Despite increased business, we managed to keep operating expenses at an acceptable level. The cost-to-income ratio increased by 0.9% to 22.5%.
Operating expenses increased by €2 million to €52 million. Staff costs and other administrative expenses rose by €3 million amongst others due to the increase of the average FTE from 270 in 2010 to 283 in 2011. Depreciation on fixed assets decreased by €1 million.