Moody’s said that falling mortage rates are “reducing interest income at a time when reductions in interest expense are limited as rates are close to zero and may be credit negative. CSOB (KBC) “slightly” more affected as mortgages make up 38% of loan book, compared with ~28% at Komercni Banka, Ceska Sporitelna (Erste). /Slightly negative, we expect further NIM pressure at Czech banks this year which will put pressure on banks’profitability.