Prioritization of long-term franchise growth over short-term returns. Market-leading franchise in The Netherlands. Strongly performing domestic residential mortgages that represent just under one-half of the loan book. Commercial real estate loan book has performed poorly, although 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 on Netherlands-based Cooperatieve Rabobank U.A. (Rabobank) reflects our expectation that Rabobank's capital position will continue to strengthen as it executes its medium-term optimization strategy to adapt to low interest rates and regulatory challenges. We also expect Rabobank's earnings will remain resilient over the next 18-24 months as the bank works through a
