urrent policy stance back towards normality is a positive. Indeed, the prospect of negative interest rates being reversed is the kind of thing which Alastair Ryan (our banks strategist) lies awake at night dreaming of ( see European Banks Strategy: repressed). But and it is a big but, if the ECB chooses to tap

gs and distributions, which also have material upside =hen rates do eventually rise. Buy-rated banks include Intesa; SocGen; =ordea; ING and Erste. Alastair Ryan Research Analyst MLI (UK) +44 20 7996 4806 Michael Helsby Research Analyst 8 EFTA_R1_01899706 EFTA02655035 MLI (UK) +44 20 7995 7659 Read t