TCREUR_Public/100720.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, July 20, 2010, Vol. 11, No. 141

                            Headlines



C R O A T I A

* CROATIA: Government Introduces Amendments to Bankruptcy Act


G E O R G I A

GEORGIAN RAILWAY: Fitch Assigns 'B+' Rating on Senior Notes


G E R M A N Y

CONTINENTAL AG: Fitch Affirms Issuer Default Rating at 'B+'
TS CO.MIT: S&P Downgrades Ratings on Class E Notes to 'CCC-'


G R E E C E

AGRICULTURAL BANK: Fitch Downgrades Individual Rating to 'D/E'
EFG EUROBANK: Fitch Downgrades Individual Rating to 'D'
NATIONAL BANK: Fitch Downgrades Rating on Hybrid Capital to 'B+'
PIRAEUS BANK: Fitch Downgrades Individual Rating to 'D'
PIRAEUS BANK: S&P Puts 'BB' Rating on CreditWatch Negative


I R E L A N D

ALLIED IRISH: Santander Still in the Race for Zachodni Stake
BANK OF IRELAND: Mulls Cutting 750 Jobs Over Next Two Years
BRACKLAGH CONSTRUCTION: Ceol na Mara Estate Put Up for Sale
FAIRLEE PROPERTIES: Jerry Beades Challenges Receivership Move
LARIONOVO: Director Withdrew EUR1MM to Fund Private Investments

MCELHINNEY'S: Set to Reopen Following Debt Restructuring

* IRELAND: Company Bad Debt Hit EUR1.2BB in 1H 2010, Survey Shows
* IRELAND: LRC Says Sacked Workers Have to Deal With Liquidators


I T A L Y

FIAT SPA: Has Debt Refinancing Deal With Banks, Il Sole Says


L U X E M B O U R G

UNICREDIT LUXEMBOURG: S&P Assigns 'BB' Senior Unsec. Debt Rating


N E T H E R L A N D S

BERNARD MADOFF: SNS Asked to Send US$55MM Feeder Funds Claim


S P A I N

CAJASUR: Bilbao Bizkaia Kutxa to Take Over Operations


T U R K E Y

EKSPO FAKTORING: Moody's Affirms 'Ba3' Issuer Ratings


U N I T E D   K I N G D O M

CANDOVER INVESTMENTS: Faces Funding Woes as AIMCO Takeover Fails
DALZIEL PARK: In Administration; Owes GBP2.5 Mil. to Santander
DFS FURNITURE: Moody's Assigns 'B1' Corporate Family Rating
DFS FURNITURE: S&P Assigns 'B' Long-Term Corporate Credit Rating
FORGE DAM: In Administration; 19 Jobs Affected

GOLDTRAIL TRAVEL: Begbies Traynor Appointed as Administrators
HALLIWELLS: Barlow Lyde to Buy Insurance Practice
HAMMER AND THEELEN: In Administration; FRP Advisory Seeks Buyer
MISS SIXTY: Mourant Challenges Company Voluntary Arrangement
PAG HOTELS: In Administration; 30 Jobs at Risk

PREMIERTEL PLC: S&P Downgrades Rating on Class B Notes to 'B'

* UK: Company Insolvencies Down 13% in June, Experian Data Shows


X X X X X X X X

* Large Companies with Insolvent Balance Sheet




                         *********



=============
C R O A T I A
=============


* CROATIA: Government Introduces Amendments to Bankruptcy Act
-------------------------------------------------------------
The Croatian government on Thursday introduced into Parliament
amendments to the Bankruptcy Act, under which the Finance Ministry
and the Tax Administration would be able to initiate summary
bankruptcy proceedings against firms which have no employees, but
whose accounts have been blocked for an uninterrupted period of 60
days, vlada.hr reports.

According to the report, Prime Minister Jadranka Kosor said the
amendments were one of the key measures in the government's
economic recovery program for tackling the problem of illiquidity.

"We're talking about 19,215 firms which don't have a single
employee and which owe more than 12 billion kuna," the report
quoted Mr. Kosor as saying, adding that the proposed amendments
would also act as "a strong anti-corruption lever."

The report says the Finance Ministry and the Tax Administration
would be given until December 31, 2012, to launch summary
bankruptcy proceedings against all firms with up to five employees
which have failed to meet their liabilities within 60 days.

Projections showed that the government would need to secure an
additional 80 million kuna for the implementation of the law over
the next three years -- five million in 2010, 35 million in 2011
and 40 million in 2012, the report notes.


=============
G E O R G I A
=============


GEORGIAN RAILWAY: Fitch Assigns 'B+' Rating on Senior Notes
-----------------------------------------------------------
Fitch Ratings has assigned Georgian Railway LLC's debut
US$250 million senior unsecured notes, due 2015, an expected
rating of 'B+'.

The final rating is contingent upon the receipt of final documents
conforming to information already received.  Change of control
(government ownership of 50% or less of GR) is a put event under
the proposed terms of the notes.  Proceeds from the bond issue
will primarily be used to fund GR's capex plans including Tbilisi
by-pass and modernization projects.

The current ratings of GR are:

  -- Long-term foreign and local currency Issuer Default Ratings:
     'B+'; Outlooks Stable

  -- Short-term foreign and local currency IDRs: 'B'

  -- Foreign and local currency senior unsecured ratings: 'B+'

  -- Recovery Ratings: 'RR4'

The IDRs of GR are aligned with the sovereign ratings of Georgia
('B+'/Stable/'B'), reflecting the company's strong linkage with
the government.  This stems from the company's 100% ownership by
the government, its importance to the economy as the largest
contributor to the state budget and employer, its dominance of
Georgia's freight transportation sector, its strategic importance
as the regional transit corridor and government backing for its
two key investment projects.  The latter is, among other factors,
evidenced by a dividend moratorium, future assistance with land
disposals and refundable VAT.  The government currently guarantees
part of GR's debt, but future lending is assumed to be guarantee-
free.  Unauthorized change of control would be an event of default
under some of the loan covenants.


=============
G E R M A N Y
=============


CONTINENTAL AG: Fitch Affirms Issuer Default Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed Continental AG's Long-term Issuer
Default rating at 'B+' following the announcement on 9 July 2010
of Conti-Gummi Finance BV's issuance of EUR750 million of senior
secured notes due 2015, which are guaranteed on a senior basis by
Continental.  The Outlook on the Long-term IDR is Stable.

Fitch has assigned Conti-Gummi Finance BV's senior secured notes
an issue rating of 'BB-' and a Recovery Rating of 'RR3'.
Simultaneously, Continental's senior unsecured rating, which was
previously placed on Rating Watch Negative has been withdrawn.
Continental's Short-term IDR is affirmed at 'B'.

The affirmation of the IDR reflects the group's progress in
resolving its short-term refinancing issues, in particular its
EUR2.5bn syndicated term loan due in August 2010.  The term loan
is to be refinanced from the proceeds of the notes issued on 16
July 2010 and a EUR2.5 billion syndicated forward term loan
facility granted in December 2009 with a two year maturity from
draw down.  As at end-Q110, the group reported liquidity of
approximately EUR3.5 billion consisting of cash and equivalents of
EUR1.4 billion, and unused credit lines of EUR2.1 billion.

The senior secured notes issued by Conti-Gummi Finance B.V. will
be unconditionally and irrevocably guaranteed by Continental AG
and certain subsidiaries, together constituting 80% of last twelve
months ended March 2010 group EBITDA.  In late June 2010, the bulk
of the group's debt was changed to secured creditor status, and
has acceded to a Security Pooling Agreement.  As such, secured
creditors, including the holders of the EUR750 million notes,
benefit from a Transaction Security package consisting of a pledge
on shares, accounts and inter company loans.  The note holders
rank equally with all other secured creditors whose claims are
subject to the Security Pooling Agreement.  The documentation also
includes a "Limitation on Restricted Payments" clause, which
curtails the ability of Continental to pay dividends to its
shareholders, among other Schaeffler GmbH.

In assessing the secured notes' recovery rating of 'RR3', Fitch
has factored in that the notes will be structurally subordinated
to the indebtedness of non-guarantor subsidiaries, amounting to
about EUR1 billion at March 2010, and junior to the EUR300 million
European Investment Bank ('AAA'/Stable) loan and the EUR162
million factoring facility which both benefit from direct security
on trade receivables.


TS CO.MIT: S&P Downgrades Ratings on Class E Notes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
TS Co.mit One GmbH's class C, D, and E notes.  At the same time,
S&P removed the ratings on classes C and D from CreditWatch
negative, and affirmed classes A, B, and F.

The rating actions follow a review of the transaction's
performance and amortization since S&P's rating actions in March
2010.  S&P has examined the impact of further defaults in the
pool, and assessed the likely benefit of the expected rapid
amortization of the pool.

During Q1 and Q2 2010, the transaction has been subject to five
principal-deficiency events.  Of these, four obligors have been in
a position to perform their debt service in full, and the servicer
expects full recoveries.  However, one obligor -- representing
nearly half the principal balance affected (EUR1.02 million at the
June 2010 determination date) -- has filed for insolvency, and the
servicer expects no recovery.  Since December 2009, the balance of
the principal deficiency ledger has decreased by EUR273,852 to
EUR10.6 million.

The transaction is approaching its scheduled maturity date in June
2011, and a significant portion of the remaining portfolio assets
is scheduled to mature before this date.  S&P's analysis indicates
that the class A and B notes are likely to be fully redeemed
before the SMD, while class C is likely to redeem on that date.
Furthermore, S&P's analysis indicates that class D relies on
repayment of assets scheduled to mature after the SMD, recoveries
from assets currently classified as defaulted, or repayments from
borrowers with very poor credit quality.  In S&P's view, classes E
and F continue to rely on recovery proceeds to fully repay at
maturity.

S&P's downgrade of the class D notes is primarily due to the
maturity profile of the underlying portfolio, but the action on
the class C notes is also driven by concentration.  S&P's analysis
indicates that this tranche is exposed to significant
idiosyncratic risk, where the default of a small number of
obligors could affect the capacity of the transaction to repay
principal on this tranche.  Given the short maturity profile and
the correspondingly short default horizon, S&P's view is that the
tranche retains sufficient enhancement to achieve an investment-
grade rating.

S&P will continue to monitor the development of the credit quality
and amortization of the pool.

                           Ratings List

                        TS Co.mit One GmbH
         EUR503 Million Floating-Rate Asset-Backed Notes

      Ratings Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
              Class       To            From
              -----       --            ----
              C           BBB-          A-/Watch Neg
              D           B             BB/Watch Neg

                          Rating Lowered

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  E           CCC-          CCC

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A           AAA
                        B           AA
                        F           CCC-


===========
G R E E C E
===========


AGRICULTURAL BANK: Fitch Downgrades Individual Rating to 'D/E'
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
National Bank of Greece SA, Efg Eurobank Ergasias S.A., Alpha Bank
S.A., Piraeus Bank S.A. at 'BBB-', Outlook Negative and upgraded
Agricultural Bank of Greece to 'BBB-', Outlook Negative, based on
the availability of international support for the Greek banking
sector from the EU/IMF framework and via the European Central
Bank.

