In 2009, our focus lay on investments in staff training, tools to support improvements in client advice, and the development of new products to be launched in 2010. Our branches are especially important for delivering care and service to our clients. Accordingly, we are making specific investments in our branch network and infrastructure. Our largest projects in 2009 involved the preparations for the construction of new branch buildings in Eschen/FL and Lachen/CH. The actual construction phase in Eschen will begin during the next few months; the new Lachen branch building will be opened in June 2010.
Our overall investments in 2009 were below the level of the long-term trend. The introduction of «Avaloq» involves a major commitment of resources.