Strongly performing prime residential mortgages represent 74% of the net loan book. Strong U.K. deposit and mortgage franchises, with an improving market position in personal current accounts. Internal capital generation prospects appear predictable. Concentrated exposure to the leveraged U.K. household sector. Mortgage credit growth is quite brisk. Commercial real estate loan book has performed poorly, though problem exposures have been largely reduced. The stable outlook reflects our expectation that Nationwide's internal capital generation will remain predictable. We currently see a positive trend for U.K. economic risk within our U.K. Banking Industry Country Risk Assessment (BICRA) and note that an upward revision of this assessment might support a one-notch upgrade of the ratings on Nationwide. We also note that Nationwide's risk-adjusted
