Morgan Stanley | The negative impact of the dividend restriction will be eliminated once the market sees that it was temporary. The revolution by Pfizer and BiOntech following the announcement of their vaccine’s effectiveness undoubtedly anticipates the return of dividends is closer than ever. We hope the ECB will review the issue at the end of the year so that the payment can be reactivated as of January 2021 (gradually, individually and with estimated average payouts of 20-30%).