Strongly performing prime residential mortgages represent 72% of the net loan book. Strong U.K. deposit and mortgage franchises, with an improving market position in personal current accounts. Improving earnings prospects. Weakly performing commercial real estate loan book. Concentrated exposure to the leveraged U.K. household sector. Retail credit growth is quite brisk. The negative outlook on Nationwide Building Society reflects Standard&Poor's Ratings Services' view that it may lower the long-term counterparty credit rating by up to two notches by year-end 2015 if it considers that extraordinary government support is less predictable under the new EU legislative framework (The EU Bank Recovery and Resolution Directive). The ratings are chiefly based on these potential changes in government support and our view