Fitch has also downgraded the banks' Individual Ratings,
reflecting Fitch's opinion that the banks' significant reliance on
ECB funding and the continued challenging operating environment
have markedly reduced their stand-alone financial strength.

The rating actions on Long-term IDRs reflect Fitch's assessment of
available support to the Greek banking system following the
implementation of EU/IMF support framework, as well as liquidity
support from the ECB following the temporary amendments of ECB
criteria regarding the eligibility of collateral for Greek
government debt and state-guarantee issues.  Although these
measures have been designed as temporary, they have helped to
reduce the risk perception surrounding the sovereign, ultimately
positively affecting the Greek banks (i.e.  reducing the
volatility of deposits).  So far, support to Greek banks has
mainly been provided in the form of liquidity by the ECB.

As a result of Fitch's assessment on support, Fitch has upgraded
the Support Rating of NBG, Eurobank, Alpha, Piraeus and ATEbank to
'2' from '3' and has upgraded the banks' Support Rating Floors to
'BBB-' from 'BB'.  Following this, the banks' Long-term IDRs are
now support-driven and on their SRF.  Fitch has removed the Rating
Watch Negative on the Long-term IDRs of all banks and placed them
on Negative Outlook, mirroring the Negative Outlook on Greece's
sovereign rating ('BBB-').  Consequently, any downgrade of
Greece's sovereign rating is likely to lead to a downgrade of the
banks' Long-term IDRs, Support Ratings and SRF.

Fitch has downgraded the Individual ratings of NBG, Eurobank,
Alpha and Piraeus to 'D' from 'C/D'.  The actions reflect a
deterioration in the banks' asset quality and profitability as
well as Fitch's expectation of continued pressure amid a
recessionary environment in Greece.  On a positive note the banks
retain good domestic lending and deposit franchises, some business
and geographical diversification and adequate capital.  The
downgrade of ATEbank's Individual Rating from 'C/D' to 'D/E' also
reflects Fitch's view that ATEbank is comparatively worse
positioned to absorb further credit losses due to its weaker
earnings capacity and cost efficiency and low equity Tier 1 ratio
(7.7% at end-Q110, or 3.3% excluding EUR675m state preference
shares).

In a separate rating action, Fitch has placed Piraeus' Individual
Rating of 'D' on RWN and ATEbank's Individual Rating of 'D/E' on
Rating Watch Evolving.  This follows Piraeus' announcement that
has made an offer to acquire the Greek government's equity stakes
in ATEbank (77.31%) and Hellenic Postbank S.A. (33.04%) in order
to create one of Greece's largest banking groups with total assets
of around EUR105 billion, a net loan portfolio of EUR69 billion
and EUR64 billion in deposits.  Fitch acknowledges potential long-
term benefits from these transactions, notably regarding the
combined group's funding profile and cost and revenue synergies,
but notes the considerable execution and integration risks at a
time when the operating environment will remain challenging.
Fitch will resolve the Watches once it has obtained more details
and clarity on whether the bids will be successful and all
regulatory approvals are received.  If unsuccessful, then
ATEbank's Individual Rating could come under renewed downward
pressure.

Fitch has also downgraded hybrid capital instruments issued by
NBG, Alpha and Eurobank to 'B+' from 'BB' to reflect the agency's
opinion of increased coupon deferral risk following the increased
reliance on external support sources.  State-guaranteed issues
have been affirmed at 'BBB-'.

As a result of recent developments, the funding and liquidity
position of Greek banks has stabilized albeit at relatively
stressed levels.  ECB funding at all banks is high at between 20%
and 26% of end-Q110 assets and is likely to remain at or above
these levels in the short-term.  However, all banks continue to
build up contingent liquidity, largely by increasing the amount of
ECB eligible assets for example by retaining government guaranteed
bond issues on their balance sheets.  Together with improved
government bond valuations and a recent deceleration of deposit
reductions this has contributed to reducing short-term liquidity
concerns.  Moreover, non-ECB wholesale funding (largely repo
funding) and wholesale maturities until end-2012 are moderate,
which reduces the risk of further liquidity pressure.  Competition
for retail deposits, fierce in H110, has recently abated somewhat.
At the same time, banks are gradually deleveraged their balance
sheets, thereby reducing their commercial funding gaps.

While Fitch has already noted that the excessive reliance on ECB
funding is not sustainable in the long-term, in the short- to
medium-term it provides a stable and predictable funding source
for Greek banks on which to rely as long as ECB eligibility
criteria do not change.  This, together with the availability of
solvency support in the form of a EUR10bn IMF Financial Stability
Fund, supports the banks' credit profiles.

Fitch's Support Ratings are the agency's assessment of a potential
supporter's propensity to support a bank and its ability to
support it.  Support Rating Floors indicate the level below which
the agency would not expect to lower its Issuer Default Rating in
the absence of any changes to the assumptions underpinning a
bank's Support Rating.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from Rating Watch
     Negative (RWN); Outlook Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Alpha Bank S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Junior Subordinated notes downgraded to 'B+' from 'BB';
     removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Piraeus Bank S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; remains on
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

Agricultural Bank of Greece (ATEbank)

  -- Long-term IDR upgraded to 'BBB-' from 'BB+'; removed from
     RWN; Outlook Negative

  -- Short-term IDR upgraded to 'F3' from 'B'

  -- Individual Rating downgraded to 'D/E' from 'C/D'; placed on
     Rating Watch Evolving

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


EFG EUROBANK: Fitch Downgrades Individual Rating to 'D'
-------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
National Bank of Greece SA, Efg Eurobank Ergasias S.A., Alpha Bank
S.A., Piraeus Bank S.A. at 'BBB-', Outlook Negative and upgraded
Agricultural Bank of Greece to 'BBB-', Outlook Negative, based on
the availability of international support for the Greek banking
sector from the EU/IMF framework and via the European Central
Bank.

Fitch has also downgraded the banks' Individual Ratings,
reflecting Fitch's opinion that the banks' significant reliance on
ECB funding and the continued challenging operating environment
have markedly reduced their stand-alone financial strength.

The rating actions on Long-term IDRs reflect Fitch's assessment of
available support to the Greek banking system following the
implementation of EU/IMF support framework, as well as liquidity
support from the ECB following the temporary amendments of ECB
criteria regarding the eligibility of collateral for Greek
government debt and state-guarantee issues.  Although these
measures have been designed as temporary, they have helped to
reduce the risk perception surrounding the sovereign, ultimately
positively affecting the Greek banks (i.e.  reducing the
volatility of deposits).  So far, support to Greek banks has
mainly been provided in the form of liquidity by the ECB.

As a result of Fitch's assessment on support, Fitch has upgraded
the Support Rating of NBG, Eurobank, Alpha, Piraeus and ATEbank to
'2' from '3' and has upgraded the banks' Support Rating Floors to
'BBB-' from 'BB'.  Following this, the banks' Long-term IDRs are
now support-driven and on their SRF.  Fitch has removed the Rating
Watch Negative on the Long-term IDRs of all banks and placed them
on Negative Outlook, mirroring the Negative Outlook on Greece's
sovereign rating ('BBB-').  Consequently, any downgrade of
Greece's sovereign rating is likely to lead to a downgrade of the
banks' Long-term IDRs, Support Ratings and SRF.

Fitch has downgraded the Individual ratings of NBG, Eurobank,
Alpha and Piraeus to 'D' from 'C/D'.  The actions reflect a
deterioration in the banks' asset quality and profitability as
well as Fitch's expectation of continued pressure amid a
recessionary environment in Greece.  On a positive note the banks
retain good domestic lending and deposit franchises, some business
and geographical diversification and adequate capital.  The
downgrade of ATEbank's Individual Rating from 'C/D' to 'D/E' also
reflects Fitch's view that ATEbank is comparatively worse
positioned to absorb further credit losses due to its weaker
earnings capacity and cost efficiency and low equity Tier 1 ratio
(7.7% at end-Q110, or 3.3% excluding EUR675m state preference
shares).

In a separate rating action, Fitch has placed Piraeus' Individual
Rating of 'D' on RWN and ATEbank's Individual Rating of 'D/E' on
Rating Watch Evolving.  This follows Piraeus' announcement that
has made an offer to acquire the Greek government's equity stakes
in ATEbank (77.31%) and Hellenic Postbank S.A. (33.04%) in order
to create one of Greece's largest banking groups with total assets
of around EUR105 billion, a net loan portfolio of EUR69 billion
and EUR64 billion in deposits.  Fitch acknowledges potential long-
term benefits from these transactions, notably regarding the
combined group's funding profile and cost and revenue synergies,
but notes the considerable execution and integration risks at a
time when the operating environment will remain challenging.
Fitch will resolve the Watches once it has obtained more details
and clarity on whether the bids will be successful and all
regulatory approvals are received.  If unsuccessful, then
ATEbank's Individual Rating could come under renewed downward
pressure.

Fitch has also downgraded hybrid capital instruments issued by
NBG, Alpha and Eurobank to 'B+' from 'BB' to reflect the agency's
opinion of increased coupon deferral risk following the increased
reliance on external support sources.  State-guaranteed issues
have been affirmed at 'BBB-'.

As a result of recent developments, the funding and liquidity
position of Greek banks has stabilized albeit at relatively
stressed levels.  ECB funding at all banks is high at between 20%
and 26% of end-Q110 assets and is likely to remain at or above
these levels in the short-term.  However, all banks continue to
build up contingent liquidity, largely by increasing the amount of
ECB eligible assets for example by retaining government guaranteed
bond issues on their balance sheets.  Together with improved
government bond valuations and a recent deceleration of deposit
reductions this has contributed to reducing short-term liquidity
concerns.  Moreover, non-ECB wholesale funding (largely repo
funding) and wholesale maturities until end-2012 are moderate,
which reduces the risk of further liquidity pressure.  Competition
for retail deposits, fierce in H110, has recently abated somewhat.
At the same time, banks are gradually deleveraged their balance
sheets, thereby reducing their commercial funding gaps.

While Fitch has already noted that the excessive reliance on ECB
funding is not sustainable in the long-term, in the short- to
medium-term it provides a stable and predictable funding source
for Greek banks on which to rely as long as ECB eligibility
criteria do not change.  This, together with the availability of
solvency support in the form of a EUR10bn IMF Financial Stability
Fund, supports the banks' credit profiles.

