Strong position in U.K. retail banking and leading positions in U.K. commercial and corporate banking, and insurance. Improving cost efficiency. Marked improvement in funding and liquidity profiles, which we expect will prove enduring. Relatively poor asset quality track record. Yet to demonstrate a return to meaningful and recurring annual statutory profit. Achieving above-market average income growth may prove difficult given the loan-book bias to U.K. mortgages. The negative outlook on U.K.-based Lloyds Bank PLC (Lloyds) reflects Standard&Poor's Ratings Services' view that we may lower the long-term counterparty credit rating by up to two notches 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
