{"product_id":"bcv-pestle-analysis","title":"Banque Cantonale Vaudoise PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYour Shortcut to Market Insight Starts Here\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock strategic clarity with our PESTLE Analysis of Banque Cantonale Vaudoise—three to five concise insights reveal how political, economic, social, technological, legal, and environmental forces shape its future. Ideal for investors and strategists, buy the full report to access detailed, actionable intelligence and ready-to-use charts.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCantonal ownership and state support\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBCV operates as a public-law institution with the Canton of Vaud as a major stakeholder, which steers strategic priorities and risk appetite and links the bank to regional policy objectives. The cantonal guarantee underpins depositor confidence and lowers funding costs, reinforcing BCV’s role in supporting Vaud (population ~811,000 in 2024). Political shifts at cantonal level can alter dividend policy, balance-sheet growth and regional development mandates, requiring governance to balance public-policy aims with commercial performance.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSwiss federal stability and policy continuity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSwitzerland’s consensus-driven politics deliver low sovereign risk, reflected in top-tier ratings (S\u0026amp;P AAA, Moody’s Aaa, Fitch AAA as of 2025), supporting predictable banking policy for BCV. Stable federal fiscal frameworks and sustained infrastructure investment underpin regional activity in Vaud, home to roughly 820,000 residents. Low political volatility favors long-term lending and wealth management planning, though national referenda can prompt targeted sector changes (pensions, housing).\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInternational relations and neutrality implications\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSwiss neutrality lowers direct geopolitical exposure, though Bern aligned with EU\/US sanctions after Russia’s 2022 invasion, requiring Swiss banks to implement those measures. Cross-border wealth flows remain sensitive to tax-transparency moves such as Switzerland’s implementation of the OECD Common Reporting Standard in 2018. Failure to conclude a new EU bilateral framework in 2021 continues to shape market access and regulatory equivalence. BCV’s canton-backed, primarily domestic focus mitigates but cannot fully remove spillovers.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePublic-sector banking mandates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eBanque Cantonale Vaudoise, wholly owned by the Canton of Vaud, serves municipal and public-sector clients and is tightly linked to cantonal investment cycles; shifts in Vaud's 2024 budget and infrastructure priorities directly change loan demand and fee pipelines. Political focus on SME support and housing reallocates product mix, while heightened public accountability increases scrutiny of pricing and risk practices.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOwnership: Canton of Vaud (sole shareholder)\u003c\/li\u003e\n\u003cli\u003eCanton population ~820,000 (2024)\u003c\/li\u003e\n\u003cli\u003ePolicy levers: budget shifts → credit\/fee volatility\u003c\/li\u003e\n\u003cli\u003eFocus areas: SME support, housing steer product demand\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMonetary-policy governance (SNB) and macroprudential stance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eIndependent SNB decisions on rates and liquidity—SNB policy rate 1.75% (mid‑2024)—directly shape credit demand and bank margins; national macroprudential tools, including mortgage amortization and borrower buffers, depend on political appetite for housing stability; coordination with federal bodies and FINMA defines system‑wide risk tolerance; rapid policy recalibrations can quickly affect BCV’s retail mortgage engine.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSNB policy rate: 1.75% (mid‑2024)\u003c\/li\u003e\n\u003cli\u003eMacroprudential tools: mortgage buffers\/amortization rules influence origination\u003c\/li\u003e\n\u003cli\u003eCoordination: federal bodies + FINMA set system risk tolerance\u003c\/li\u003e\n\u003cli\u003eImpact: swift policy shifts alter BCV mortgage volumes and margins\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eVaud cantonal bank: cantonal guarantee, low funding costs, SNB rate and mortgage sensitivity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBCV’s cantonal ownership and guarantee (Canton of Vaud sole shareholder) anchor strategy, lower funding costs and tie the bank to Vaud policy priorities (population ~820,000 in 2024). Swiss political stability and top sovereign ratings (S\u0026amp;P AAA, Moody’s Aaa, Fitch AAA, 2025) reduce sovereign risk, while cantonal budget shifts and federal referenda can swiftly alter loan demand and mandates. SNB policy (rate ~1.75% mid‑2024) and macroprudential tools directly affect BCV mortgage volumes and margins.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eTag\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eOwnership\u003c\/td\u003e\n\u003ctd\u003eCanton of Vaud\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCanton pop\u003c\/td\u003e\n\u003ctd\u003e~820,000 (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSovereign ratings\u003c\/td\u003e\n\u003ctd\u003eS\u0026amp;P AAA \/ Moody’s Aaa \/ Fitch AAA (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSNB rate\u003c\/td\u003e\n\u003ctd\u003e~1.75% (mid‑2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how Political, Economic, Social, Technological, Environmental and Legal forces uniquely impact Banque Cantonale Vaudoise, with data-backed trends and region-specific examples to identify risks and opportunities; designed for executives, consultants and investors seeking forward-looking insights and actionable inputs for strategy, planning and funding decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, visually segmented PESTLE summary of Banque Cantonale Vaudoise that simplifies regulatory, economic, and competitive insights for quick use in meetings or presentations, easily shareable and editable for local context or client reports.