Citigroup, Inc.

the FDIC special assessment that we saw earlier in the year, and it excludes the CMP of 136.

Got it. And my second question is for Jane. And I'm sure you're getting tired of the question on capital return. So, you're buying back a billion, you plan to buy back a billion this quarter. It looks like you didn't buy back any in the second quarter. And I'm asking this question in this context because, you know, consensus has a buyback of nearly a billion in the fourth quarter. and staying at this rate for the first half of next year and ramping higher. And I guess, is the billion-dollar number a catch-up pace because you didn't buy back any in the second quarter? And I fully appreciate that you also have the Banamex IPO coming, which is different from peers that are also waiting for Basel clarifications. But I'm just wondering, do we need to wait for that Banamex IPO for the company to feel comfortable moving away from that quarter-to-quarter guidance? And also, of course, I just want to readdress the beginning of the question when I asked specifically about the PACE.

Okay. So we are... not going to be giving guidance going forward around our buybacks. We are going to continue to make a quarterly determination as to the level. And a lot of that is to do with the uncertainty about the forthcoming regulatory changes. I think we were delighted to see a slight reduction in our stress capital buffer, reflecting the financial strength and resiliency of our business model. Also good to see the benefits of our strategy playing out. But with the regulatory changes uncertain, that's one of the major factors for us to continue with the quarterly guidance.