Fitch's Support Ratings are the agency's assessment of a potential
supporter's propensity to support a bank and its ability to
support it.  Support Rating Floors indicate the level below which
the agency would not expect to lower its Issuer Default Rating in
the absence of any changes to the assumptions underpinning a
bank's Support Rating.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from Rating Watch
     Negative (RWN); Outlook Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Alpha Bank S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Junior Subordinated notes downgraded to 'B+' from 'BB';
     removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Piraeus Bank S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; remains on
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

Agricultural Bank of Greece (ATEbank)

  -- Long-term IDR upgraded to 'BBB-' from 'BB+'; removed from
     RWN; Outlook Negative

  -- Short-term IDR upgraded to 'F3' from 'B'

  -- Individual Rating downgraded to 'D/E' from 'C/D'; placed on
     Rating Watch Evolving

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


NATIONAL BANK: Fitch Downgrades Rating on Hybrid Capital to 'B+'
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
National Bank of Greece SA, Efg Eurobank Ergasias S.A., Alpha Bank
S.A., Piraeus Bank S.A. at 'BBB-', Outlook Negative and upgraded
Agricultural Bank of Greece to 'BBB-', Outlook Negative, based on
the availability of international support for the Greek banking
sector from the EU/IMF framework and via the European Central
Bank.

Fitch has also downgraded the banks' Individual Ratings,
reflecting Fitch's opinion that the banks' significant reliance on
ECB funding and the continued challenging operating environment
have markedly reduced their stand-alone financial strength.

The rating actions on Long-term IDRs reflect Fitch's assessment of
available support to the Greek banking system following the
implementation of EU/IMF support framework, as well as liquidity
support from the ECB following the temporary amendments of ECB
criteria regarding the eligibility of collateral for Greek
government debt and state-guarantee issues.  Although these
measures have been designed as temporary, they have helped to
reduce the risk perception surrounding the sovereign, ultimately
positively affecting the Greek banks (i.e.  reducing the
volatility of deposits).  So far, support to Greek banks has
mainly been provided in the form of liquidity by the ECB.

As a result of Fitch's assessment on support, Fitch has upgraded
the Support Rating of NBG, Eurobank, Alpha, Piraeus and ATEbank to
'2' from '3' and has upgraded the banks' Support Rating Floors to
'BBB-' from 'BB'.  Following this, the banks' Long-term IDRs are
now support-driven and on their SRF.  Fitch has removed the Rating
Watch Negative on the Long-term IDRs of all banks and placed them
on Negative Outlook, mirroring the Negative Outlook on Greece's
sovereign rating ('BBB-').  Consequently, any downgrade of
Greece's sovereign rating is likely to lead to a downgrade of the
banks' Long-term IDRs, Support Ratings and SRF.

Fitch has downgraded the Individual ratings of NBG, Eurobank,
Alpha and Piraeus to 'D' from 'C/D'.  The actions reflect a
deterioration in the banks' asset quality and profitability as
well as Fitch's expectation of continued pressure amid a
recessionary environment in Greece.  On a positive note the banks
retain good domestic lending and deposit franchises, some business
and geographical diversification and adequate capital.  The
downgrade of ATEbank's Individual Rating from 'C/D' to 'D/E' also
reflects Fitch's view that ATEbank is comparatively worse
positioned to absorb further credit losses due to its weaker
earnings capacity and cost efficiency and low equity Tier 1 ratio
(7.7% at end-Q110, or 3.3% excluding EUR675m state preference
shares).

In a separate rating action, Fitch has placed Piraeus' Individual
Rating of 'D' on RWN and ATEbank's Individual Rating of 'D/E' on
Rating Watch Evolving.  This follows Piraeus' announcement that
has made an offer to acquire the Greek government's equity stakes
in ATEbank (77.31%) and Hellenic Postbank S.A. (33.04%) in order
to create one of Greece's largest banking groups with total assets
of around EUR105 billion, a net loan portfolio of EUR69 billion
and EUR64 billion in deposits.  Fitch acknowledges potential long-
term benefits from these transactions, notably regarding the
combined group's funding profile and cost and revenue synergies,
but notes the considerable execution and integration risks at a
time when the operating environment will remain challenging.
Fitch will resolve the Watches once it has obtained more details
and clarity on whether the bids will be successful and all
regulatory approvals are received.  If unsuccessful, then
ATEbank's Individual Rating could come under renewed downward
pressure.

Fitch has also downgraded hybrid capital instruments issued by
NBG, Alpha and Eurobank to 'B+' from 'BB' to reflect the agency's
opinion of increased coupon deferral risk following the increased
reliance on external support sources.  State-guaranteed issues
have been affirmed at 'BBB-'.

As a result of recent developments, the funding and liquidity
position of Greek banks has stabilized albeit at relatively
stressed levels.  ECB funding at all banks is high at between 20%
and 26% of end-Q110 assets and is likely to remain at or above
these levels in the short-term.  However, all banks continue to
build up contingent liquidity, largely by increasing the amount of
ECB eligible assets for example by retaining government guaranteed
bond issues on their balance sheets.  Together with improved
government bond valuations and a recent deceleration of deposit
reductions this has contributed to reducing short-term liquidity
concerns.  Moreover, non-ECB wholesale funding (largely repo
funding) and wholesale maturities until end-2012 are moderate,
which reduces the risk of further liquidity pressure.  Competition
for retail deposits, fierce in H110, has recently abated somewhat.
At the same time, banks are gradually deleveraged their balance
sheets, thereby reducing their commercial funding gaps.

While Fitch has already noted that the excessive reliance on ECB
funding is not sustainable in the long-term, in the short- to
medium-term it provides a stable and predictable funding source
for Greek banks on which to rely as long as ECB eligibility
criteria do not change.  This, together with the availability of
solvency support in the form of a EUR10bn IMF Financial Stability
Fund, supports the banks' credit profiles.

Fitch's Support Ratings are the agency's assessment of a potential
supporter's propensity to support a bank and its ability to
support it.  Support Rating Floors indicate the level below which
the agency would not expect to lower its Issuer Default Rating in
the absence of any changes to the assumptions underpinning a
bank's Support Rating.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from Rating Watch
     Negative (RWN); Outlook Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Alpha Bank S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Junior Subordinated notes downgraded to 'B+' from 'BB';
     removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Piraeus Bank S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; remains on
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

Agricultural Bank of Greece (ATEbank)

  -- Long-term IDR upgraded to 'BBB-' from 'BB+'; removed from
     RWN; Outlook Negative

  -- Short-term IDR upgraded to 'F3' from 'B'

  -- Individual Rating downgraded to 'D/E' from 'C/D'; placed on
     Rating Watch Evolving

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


PIRAEUS BANK: Fitch Downgrades Individual Rating to 'D'
-------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
National Bank of Greece SA, Efg Eurobank Ergasias S.A., Alpha Bank
S.A., Piraeus Bank S.A. at 'BBB-', Outlook Negative and upgraded
Agricultural Bank of Greece to 'BBB-', Outlook Negative, based on
the availability of international support for the Greek banking
sector from the EU/IMF framework and via the European Central
Bank.

Fitch has also downgraded the banks' Individual Ratings,
reflecting Fitch's opinion that the banks' significant reliance on
ECB funding and the continued challenging operating environment
have markedly reduced their stand-alone financial strength.

The rating actions on Long-term IDRs reflect Fitch's assessment of
available support to the Greek banking system following the
implementation of EU/IMF support framework, as well as liquidity
support from the ECB following the temporary amendments of ECB
criteria regarding the eligibility of collateral for Greek
government debt and state-guarantee issues.  Although these
measures have been designed as temporary, they have helped to
reduce the risk perception surrounding the sovereign, ultimately
positively affecting the Greek banks (i.e.  reducing the
volatility of deposits).  So far, support to Greek banks has
mainly been provided in the form of liquidity by the ECB.

As a result of Fitch's assessment on support, Fitch has upgraded
the Support Rating of NBG, Eurobank, Alpha, Piraeus and ATEbank to
'2' from '3' and has upgraded the banks' Support Rating Floors to
'BBB-' from 'BB'.  Following this, the banks' Long-term IDRs are
now support-driven and on their SRF.  Fitch has removed the Rating
Watch Negative on the Long-term IDRs of all banks and placed them
on Negative Outlook, mirroring the Negative Outlook on Greece's
sovereign rating ('BBB-').  Consequently, any downgrade of
Greece's sovereign rating is likely to lead to a downgrade of the
banks' Long-term IDRs, Support Ratings and SRF.

Fitch has downgraded the Individual ratings of NBG, Eurobank,
Alpha and Piraeus to 'D' from 'C/D'.  The actions reflect a
deterioration in the banks' asset quality and profitability as
well as Fitch's expectation of continued pressure amid a
recessionary environment in Greece.  On a positive note the banks
retain good domestic lending and deposit franchises, some business
and geographical diversification and adequate capital.  The
downgrade of ATEbank's Individual Rating from 'C/D' to 'D/E' also
reflects Fitch's view that ATEbank is comparatively worse
positioned to absorb further credit losses due to its weaker
earnings capacity and cost efficiency and low equity Tier 1 ratio
(7.7% at end-Q110, or 3.3% excluding EUR675m state preference
shares).

In a separate rating action, Fitch has placed Piraeus' Individual
Rating of 'D' on RWN and ATEbank's Individual Rating of 'D/E' on
Rating Watch Evolving.  This follows Piraeus' announcement that
has made an offer to acquire the Greek government's equity stakes
in ATEbank (77.31%) and Hellenic Postbank S.A. (33.04%) in order
to create one of Greece's largest banking groups with total assets
of around EUR105 billion, a net loan portfolio of EUR69 billion
and EUR64 billion in deposits.  Fitch acknowledges potential long-
term benefits from these transactions, notably regarding the
combined group's funding profile and cost and revenue synergies,
but notes the considerable execution and integration risks at a
time when the operating environment will remain challenging.
Fitch will resolve the Watches once it has obtained more details
and clarity on whether the bids will be successful and all
regulatory approvals are received.  If unsuccessful, then
ATEbank's Individual Rating could come under renewed downward
pressure.

Fitch has also downgraded hybrid capital instruments issued by
NBG, Alpha and Eurobank to 'B+' from 'BB' to reflect the agency's
opinion of increased coupon deferral risk following the increased
reliance on external support sources.  State-guaranteed issues
have been affirmed at 'BBB-'.

