Prioritization of long-term franchise growth over short-term returns. Market-leading franchise in The Netherlands. Strongly performing domestic residential mortgages represent just under one-half of the loan book. Commercial real estate loan book has performed poorly, though we see signs of recovery. The bank is working through a variety of changes to its domestic and international operations as it emerges from a period of reputational damage. The stable outlook reflects our expectation that Rabobank Nederland's earnings will remain resilient, and reasonably predictable, over the next 18-24 months as it works through a variety of changes to its domestic and international operations. If we have cause to doubt Rabobank Nederland's business stability or the success of the implementation of its strategy, relative to
