-through to remain
stable at 50%
Deposit mix: Time and Notice deposits to remain
stable at c.50%
Factoring in higher wholesale funding costs through
further MREL issuances
1) Calculated as a percentage of the cost of Time and Notice deposits over average 6m Euribor rate of the period
4Q2022
1Q2023
1
0
Time & Notice
Total deposits
20
31
7
10
Time & Notice pass-through
c.7%
c. 10%
Deposit mix: Time and Notice deposits to remain at c.50%
€ bn
Time & Notice
17.5
34%
19.0
29%
19.0
30%
50%
Savings, Current
& Demand
Dec 21
Dec 22
Mar 23
Dec 23
Dec 24
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