As a result of recent developments, the funding and liquidity
position of Greek banks has stabilized albeit at relatively
stressed levels.  ECB funding at all banks is high at between 20%
and 26% of end-Q110 assets and is likely to remain at or above
these levels in the short-term.  However, all banks continue to
build up contingent liquidity, largely by increasing the amount of
ECB eligible assets for example by retaining government guaranteed
bond issues on their balance sheets.  Together with improved
government bond valuations and a recent deceleration of deposit
reductions this has contributed to reducing short-term liquidity
concerns.  Moreover, non-ECB wholesale funding (largely repo
funding) and wholesale maturities until end-2012 are moderate,
which reduces the risk of further liquidity pressure.  Competition
for retail deposits, fierce in H110, has recently abated somewhat.
At the same time, banks are gradually deleveraged their balance
sheets, thereby reducing their commercial funding gaps.

While Fitch has already noted that the excessive reliance on ECB
funding is not sustainable in the long-term, in the short- to
medium-term it provides a stable and predictable funding source
for Greek banks on which to rely as long as ECB eligibility
criteria do not change.  This, together with the availability of
solvency support in the form of a EUR10bn IMF Financial Stability
Fund, supports the banks' credit profiles.

Fitch's Support Ratings are the agency's assessment of a potential
supporter's propensity to support a bank and its ability to
support it.  Support Rating Floors indicate the level below which
the agency would not expect to lower its Issuer Default Rating in
the absence of any changes to the assumptions underpinning a
bank's Support Rating.

The ratings of the Greek banks affected by the rating action are:

National Bank of Greece S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from Rating Watch
     Negative (RWN); Outlook Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Efg Eurobank Ergasias S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Alpha Bank S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; removed from
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

  -- Subordinated notes affirmed at 'BB+'; removed from RWN

  -- Junior Subordinated notes downgraded to 'B+' from 'BB';
     removed from RWN

  -- Hybrid capital downgraded to 'B+' from 'BB'; removed from RWN

Piraeus Bank S.A.

  -- Long-term IDR affirmed at 'BBB-'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'F3'; removed from RWN

  -- Individual Rating downgraded to 'D' from 'C/D'; remains on
     RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

  -- Senior notes affirmed at 'BBB-'; removed from RWN

Agricultural Bank of Greece (ATEbank)

  -- Long-term IDR upgraded to 'BBB-' from 'BB+'; removed from
     RWN; Outlook Negative

  -- Short-term IDR upgraded to 'F3' from 'B'

  -- Individual Rating downgraded to 'D/E' from 'C/D'; placed on
     Rating Watch Evolving

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised to 'BBB-' from 'BB'

The rating impact, if any, from the above rating actions on Greek
banks' subsidiaries, securitization transactions and covered bonds
will be detailed in separate comments.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


PIRAEUS BANK: S&P Puts 'BB' Rating on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB'
long-term and 'B' short-term counterparty credit ratings on
Piraeus Bank S.A. on CreditWatch with negative implications.

The CreditWatch placement follows the bank's announcement that it
has presented an offer to buy the Greek government's 77.31% stake
in Agricultural Bank of Greece S.A. and its 33.04% stake in the
Hellenic PostBank S.A. Negotiations between Piraeus and the Greek
government are still underway, but the rating action reflects
S&P's opinion that if the deal is completed, it may weaken
Piraeus' financial profile.

"The eventual consolidation of the acquired entities with Piraeus
would certainly benefit the bank's business profile, creating the
second-largest Greek bank, with a sizable customer base and
leading market shares in domestic business," said Standard &
Poor's credit analyst Luigi Motti.  "The acquisition would also
slightly improve Piraeus' funding profile, as the consolidated
entity would have a larger deposit base and better liquidity."

Mr. Motti continued: "Nonetheless, S&P believes that these
benefits would be offset by the higher credit risk that would be
embedded in the consolidated entity's loan book compared with
Piraeus' own credit portfolio."

S&P also believes that the execution risks that would arise from
the acquisition would be exacerbated by the current sharp economic
contraction and the weak operating environment S&P expects in
Greece for the coming years.

Additionally, if the acquisition is completed under the terms of
the offer presented by Piraeus, the bank estimates a pro forma
solvency ratio for the consolidated entity of 9%, 80 basis points
below Piraeus' current total solvency indicator.

Standard & Poor's aims to resolve the Credit Watch placement when
Piraeus and the Greek government finish their negotiations.  If
the parties reach an agreement, S&P will review the final terms of
the deal and assess the impact that the acquisition and
integration of Agricultural Bank of Greece and Hellenic Postbank
may have on Piraeus' asset quality, solvency, and profitability.
When S&P resolves the CreditWatch placement, S&P could affirm the
long- and short-term counterparty credit ratings on Piraeus or
lower them by one or more notches if S&P believes that the
consolidated bank's financial fundamentals are no longer
consistent with the current ratings.


=============
I R E L A N D
=============


ALLIED IRISH: Santander Still in the Race for Zachodni Stake
------------------------------------------------------------
Marta Waldoch at Bloomberg News, citing Puls Biznesu, reports that
Banco Santander SA of Spain is among three bidders for a stake in
Poland's Bank Zachodni WBK SA that Allied Irish Banks Plc is
selling.

According to Bloomberg, the newspaper said PKO Bank Polski SA and
BNP Paribas are also bidding for the stake.

As reported by the Troubled Company Reporter-Europe on June 24,
2010, The Financial Times said the Polish government supported a
potential bid from state-owned PKO for Bank Zachodni WBK, which is
being put up for sale by AIB.  The FT disclosed Poland's treasury
ministry said it may defer a dividend payment to enable PKO, which
is 51% state owned to buy BZ WBK.  The FT said the 70% stake in BZ
WBK owned by AIB is thought to be worth about PLN11 billion
(US$3.4 billion).  AIB is being forced to sell off its Polish
affiliate in order to meet capital targets after receiving aid
from the Irish government, according to the FT.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 10,
2009, Fitch Ratings affirmed Allied Irish Banks plc's individual
Rating at 'D/E'.


BANK OF IRELAND: Mulls Cutting 750 Jobs Over Next Two Years
-----------------------------------------------------------
Daniel McConnell and Don Lavery at Sunday Independent report that
the Bank of Ireland has confirmed that it will cut up to 750 jobs
over the next two years.

According to the report, the BoI voluntary redundancy program will
apply to staff working across the group's businesses in Ireland,
the North and the rest of the UK.

The job cuts will represent a 5% cut in the bank's workforce of
more than 14,000 people, the report says.  It has already shed
over 2,000 jobs in the last two years, the report notes.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings affirmed the rating on Bank of Ireland's
Tier 1 notes at 'CCC' (ISINs: XS0268599999, US055967AA11 and
USG12255AA64).

At the same time, Moody's Investors Service placed Bank of
Ireland's D bank financial strength rating (BFSR -- mapping to a
baseline credit assessment of Ba2) on review for possible upgrade,
previously they had a developing outlook.


BRACKLAGH CONSTRUCTION: Ceol na Mara Estate Put Up for Sale
-----------------------------------------------------------
Maeve Sheehan at Sunday Independent reports that Bracklagh
Construction Ltd.'s receiver brought in a new firm to finish off
the company's Ceol na Mara housing estate and put 18 of them on
the market at half the original asking price of EUR250,000.

The report relates David Reynolds of Gunne Reynolds, which is
handling the sale, said he took booking deposits on six
properties, some from first-time buyers, while other potential
buyers were interested in a holiday home on the estate.

According to the report, the selling points included location, two
miles from the seaside village of Mullaghmore and 20 minutes from
Sligo town; lawns, front and back; fitted kitchens; solid oak
doors throughout; and tarmac driveways.

The report recalls Bracklagh was put into receivership by ACC Bank
in November on foot of unpaid loans.

Bracklagh Construction Ltd. is a property developer owned by
Michael Roper.


FAIRLEE PROPERTIES: Jerry Beades Challenges Receivership Move
-------------------------------------------------------------
Ian Kehoe and Dick O'Brien at The Sunday Business Post report that
Jerry Beades is seeking an injunction to prevent ACC from
appointing a receiver over his company, Fairlee Properties.

The report relates ACC earlier appointed KPMG accountant Kieran
Wallace as receiver to Fairlee, claiming that Mr. Beades had
defaulted on loan repayments.  The bank has taken possession of
Fairlee's main asset -- a string of properties on Richmond Road on
the northside of Dublin, the report discloses.

The report notes Mr. Beades claims that ACC breached its loan
agreement with him by failing to provide him with 14 days' notice
prior to the appointment of a receiver.  The matter is scheduled
to come before the High court on Thursday, July 22, the report
discloses.  Pending the outcome of the court case, the appointment
of the receiver still stands, the report states.

According to the report, the case stems from a previous action
between Mr. Beades and ACC.  The report recalls in that case, the
High Court told ACC to pay Mr. Beades EUR4.6 million in damages
over losses suffered by the businessman, because of the bank's
negligence in losing title deeds to certain properties.  The court
award to Mr. Beades was offset against loans of EUR6.27 million
that Fairlee owed to ACC, the report recounts.  As part of the
case, the court ruled that Mr. Beades had 15 months to repay the
remaining EUR1.6 million to ACC, the report states.  That period
expired at the end of June, and the bank moved quickly to secure
payment, the report notes.

Fairlee Properties is a property developer based in Ireland.


LARIONOVO: Director Withdrew EUR1MM to Fund Private Investments
---------------------------------------------------------------
The Sunday Business Post reports that evidence has been presented
in the High Court showing that one of the directors of Larionovo,
Ray Norton, withdrew almost EUR1 million from the company's
reserves to fund a number of private investments.

According to the report, the money was withdrawn through a series
of directors' loans prior to the collapse of Larionovo.  The
liquidator of Larionovo, the accountancy firm Grant Thornton, is
now in talks with Mr. Norton about recovering the money, the
report says.

The report notes that although no client funds were involved, the
liquidator has expressed a number of concerns about the
transactions.  The report recalls Larionovo collapsed in late
2008, and more than 300 Irish people who paid a total of EUR4
million in deposits on properties in India are still attempting to
get their money back from the Indian developer behind the project.

Larionovo was one of Ireland's most high-profile overseas property
agents that sold thousands of properties in Dubai, the United Arab
Emirates, Morocco, India, Hungary, Portugal, Spain and France,
according to the Sunday Business Post.


MCELHINNEY'S: Set to Reopen Following Debt Restructuring
--------------------------------------------------------
Niamh Cahill at Irish Independent reports that McElhinney's
Department Stores Ltd. is set to reopen before the end of the
month.

The report recalls a winding-up petition was served on
McElhinney's Department Stores by creditor and German-owned shoe
manufacturer Peter Kaiser Schuhfabrik.  The store closed its doors
on June 5 and went into voluntary liquidation, the report
recounts.  The store suffered losses of up to 50% last year, the
report discloses.

According to the report, the owners have since been able to
"restructure" its debt with the support of Irish suppliers and
banks.  The report relates the Sweeney family raised funds
privately in order to buy stock and other goods back from the
liquidator.