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eVaud regional economic health\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eVaud’s diversified economy—life sciences, education, tourism and services—underpins steady banking demand in a canton of about 811,000 residents. SMEs, which mirror Switzerland’s structure of over 99% of firms, drive SME financing and cash-management flows tied to local cycles. EPFL and UNIL (combined ~30,000 students) create innovation clusters feeding venture and advisory opportunities. BCV’s strong local focus concentrates downside risk in regional downturns.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest-rate cycle and net interest margin\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSNB rate moves — peaking near 1.75% in 2023 before gradual normalization into 2024–25 — drive deposit repricing and loan yields, directly shaping BCV’s NIM. Mortgage stock in Switzerland stood around CHF 1.2tn (2024), so rate shifts have large volume and prepayment effects on margins. Balance-sheet hedging and duration positioning are critical to stabilise earnings, while competitive pressure on savings rates can compress spreads.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSwiss franc strength and safe-haven dynamics\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCHF strength and safe-haven flows reduce margins for export clients while supporting wealth inflows; Swiss National Bank foreign currency reserves stood near CHF 850bn in 2024, reflecting demand for CHF assets. Risk-off episodes shift portfolio allocations into CHF, boosting deposits and mandates. Strong CHF curbs tourism receipts in Vaud, tightening SMEs’ cash flows. Rising hedging demand creates fee income but increases operational complexity.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHousing market and mortgage concentration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eResidential mortgages drive BCV’s retail loan book as Switzerland’s mortgage stock stood around CHF 1.3 trillion (SNB 2024); price resilience and low mortgage NPLs (~0.3%) support asset quality, though affordability and regulatory loan-to-income\/ LTV guidance constrain new lending; refinancing cycles and long fixed-rate maturities time revenue recognition.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSwiss mortgage stock: ~CHF 1.3tn (SNB 2024)\u003c\/li\u003e\n\u003cli\u003eMortgage NPLs: ~0.3%\u003c\/li\u003e\n\u003cli\u003eAffordability \u0026amp; LTI\/LTV limits restrain growth\u003c\/li\u003e\n\u003cli\u003eRefinancing\/fixed-rate timing affects revenue\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInflation, employment, and consumer confidence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eModerate Swiss inflation (CPI 2024: 1.4%) helps sustain real incomes and debt serviceability for retail borrowers. Low local unemployment and a resilient Vaud labour market support retail banking and payments volumes. Shifts in consumer confidence change discretionary saving and investment flows, while corporate capex cycles drive demand for credit and advisory services.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003einflation: CPI 2024 1.4%\u003c\/li\u003e\n\u003cli\u003eunemployment: Switzerland ~2.2% (2024)\u003c\/li\u003e\n\u003cli\u003econsumer confidence: volatile, affects deposits\/investment\u003c\/li\u003e\n\u003cli\u003ecapex: key driver of corporate lending\/advisory\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eVaud cantonal bank: cantonal guarantee, low funding costs, SNB rate and mortgage sensitivity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eVaud’s diversified economy and ~811,000 population underpin steady local banking demand, with SMEs (~99% of firms) driving credit and cash-management flows. SNB rate shifts (peak ~1.75% in 2023; normalization 2024–25) and CHF strength shape NIM, deposits and hedging demand. Swiss mortgage stock ~CHF 1.3tn (SNB 2024) with NPLs ~0.3% supports asset quality but LTV\/LTI limits constrain growth. CPI 2024 1.4% and unemployment ~2.2% sustain consumption and debt serviceability.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eIndicator\u003c\/th\u003e\n\u003cth\u003eValue (2024\/25)\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePopulation Vaud\u003c\/td\u003e\n\u003ctd\u003e~811,000\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSNB peak policy rate\u003c\/td\u003e\n\u003ctd\u003e~1.75% (2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSwiss mortgage stock\u003c\/td\u003e\n\u003ctd\u003e~CHF 1.3tn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMortgage NPLs\u003c\/td\u003e\n\u003ctd\u003e~0.3%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCPI\u003c\/td\u003e\n\u003ctd\u003e1.4%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUnemployment (CH)\u003c\/td\u003e\n\u003ctd\u003e~2.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eBanque Cantonale Vaudoise PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Banque Cantonale Vaudoise PESTLE Analysis you’ll receive after purchase—fully formatted and ready to use. The content, layout, and structure visible in this sample are identical to the downloadable file provided at checkout. No placeholders or teasers—this is the final, professionally structured document you’ll own instantly after payment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":56162793259385,"sku":"bcv-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/bcv-pestle-analysis.png?v=1762708822","url":"https:\/\/portersfiveforce.com\/products\/bcv-pestle-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}