WORLD: BNP Paribas has greatly expanded its business in Germany in recent years. Doesn’t that automatically increase the risks?
Diederichs: According to our internal calculations, no other bank in Germany has grown as strongly as we have in the past ten years. That would be risky if we had only increased lending. However, our approximately 6,000 employees in Germany are spread over twelve business units, so that we are very well diversified. Despite the difficult environment, our business has grown by eight percent a year with stable costs over the past few years. Germany will remain our most important strategic growth market in Europe in the future.