The report notes general manager Neal Sweeney, grandson of the
founding owner, said all of the 56 staff who lost their jobs last
month will return on the same hours worked prior to the closure.
The report says the store will open from Monday, July 26, and will
resume normal opening hours, trading from Monday to Saturday at
10:00 a.m. to 5:30 p.m.

McElhinney's Department Stores Ltd. is a clothing store based in
Athboy, Co Meath.  It was founded in 1937 on the town's Main
Street by Molly McElhinney.


* IRELAND: Company Bad Debt Hit EUR1.2BB in 1H 2010, Survey Shows
-----------------------------------------------------------------
Fiachra O Cionnaith at Irish Examiner reports that company bad
debt in Ireland hit EUR1.2 billion in the first six months of
2010.

According to the report, new figures compiled by www.vision-net.ie
show that the ongoing financial crisis is having a crippling
impact on payments to creditors across the business spectrum.

The report notes an online survey by the group over the past six
months indicates that liquidated Irish companies now owe a fortune
in bad debt because they either cannot afford to pay back
creditors or are still waiting on repayments from other firms
themselves.  The report says some 32 companies owe a massive
EUR770 million between them.

The report states with liquidity problems continuing to damage a
host of industries, there appears to be no immediate end to the
crisis.

According the report, the figures show 3.8% of liquidated
companies surveyed each owe more than EUR5 million, including 32
companies with bad debt of EUR770 million.  The report notes a
further 18.5% of firms questioned by www.vision-net.ie owe between
EUR1 million and EUR5 million, while 14.6% are responsible for
individual bad debt ranging between EUR500,000 and EUR1 million.
Just over half of all liquidated companies surveyed -- 50.7% --
owe less than EUR500,000, the report discloses.

The figures are likely to further increase over the coming months
as the financial crisis further impacts on Irish businesses, the
report says.


* IRELAND: LRC Says Sacked Workers Have to Deal With Liquidators
----------------------------------------------------------------
Daniel McConnell and Don Lavery at Sunday Independent report that
Labour Relations Commission CEO Kieran Mulvey said huge numbers of
employees taking cases to the commission end up dealing with
liquidators because their firm has gone bust.

"As a result of the recession, in some cases there is no employer
left -- all that's there is a liquidator," the report quoted Mr.
Mulvey as saying in a conference in Dublin Thursday.

The report relates Mr. Mulvey said that services at the LRC are
overwhelmed as a result of a huge surge in cases in recent months
and he revealed that there are thousands of cases in which workers
are going to the LRC to try to prevent pay cuts.

The report notes Mr. Mulvey said due to the thousands of referrals
currently being received by the commission, investigating all the
cases is impossible.  According to the report, he said there are a
number of reasons for this high number of referrals, including the
recession, problems under a number of pieces of legislation and
collective bargaining or certain provisions like the Payment of
Wages Act.


=========
I T A L Y
=========


FIAT SPA: Has Debt Refinancing Deal With Banks, Il Sole Says
------------------------------------------------------------
Tommaso Ebhardt at Bloomberg News, citing Il Sole 24 Ore, reports
that Fiat SpA agreed with banks to refinance EUR4 billion of debt
before the spinoff of the company's industrial unit.

According to Bloomberg, Il Sole 24 Ore said Fiat reached an accord
with Intesa Sanpaolo SpA, Unicredit SpA, BNP Paribas SA, Calyon,
Societe Generale SA, Royal Bank of Scotland Group Plc, Barclays
Plc and Citigroup Inc, and each bank will contribute EUR500
million to the deal.

About EUR2.4 billion will be used as a bridge loan for the
spinoff, Bloomberg says, citing the Italian daily.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 27,
2010, Standard & Poor's Ratings Services said that it placed its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA on CreditWatch with negative implications.  At the
same time, the 'B' short-term credit rating on Fiat was affirmed.
In addition, S&P placed the 'BB+' long-term rating on Fiat's
subsidiary CNH Global N.V. on CreditWatch with developing
implications.  "The CreditWatch placement reflects S&P's view that
Fiat's credit quality could weaken due to increased business risk
as a consequence of the proposed demerger of CNH, Iveco SpA (not
rated), and the industrial and marine divisions of Fiat Powertrain
Technologies into the newly created entity Fiat Industrial SpA,"
said Standard & Poor's credit analyst Barbara Castellano.


===================
L U X E M B O U R G
===================


UNICREDIT LUXEMBOURG: S&P Assigns 'BB' Senior Unsec. Debt Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
senior unsecured debt rating to the proposed loan participation
notes to be issued by Unicredit Luxembourg S.A.

The LPNs will have limited recourse to UniCredit Luxembourg S.A.
The latter is acting as the financing vehicle of Turkish Yapi ve
Kredi Bankasi A.S. (BB/Positive/B) in this transaction and the
sole purpose of the notes is to finance a loan to YapiKredi.  The
amount and maturity are expected to be determined during the
placement.

The proceeds will be used to fund YapiKredi's lending operations.
The rating is subject to final documentation.

The rating on the notes reflects the long-term counterparty credit
rating on YapiKredi.  Under the terms of the program, noteholders
have direct access to the company and are exposed to YapiKredi's
credit risk only.  As this rating is based on draft documentation,
S&P could change the rating if the final terms and conditions of
the issue materially differ from those presented in the drafts.

In turn, the rating on YapiKredi is based on the risky economic
and financial environment in the Republic of Turkey (foreign
currency BB/Positive/B, local currency BB+/Positive/B) and the
increased pressure on its asset quality due to the economic
slowdown.  Positive rating factors include the bank's adequate
financial position, good risk management systems, strong brand
name and group franchise, and the benefits derived from its
shareholding structure.

The ratings on YapiKredi reflect its stand-alone credit profile,
and do not factor in any uplift for extraordinary shareholder or
government support.  Yapi Kredi is exposed to the economic
deterioration in Turkey through its broad lending to the economy,
although it is in a strong position to benefit once economic
growth resumes.


=====================
N E T H E R L A N D S
=====================


BERNARD MADOFF: SNS Asked to Send US$55MM Feeder Funds Claim
------------------------------------------------------------
Maud van Gaal at Bloomberg News reports that SNS Reaal NV, the
second-largest Dutch life insurer, was asked to send on a claim
for as much as US$55 million to private investors that
participated in feeder funds to Bernard Madoff's fraudulent
investment business.

"It concerns a claim on the investors, not on SNS," Bloomberg
quoted Hendrik Jan Eijpe, a spokesman for SNS in Utrecht,
Netherlands, as saying.  According to Bloomberg, Mr. Eijpe said
the administrators of Fairfield Sentry Ltd. and Fairfield Sigma
Ltd. sent the writ to SNS because they don't have the names of the
individual investors.

Bloombeg relates Fairfield Sentry, the biggest feeder fund in Mr.
Madoff's investment business, has asked a New York bankruptcy
court for protection from creditors.  Affiliates Fairfield Sigma
and Fairfield Lambda Ltd. also filed, Bloomberg notes.

Mr. Eijpe, as cited by Bloomberg, said the funds' administrators
want to "claw back" the proceeds Dutch private investors had from
selling their shares in them "in time".  Bloomberg notes he said
the request goes back to as far as 2004.

"No money can be claimed from SNS as SNS didn't invest in the
funds," Bloomberg quoted Mr. Eijpe as saying.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L.
Madoff orchestrated the largest Ponzi scheme in history, with
losses topping US$50 billion.

On December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970.  The District Court's Protective Order (i) appointed
Irving H. Picard, Esq., as trustee for the liquidation of BLMIS,
(ii) appointed Baker & Hostetler LLP as his counsel, and (iii)
removed the SIPA Liquidation proceeding to the Bankruptcy Court
(Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in
United States v. Madoff, No. 09-CR-213 (S.D.N.Y.)


=========
S P A I N
=========


CAJASUR: Bilbao Bizkaia Kutxa to Take Over Operations
-----------------------------------------------------
Victor Mallet at The Financial Times reports that Spain's Fund for
Orderly Bank Restructuring (Frob) has disposed of CajaSur, which
was taken over by the central bank in an emergency operation in
May.

The FT says the buyer is Bilbao Bizkaia Kutxa (BBK), a savings
bank from the prosperous Basque country in the north.

According to the FT, completion of the auction -- which will see
BBK take over the operations of CajaSur with the help of Frob
financing up to a maximum of EUR392 million (US$506 million) to
cover bad property loans -- marks the end of the current phase of
savings bank restructuring in Spain.

"The Frob believes that the BBK offer, which was chosen through a
competitive process, ensures the most efficient use of public
money," the FT quoted Frob as saying in a statement.

The FT notes that although CajaSur accounted for only 0.6% of the
assets of the Spanish banking system, its collapse shook financial
markets and undermined confidence in Spain and the eurozone.

As reported by the Troubled Company Reporter-Europe on May 25,
2010, the the Bank of Spain said CajaSur was seized because it had
"viability problems" and because of the failure to reach agreement
on a merger with Unicaja despite an ultimatum from the central
bank.

CajaSur is a savings bank previously run by Roman Catholic priests
in Cordoba.


===========
T U R K E Y
===========


EKSPO FAKTORING: Moody's Affirms 'Ba3' Issuer Ratings
-----------------------------------------------------
Moody's Investors Service has affirmed the Ba3 issuer ratings (for
local and foreign currency) and the Baa1.tr National Scale Rating
of Ekspo Faktoring A.S.  The outlook of the ratings is stable.

Moody's said that the Ba3 rating is supported by the company's
robust profitability, its adequate capitalization and asset
quality metrics, and by a well defined strategic positioning.
Since its inception in 2001, Ekspo has ranked amongst the top ten
factoring companies in Turkey and it is one of the largest non-
bank-affiliated factoring companies in the market.

Moody's noted that the ratings are constrained by Ekspo's modest
size, its considerable loan portfolio concentrations, and the high
dependence on domestic short term wholesale funding.  Furthermore,
the uncertainty regarding the sustainability of current high
profitability trends in the Turkish factoring industry, which is
in its early stages of development, is an additional constraint on
the rating.  Moreover, Ekspo's Ba3 rating does not benefit from
any uplift from possible support from its shareholders.

The Baa1.tr National Scale Rating is derived directly from the Ba3
local currency issuer rating.  Whereas the Ba3 issuer rating
reflects the company's overall default risk, NSRs rank Turkish
issuers relative to each other and not relative to absolute
default risks.  National scale ratings isolate systemic risks:
they do not address loss expectation associated with systemic
events that could affect all issuers, even those that receive the
highest ratings on the national scale.

The last rating action on Ekspo Faktoring A.S. was on
September 27, 2007, when the Ba3 issuer ratings (in local and
foreign currency) and the Baa1.tr National Scale rating were
assigned.

