We have taken various rating actions on European banking groups to reflect our view that extraordinary government support is likely to diminish as regulators implement resolution frameworks. For the main operating entity in each banking group, we have revised the outlooks on 15 banks to negative from stable, raised the ratings on two banks, maintained negative outlooks on 38 banks, and maintained stable outlooks on 15 banks. The ratings on a further five banks remain on CreditWatch with negative implications. The negative outlooks now in place on many systemically important European banks reflect our view that we could reduce or remove government support from the ratings before the January 2016 implementation of EU bail-in powers for senior unsecured liabilities. We
