We are going to have growth in the first quarter above 4.5 percent.

We expect vigorous growth for the first quarter of the year. If we continue having this type of industrial production data we will surely have to revise growth (estimates) upwards.

The result appears to be a moderate deficit, less than 1 percent of gross domestic product.

Parent banks’ stakeholders are not necessarily the same as those of their subsidiaries. Moreover, their interests may diverge, especially during a crisis.

It looks more likely that we will be in the upper end of the range.

We now have two (instruments), an interest rate floor and the short. We’re keeping the short hidden away in a little box for now, in case we need it.

Host-country authorities need to encourage subsidiaries to strengthen their stand-alone abilities.

The markets have been expecting a policy shift for some time and the announcement has clarified several issues.

This dominant position implies difficulties for promoting more competition and, as a result, for lowering prices.

For the quarter, the first numbers we have are promising.