Ekspo Faktoring A.S. had total assets of TL189 million
(US$124 million) under BRSA at the end of March 2010.


===========================
U N I T E D   K I N G D O M
===========================


CANDOVER INVESTMENTS: Faces Funding Woes as AIMCO Takeover Fails
----------------------------------------------------------------
Elliot Wilson at Mail Online reports that Candover Investments is
weighing up its future after a planned takeover by Canadian
pension fund Alberta Investment Management fell through.

The report relates AIMCO approached Candover in late April, hoping
to secure the London-based buyout firm for around GBP225 million,
but talks stalled.  According to the report, some Candover
bondholders were unwilling to roll over their holdings, while
others wanted improved conditions on around GBP200 million which
they were owed.  AIMCO ultimately cut its offer, forcing Candover,
which owns bingo-to-bookies group Gala Coral, to walk away, the
report recounts.

Focus now shifts to Candover's underlying financial strength, the
report notes.  The report says many rivals believe the firm must
unwind its portfolio to survive.

"Candover's problem is what to do next," the report quoted one
industry insider as saying.  "To move forward they need money but
they aren't going to raise a fund and they don't have access to
new finance.  It's going to be a worrying few months for them."

The report recalls the group's woes began when it was forced to
write off the value of luxury boat maker Ferretti, a once prized-
asset bought for GBP1.1 billion at the height of the market.  With
debt on its own balance sheet rising, Candover then failed to meet
an GBP850 million commitment to a 2008 fund, and has called a halt
to all new investments, the report discloses.

According to the report, the group now faces a pressing need to
shed assets.  Candover is now left with a dwindling collection of
15 assets and, in the wake of the AIMCO collapse, a need to thrash
out a new strategy, the report notes.

Candover Investments PLC -- http://www.candoverinvestments.com/
-- is an investment trust listed on the London Stock Exchange
since 1984.  It invests in buyouts across Europe via funds managed
by its wholly owned subsidiary, Candover Partners, a European
private equity house.  As well as investing money on behalf of
Candover Investments plc, Candover raises substantial funds for
buyout investment from third parties such as pension funds,
insurance companies, endowments, charities and other professional
investors.


DALZIEL PARK: In Administration; Owes GBP2.5 Mil. to Santander
--------------------------------------------------------------
Euan Hamilton at Sunday Mail reports that The Dalziel Park and
Conference Centre has gone into administration.

The report relates Dalziel Park, which was owned by Mario Rea, has
been forced into the hands of administrators KPMG after it failed
to pay its creditors.  According to the report, the hotel in
Motherwell is set to be sold after banking bosses called in the
administrators to take charge of Mr. Rea's firm, Dalziel Assets
Limited.  Dalziel Park has lost its drinks license but is still
trading under administrators, the report notes.

The report says banking group Santander, who provided security for
the purchase, claim it is owed GBP2.5 million from Dalziel Assets.
The administrators have admitted they are unlikely to recoup all
of the money, the reports states.

According to the report, the administrators said: "On being
appointed, we met with the director, and attempted to carry out a
review of the company's financial position and trading prospects.
(Santander) holds a bond and floating charge over the business and
assets of the company, with the total of the sums due by the
company to the bank at the date of administration estimated to be
GBP2.5 million.  It is unclear if the bank will receive their
indebtedness in full as a result of the administration process.
Any distribution to the bank under their bond and floating charge
is entirely dependent on the net realisations in the
administration, particularly the Dalziel facility."

Dalziel Hotel and Conference Centre is a luxury hotel and country
club.  It has historically been a popular venue for weddings,
leisure and conferencing.


DFS FURNITURE: Moody's Assigns 'B1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) B1
corporate family rating and Probability of Default Rating to DFS
Furniture Holdings plc and a (P) B1 to the senior secured notes
maturing in 2017 and issued at DFS Furniture Holdings plc.  The
outlook is stable.

The (P) B1 CFR reflects the company's excellent brand recognition
and leading market share in the UK market for upholstered
furniture, and the expectation that the market will grow at a
modest pace over the medium term after two years of contraction in
2008/09.  The rating is constrained, however, by the relatively
high adjusted pro forma leverage following the most recent
acquisition by private equity firm Advent International, and the
company's relatively small scale and geographic scope.  Moody's
estimates that on a pro forma basis for this transaction, gross
leverage, as adjusted by Moody's and principally for lease
commitments should be in the range of 6.3x.

Moody's expects that under its new ownership the company will
adopt a somewhat more ambitious growth strategy than the previous
owners, in particular through greater stores openings in areas
that are deemed under-penetrated.  The strategy will also target
potential marketing efficiencies, and to increase the share of on-
line sales.

The company's liquidity is expected to be satisfactory.  After the
transaction, and following the re-financing of a vendor loan, it
will consist principally of an undrawn GBP30 million revolving
credit facility.  As the initial debt structure will consist
entirely of the proposed GBP240 million notes due 2017, with the
undrawn RCF maturing in 2016, the company is not expected to have
any short-term debt post refinancing.  Moody's notes that the
company has generated free cash flows in recent years, which has
benefited from a relatively low capex/depreciation ratio.

The issuer of the senior secured notes is DFS Furniture Holdings
plc.  The notes and the RCF are guaranteed by and secured on the
assets of the guarantors which represented 100% of the group's
EBITDA and 99.9% of assets in FY2009.  The (P) B1 rating of the
senior secured notes (LGD 3), at the same level as the Corporate
Family Rating, reflects the limited amount of debt ranking ahead
of the notes in the overall capital structure, notably the
GBP30 million RCF.  Under the terms of an intercreditor agreement,
the liens securing the Senior Secured Notes will rank pari passu
with the liens that secure the Revolving Credit Facility, while in
the event of enforcement of the security, holders of the Senior
Secured Notes will receive proceeds from the security only after
the lenders under the Revolving Credit Facility have been repaid.

For the current rating Moody's would expect gross leverage to
trend below 6x over the medium term.  As such, the stable outlook
reflects Moody's view that while this metric is deemed somewhat
high immediately following the transaction, the company will be
able to improve this largely through internally-financed growth.
While not expected in the short-term, upward pressure could result
if gross leverage were to trend below 5x.  Alternatively, negative
pressure on the rating or outlook could develop if earnings were
not to improve with the leverage metric remaining sustainably
above 6x.

In June 2010, private equity firm Advent International acquired
100% of DFS' share capital, which was financed in part with a
vendor loan, as well as Advent International's equity
contribution.  The vendor loan will be repaid using some of the
proceeds from the issuance of the senior secured notes.

DFS, based in Doncaster England, is the leading retailer in the
UK upholstered furniture market.  The company generated
GBP655.7 million and GBP66.2 million in revenues and operating
profits, respectively, in the twelve months to 1 May 2010.

This is the first time Moody's has assigned a rating to the
company.  Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only.  Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the notes.  A definitive
rating may differ from a provisional rating.


DFS FURNITURE: S&P Assigns 'B' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to DFS Furniture Holdings PLC.
The outlook is stable.

At the same time, S&P assigned a 'B' issue rating to the proposed
GBP240 million senior secured notes (proposed notes) to be issued
by DFS.  S&P also assigned a recovery rating of '3' to the
proposed notes, indicating S&P's expectation of meaningful (50%-
70%) recovery in the event of a payment default.

"The rating reflects S&P's view of DFS' relatively high leverage
under the proposed capital structure following a leveraged buyout
by private equity group Advent International in April 2010," said
Standard & Poor's credit analyst Marketa Horkova.

S&P expects the company's Standard & Poor's-adjusted net debt to
EBITDA to be about 7x by the financial year ending July 2010.  In
accordance with S&P's criteria, its estimates include financial
debt of GBP240 million, operating lease commitments of about
GBP400 million, and GBP219 million in the form of preference
shares.  The leverage ratio, excluding preference shares, would be
about 5x.  S&P believes that DFS is capable of generating
sufficient free cash flow, provided that capital investments are
carefully managed, to gradually reduce its leverage.  In addition,
S&P views positively DFS' relatively robust EBITDA interest
coverage, which S&P believes the company should be able to sustain
at about 2x.

This is in the context of what S&P considers to be a "fair"
business risk profile.  This reflects S&P's view of the company's
position as leading retailer of upholstered furniture in the U.K.,
supported by a well-invested and recognized brand.  Further
support stems from DFS' established track record of withstanding
difficult market conditions, the leveraging of its significant
scale, and its steadily increasing market share despite a more
aggressive push into the market from general retailers.

"The stable outlook reflects S&P's view that DFS will sustain
positive same-store sales growth of at least low single digits
while maintaining its operating performance momentum, despite the
gloomy retail consumption environment in the U.K.," said Ms.
Horkova.  "Moreover, S&P believes that the company will retain a
financial profile commensurate with the ratings, supported by
positive FOCF."

A weakening of the company's financial profile due to poor trading
or capital investments not fully mitigated by improvements in
earnings could lead us to lower the ratings.  Specifically, if
Standard & Poor's-adjusted EBITDA interest coverage were to
decrease to below 1.5x.

S&P could consider taking a positive rating action if DFS'
projected profitable growth were to generate sufficient
discretionary cash to make a positive step-change in debt leverage
toward Standard & Poor's-adjusted debt to EBITDA of below 5x
(including preference shares).


FORGE DAM: In Administration; 19 Jobs Affected
----------------------------------------------
At the request of the director, Howard Smith and Mark Firmin from
KPMG Restructuring in Leeds have been appointed Joint
Administrators of Forge Dam Limited, the sheet metal designer and
fabricator.

Forge Dam Limited trades as both Formtech Creative Engineering and
AMA Displays, with sites in Leeds and Dewsbury.  The company also
has a division trading as Intersign in Stockton-on-Tees, which is
involved in printing and signage.

In total, Forge Dam employs 41 staff and has an annual turnover of
approximately GBP2.2 million.  There have been 19 redundancies as
a result of the administration.

Howard Smith, associate partner and joint administrator,
commented: "Forge Dam Limited had been experiencing severe cash
flow issues, which ultimately prompted the director to appoint us
as administrators.  We intend to continue to trade the business in
Leeds and Dewsbury in the short to medium term while we seek a
buyer for the business and its assets.  However, the business in
Stockton-on-Tees will cease to trade with immediate effect."


GOLDTRAIL TRAVEL: Begbies Traynor Appointed as Administrators
-------------------------------------------------------------
Mark Fry and Jamie Taylor of Begbies Traynor were appointed
administrators of Goldtrail Travel Limited, the specialist Greek
and Turkey budget holiday operator, based in New Malden, Surrey,
on July 16, 2010.

The company has ceased trading with immediate effect.


