Dr. Cyril Roux:

No. Given the sides of the balance sheet, if reserves increase, capital decreases.

If one has €100 million on one's balance sheet and the reserve moves from €75 million to €80 million, one's capital decreases from €25 million to €20 million. As one increases one's reserves, one reduces one's ability to take investment risks. One can only take so much risk on the basis of the size of one's balance sheet. If one is taking a lot of reserving risk, rather than having an increased risk margin, one has less room for taking investment risk. While I understand the Deputy's line of inquiry, I do not think this is what is playing out today at all.