Assuming tomorrow's Q I 2013 report doesn't include some nasty surprises, SAN's share price could benefit from low expectations. Maybe we'll move beyond the fear of the past/present to better times in the future.
I think European banks are at least six months behind US money center banks (C, BAC, WFC, JPM) as far as building loan loss, legal cost accruals and other rainy day provisions go. If SAN's business metrics are improving or even stable I think the stock starts trending higher. As long as things aren't getting noticeably worse SAN should be okay.