HALLIWELLS: Barlow Lyde to Buy Insurance Practice
-------------------------------------------------
Emma Sadowski at City AM reports that Halliwells will learn today,
July 20, whether it will be forced into administration.

According to the report, Barlow Lyde & Gilbert has agreed to buy
up Halliwells' insurance practice.  The deal is one of many that
Halliwells is looking to secure in a bid to avoid going into
administration, the report states.

Halliwells, which filed for a second notice of intent to appoint
an administrator at the end of June, is also in talks with Hill
Dickinson and HBJ Gateley Wareing, the report notes.  The report
says the deals are expected to be finalized by today and could
save hundreds of jobs.

As reported by the Troubled Company Reporter-Europe on July 1,
2010, The Lawyer said Halliwells filed a notice of its intention
to appoint an administrator, claiming that high property costs
exacerbated by the current economic climate adversely
impacted its finances.

Halliwells is a law firm based in Manchester.


HAMMER AND THEELEN: In Administration; FRP Advisory Seeks Buyer
---------------------------------------------------------------
Eve Oxberry at Drapers reports that Hammer and Theelen, which
trades as Hillbrow Fashions and suppliers retailers including
Debenhams and the Arcadia group, has been put into administration.

The report relates Hammer and Theelen went into administration
Thursday with the appointment of joint administrators Geoff Rowley
and Jason Baker, partners at restructuring, recovery and
insolvency firm FRP Advisory.  The report notes Mr. Rowley said
"In common with many suppliers in the UK retail market, the
business has found its margins under increasing pressure,
particularly given intensifying competition from suppliers in
Asia."

According to the report, the supplier will continue to operate as
a going concern with no redundancies made while the administrators
seek a buyer for the business.

Hammer and Theelen, based in Stratford, East London, sources and
supplies fashion clothing accessories for retail chains including
Debenhams, Dorothy Perkins, Topshop, Asos and Jane Norman.  The
company employs five members of staff and has an annual turnover
of around GBP3 million according to Drapers.


MISS SIXTY: Mourant Challenges Company Voluntary Arrangement
------------------------------------------------------------
Mail Online reports that British commercial landlord Mourant & Co
Trustees has gone to the High Court to challenge a Company
Voluntary Arrangement agreed by Miss Sixty UK in 2009 with
creditors.

According to the report, as part of that agreement, Mourant was
stripped of the right to ask Miss Sixty's parent firm in Italy,
the guarantor of two leases it had agreed, to pay what was owed by
Miss Sixty UK.

After a hearing in the court, a decision is expected by the end of
this month, the report notes.

Miss Sixty UK is a fashion chain.


PAG HOTELS: In Administration; 30 Jobs at Risk
----------------------------------------------
Sharon Liptrott at Dumfries Standard Friday reports that PAG
Hotels Ltd., which owns Auchen Castle Hotel near Moffat and its
sister venture Castle Venlaw Hotel in Peebles, has gone into
administration, putting 30 jobs at risk.

According to the report, administrators say the hotels will
continue operating while new owners are sought.  Convivial
Management Services Limited has been appointed as managing agent
to run both hotels, the report discloses.

It is understood that the Santander bank called in KPMG who placed
the PAG Hotels in administration, the report notes.  The report
relates Blair Nimmo and David Costley-Wood of KPMG have been
appointed joint administrators.

The report relates Mr. Nimmo, joint administrator and head of
restructuring for KPMG in Scotland, said: "PAG Hotels Ltd has
suffered, like many companies in the leisure and tourism sector,
from the wider challenging economic conditions."

PAG Hotels Ltd. owns hotel properties.


PREMIERTEL PLC: S&P Downgrades Rating on Class B Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on Premiertel PLC's class B
commercial mortgage-backed fixed-rate bonds.  At the same time,
S&P affirmed the rating on the class A bonds.

In February 2010, S&P placed the rating on the class B bonds on
CreditWatch negative.  This was pending completion of S&P's review
of the impact of deferred scheduled principal payments due on
these bonds at the February interest payment date.  S&P notes that
a portion of this principal has since been repaid on the May IPD.

The transaction is structured as a pass-through whereby rental
payments from BTPLC (BBB-/Stable/A-3), as tenant in the underlying
properties, are used to repay a secured loan from the issuer.  The
maturity date of this loan falls in 2032, as does the expiry date
of the various leases to BT.

The issuer uses the loan payments to fully amortize its own
obligations.  The class A bonds are scheduled to fully amortize by
2029 and the class B bonds by 2032, soon after the loan maturity
date.

A number of factors contributed to the deferment of principal in
February.  Shortfalls on scheduled principal at the loan level had
previously occurred.  This was due to the negative carry
occasioned by the drawdown of the liquidity facility, upon the
downgrade to 'A-1' from 'A-1+' of ABN AMRO Bank N.V. (now The
Royal Bank of Scotland N.V.).  (S&P notes that its current
counterparty criteria envisage liquidity facility providers
remaining in securitization transactions while rated 'A-1'.)  The
issuer initially met these shortfalls by drawing on a reserve fund
originally established to supplement rental cash flow in the early
years of the transaction.  This fund is now fully depleted, and
rental income remains insufficient to cover both senior expenses
and full debt service.

The extent of the shortfall has been exacerbated by high and
irregular transaction costs, and low interest generated from
amounts on deposit.  S&P understands that the servicer is
discussing alternative arrangements with a view to smoothing the
payment of transaction costs.  Nonetheless, even if the payments
of these costs are staggered, contracted rental cash flow and
deposit interest will not be sufficient to prevent further
deferments of principal, increasing the risk that the class B
bonds will not fully amortize by maturity.  In view of this and
the absence of a period between loan and note maturity in which
repayment could otherwise be funded by enforcement proceeds -- for
example--S&P has lowered its rating on the class B bonds.  The
above notwithstanding, the rating on the class B bonds continues
to be capped at the rating on the tenant.

The class A bonds are unaffected by the above factors.  The rating
on this particular class remains delinked from the rating on the
tenant.  As such, S&P's analysis assumes that, in the event of a
tenant default, transaction liquidity available to this class
would be sufficient to meet debt service until the properties were
re-let or sold.  Accordingly, S&P has affirmed its rating on the
class A bonds.

This is a single-loan transaction that closed in November 2003.
Since closing, the loan has been secured on five office
properties.  Two are located in England, two in Scotland, and the
remaining property in Northern Ireland.  The properties were all
built between 1998 and 2001 and are of good quality, in S&P's
view.  All five properties are currently let to BT PLC on full
repairing and insuring leases, all expiring in 2032.

                           Ratings List

                          Premiertel PLC
                GBP286.207 Million Fixed-Rate Bonds

                          Rating Affirmed

                        Class       Rating
                        -----       ------
                        A           AA

       Rating Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
             Class       To            From
             -----       --            ----
             B           BB            BBB-/Watch Neg


* UK: Company Insolvencies Down 13% in June, Experian Data Shows
----------------------------------------------------------------
Emma Sadowski at City AM reports that the number of company
insolvencies in June in the United Kingdom has declined by more
than 13% from last year.

According to the report, information from data services group
Experian shows that 1,771 UK businesses failed last month down
from the 2,044 that became insolvent in June last year.

The report relates Experian said the overall financial strength of
UK businesses has also improved but that a geographical divide
between the North and South continues to exist.

"June's data indicates that the UK's business community as a whole
is stabilizing, however it also points to the existence of a north
versus south divide.  Businesses in the north of England seem to
be faring slightly worse than their southern counterparts across
all industry sectors," the report quoted Rolf Hickman, managing
director of Experian's pH Group, as saying.

The report notes the number of insolvencies among the UK's largest
businesses almost doubled last month compared with last year as
the knock on effects of the global downturn continued to take its
toll.  Companies employing over 500 people made up for 0.14% of
the total failures in the UK last month after 13 businesses went
under, the report discloses.


===============
X X X X X X X X
===============


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                      Total
                                      Shareholders   Total
                                      Equity         Assets
  Company             Ticker          (US$)          (US$)
  -------             ------          ------         ------
                                      (US$)
AUSTRIA
-------
CHRIST WATER TEC      CWT PZ        -5754287.761    165995618.1
CHRIST WATER TEC      CWT EU        -5754287.761    165995618.1
CHRIST WATER TEC      C7W GR        -5754287.761    165995618.1
CHRIST WATER TEC      CWT EO        -5754287.761    165995618.1
CHRIST WATER TEC      CWT AV        -5754287.761    165995618.1
CHRIST WATER TEC      CRSWF US      -5754287.761    165995618.1
CHRIST WATER TEC      CWTE IX       -5754287.761    165995618.1
CHRIST WATER-ADR      CRSWY US      -5754287.761    165995618.1
KA FINANZ AG          3730Z AV        -359597327    30679270533
LIBRO AG              LIBR AV         -109013328    171684389.1
LIBRO AG              LB6 GR          -109013328    171684389.1
LIBRO AG              LIB AV          -109013328    171684389.1
LIBRO AG              LBROF US        -109013328    171684389.1
SKYEUROPE             SKY PW        -89480486.93    159076577.5
SKYEUROPE             SKYP PW       -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EO     -89480486.93    159076577.5
SKYEUROPE HLDG        SKY LI        -89480486.93    159076577.5
SKYEUROPE HLDG        SKYPLN EU     -89480486.93    159076577.5
SKYEUROPE HLDG        SKYA PZ       -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EO        -89480486.93    159076577.5
SKYEUROPE HLDG        SKY AV        -89480486.93    159076577.5
SKYEUROPE HLDG        SKY EU        -89480486.93    159076577.5
SKYEUROPE HLDG        SKURF US      -89480486.93    159076577.5
SKYEUROPE HLDG        SKYV IX       -89480486.93    159076577.5
SKYEUROPE HLDG        S8E GR        -89480486.93    159076577.5
SKYEUROPE HOL-RT      SK1 AV        -89480486.93    159076577.5
STYROL HOLDING 1      3321155Z AV   -69327699.53     1925984640

BELGIUM
-------
SABENA SA             SABA BB       -84766501.61     2196477161

CYPRUS
------
LIBRA HOLIDA-RTS      LBR CY         -27821889.5      240947718
LIBRA HOLIDA-RTS      LGWR CY        -27821889.5      240947718
LIBRA HOLIDAY-RT      3167808Z CY    -27821889.5      240947718
LIBRA HOLIDAYS        LHGCYP EU      -27821889.5      240947718
LIBRA HOLIDAYS        LHGR CY        -27821889.5      240947718
LIBRA HOLIDAYS        LHGCYP EO      -27821889.5      240947718
LIBRA HOLIDAYS G      LHG PZ         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG EO         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG EU         -27821889.5      240947718
LIBRA HOLIDAYS G      LHG CY         -27821889.5      240947718
LIBRA HOLIDAYS-P      LBHG CY        -27821889.5      240947718
LIBRA HOLIDAYS-P      LBHG PZ        -27821889.5      240947718

