A treasury analyst at a bank is calculating the bank's Basel III regulatory capital ratios for its year-end financial reporting. The analyst considers the following items on the bank's balance sheet:

| Item | Value (EUR millions) |

|------------------------------|----------------------|

| Common equity | 2,010 |

| Non-callable preferred equity| 500 |

| Subordinated debt | 1,500 |

| Retained earnings | 3,210 |

| Goodwill from prior acquisitions | 850 |

The bank has total risk-weighted assets of EUR 49,700 million. What is the correct ratio of Core Tier 1 Capital to risk-weighted assets (the CET1 ratio) that the analyst should calculate for the bank?