Our view of its relative business stability, prudent strategy, and 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. Weakly performing commercial real estate loan book. Modest efficiency in light of sluggish growth prospects. Slowly emerging from a period of reputational damage and related changes to the senior management team. Standard&Poor's Rating Services' negative outlook on Rabobank Nederland reflects our view that we may lower the long-term counterparty credit rating by one notch by year-end 2015 if we consider that extraordinary government support is less predictable under the new EU legislative framework (The EU Bank Recovery and Resolution Directive). We could