CZECH REPUBLIC
--------------
CKD PRAHA HLDG        CKDH CP       -89435858.16      192305153
CKD PRAHA HLDG        CKDPF US      -89435858.16      192305153
CKD PRAHA HLDG        CKDH US       -89435858.16      192305153
CKD PRAHA HLDG        CDP EX        -89435858.16      192305153
CKD PRAHA HLDG        297687Q GR    -89435858.16      192305153
SETUZA AS             SZA GR        -61453764.17    138582273.6
SETUZA AS             SETUZA PZ     -61453764.17    138582273.6
SETUZA AS             2994759Q EO   -61453764.17    138582273.6
SETUZA AS             SETU IX       -61453764.17    138582273.6
SETUZA AS             2994763Q EU   -61453764.17    138582273.6
SETUZA AS             SETUZA CP     -61453764.17    138582273.6
SETUZA AS             2994767Q EO   -61453764.17    138582273.6
SETUZA AS             SZA EX        -61453764.17    138582273.6
SETUZA AS             2994755Q EU   -61453764.17    138582273.6

DENMARK
-------
ELITE SHIPPING        ELSP DC       -27715991.74    100892900.3
ISS GLOBAL A/S        241863Z DC    -2811647.728     7972333363
OBTEC                 OBT DC        -18360748.78    147485890.1
OBTEC                 OBTEC DC      -18360748.78    147485890.1
OBTEC-NEW SHARES      OBTECN DC     -18360748.78    147485890.1
OBTEC-OLD             OBTN DC       -18360748.78    147485890.1
ROSKILDE BANK         ROSK EO       -532868894.9     7876687324
ROSKILDE BANK         ROSK PZ       -532868894.9     7876687324
ROSKILDE BANK         ROSK EU       -532868894.9     7876687324
ROSKILDE BANK         RKI GR        -532868894.9     7876687324
ROSKILDE BANK         ROSK DC       -532868894.9     7876687324
ROSKILDE BANK         RSKC IX       -532868894.9     7876687324
ROSKILDE BANK         ROSBF US      -532868894.9     7876687324
ROSKILDE BANK         ROSKF US      -532868894.9     7876687324
ROSKILDE BANK-RT      916603Q DC    -532868894.9     7876687324
ROSKILDE BAN-NEW      ROSKN DC      -532868894.9     7876687324
ROSKILDE BAN-RTS      ROSKT DC      -532868894.9     7876687324
SANISTAL AS-B         SANIBEUR EO   -1029838.038    546820905.2
SANISTAL AS-B         SANI/B PZ     -1029838.038    546820905.2
SANISTAL AS-B         SANIB EU      -1029838.038    546820905.2
SANISTAL AS-B         SANIB EO      -1029838.038    546820905.2
SANISTAL AS-B         SANIB DC      -1029838.038    546820905.2
SANISTAL AS-B         SNSC IX       -1029838.038    546820905.2
SANISTAL AS-B         SANL DC       -1029838.038    546820905.2
SANISTAL AS-B         SANIBEUR EU   -1029838.038    546820905.2
SANISTAL AS-B         SANIB BY      -1029838.038    546820905.2
SANISTAL AS-B         SNISF US      -1029838.038    546820905.2
SANISTAL-B NEW        SANLN DC      -1029838.038    546820905.2
SCANDINAVIAN BRA      SBSC IX       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1EUR EU    -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS DC        -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 EU       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 BY       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBSD PZ       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1 EO       -18360748.78    147485890.1
SCANDINAVIAN BRA      SBS1EUR EO    -18360748.78    147485890.1

FRANCE
------
BELVEDERE - RTS       554451Q FP    -23014977.87     1147851710
BELVEDERE - RTS       702036Q FP    -23014977.87     1147851710
BELVEDERE SA          BELV FP       -23014977.87     1147851710
BELVEDERE SA          BVDRF US      -23014977.87     1147851710
BELVEDERE SA          BVD PZ        -23014977.87     1147851710
BELVEDERE SA          BEVD IX       -23014977.87     1147851710
BELVEDERE SA          BELV NM       -23014977.87     1147851710
BELVEDERE SA          BED GR        -23014977.87     1147851710
BELVEDERE SA          BED TH        -23014977.87     1147851710
BELVEDERE SA          BVD FP        -23014977.87     1147851710
BELVEDERE SA          BVD EO        -23014977.87     1147851710
BELVEDERE SA          BVD EU        -23014977.87     1147851710
BELVEDERE SA-NEW      946529Q FP    -23014977.87     1147851710
BELVEDERE SA-NEW      BVDNV FP      -23014977.87     1147851710
BELVEDERE SA-RTS      BVDDS FP      -23014977.87     1147851710
CARRERE GROUP         CAR2 EO       -9829592.638      279906700
CARRERE GROUP         CAR2 EU       -9829592.638      279906700
CARRERE GROUP         CARF PZ       -9829592.638      279906700
CARRERE GROUP         CRRHF US      -9829592.638      279906700
CARRERE GROUP         XRR GR        -9829592.638      279906700
CARRERE GROUP         CARG FP       -9829592.638      279906700
CARRERE GROUP         CAR FP        -9829592.638      279906700
CARRERE GROUP         CRGP IX       -9829592.638      279906700
CHAINE ET TRAME       CTRM FP       -58947458.16    116889783.9
CHAINE ET TRAME       CHTR FP       -58947458.16    116889783.9
GRANDE PAROISSE       GAPA FP       -927267926.9      629287290
GRANDE PAROISSE       GDPA FP       -927267926.9      629287290
GRANDE PAROISSE       GDPXF US      -927267926.9      629287290
IMMOB HOTEL BALN      IMHB FP       -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO FP       -170171676.3    212556594.4
IMMOB HOTELIERE       IMMH IX       -170171676.3    212556594.4
IMMOB HOTELIERE       IMBHF US      -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO PZ       -170171676.3    212556594.4
IMMOB HOTELIERE       IMH GR        -170171676.3    212556594.4
IMMOB HOTELIERE       SIH FP        -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO EO       -170171676.3    212556594.4
IMMOB HOTELIERE       IMHO EU       -170171676.3    212556594.4
LAB DOLISOS           LADL FP       -27752176.19    110485462.4
LAB DOLISOS           DOLI FP       -27752176.19    110485462.4
MATUSSIERE & FOR      1007765Q FP   -77896683.67    293868350.8
MATUSSIERE & FOR      MTUSF US      -77896683.67    293868350.8
MB RETAIL EUROPE      MBRE FP       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE PZ       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE EO       -58947458.16    116889783.9
MB RETAIL EUROPE      CTRF IX       -58947458.16    116889783.9
MB RETAIL EUROPE      MBRE EU       -58947458.16    116889783.9
OROSDI                OROS FP        -7291.55004    131233317.6
OROSDI-BACK           OROS EU        -7291.55004    131233317.6
OROSDI-BACK           BACK IX        -7291.55004    131233317.6
OROSDI-BACK           OROS PZ        -7291.55004    131233317.6
OROSDI-BACK           ORBA FP        -7291.55004    131233317.6
OROSDI-BACK           OROS EO        -7291.55004    131233317.6
PAGESJAUNES           PGJUF US       -3171655188     1168738032
PAGESJAUNES GRP       PAJ VX         -3171655188     1168738032
PAGESJAUNES GRP       PAJUSD EU      -3171655188     1168738032
PAGESJAUNES GRP       PAJGBX EO      -3171655188     1168738032
PAGESJAUNES GRP       PAJ IX         -3171655188     1168738032
PAGESJAUNES GRP       PAJ FP         -3171655188     1168738032
PAGESJAUNES GRP       PAJ QM         -3171655188     1168738032
PAGESJAUNES GRP       PAJ TQ         -3171655188     1168738032
PAGESJAUNES GRP       PAJUSD EO      -3171655188     1168738032
PAGESJAUNES GRP       PAJGBP EO      -3171655188     1168738032
PAGESJAUNES GRP       QS3 GR         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EO         -3171655188     1168738032
PAGESJAUNES GRP       PAJGBX EU      -3171655188     1168738032
PAGESJAUNES GRP       PAJ NQ         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EU         -3171655188     1168738032
PAGESJAUNES GRP       PAJP IX        -3171655188     1168738032
PAGESJAUNES GRP       QS3 TH         -3171655188     1168738032
PAGESJAUNES GRP       PAJ EB         -3171655188     1168738032
PAGESJAUNES GRP       PAJ PZ         -3171655188     1168738032
PAGESJAUNES GRP       PAJ LI         -3171655188     1168738032
PAGESJAUNES GRP       PAJ GK         -3171655188     1168738032
PAGESJAUNES GRP       PAJ BQ         -3171655188     1168738032
RESEAU FERRE FRA      224063Z FP     -2138499667    66039422175
RHODIA SA             RHAUSD EU     -883734308.8     6075165782
RHODIA SA             RHDAF US      -883734308.8     6075165782
RHODIA SA             RHA GK        -883734308.8     6075165782
RHODIA SA             RHA TQ        -883734308.8     6075165782
RHODIA SA             RHADF US      -883734308.8     6075165782
RHODIA SA             RHA VX        -883734308.8     6075165782
RHODIA SA             RHA EO        -883734308.8     6075165782
RHODIA SA             RHAUSD EO     -883734308.8     6075165782
RHODIA SA             RHAY IX       -883734308.8     6075165782
RHODIA SA             RHDI TH       -883734308.8     6075165782
RHODIA SA             RHA FP        -883734308.8     6075165782
RHODIA SA             RHA BQ        -883734308.8     6075165782
RHODIA SA             RHAGBP EO     -883734308.8     6075165782
RHODIA SA             RHD GR        -883734308.8     6075165782
RHODIA SA             RHA PZ        -883734308.8     6075165782
RHODIA SA             RHA IX        -883734308.8     6075165782
RHODIA SA             RHDI GR       -883734308.8     6075165782
RHODIA SA             RHA NQ        -883734308.8     6075165782
RHODIA SA             3218857Q IX   -883734308.8     6075165782
RHODIA SA             2324015Q EO   -883734308.8     6075165782
RHODIA SA             RHA EB        -883734308.8     6075165782
RHODIA SA             RHA EU        -883734308.8     6075165782
RHODIA SA             RHAGBX EU     -883734308.8     6075165782
RHODIA SA             2324011Q EU   -883734308.8     6075165782
RHODIA SA             RHAGBX EO     -883734308.8     6075165782
RHODIA SA             RHANR PZ      -883734308.8     6075165782
RHODIA SA             RHA QM        -883734308.8     6075165782
RHODIA SA - NEW       3156011Q FP   -883734308.8     6075165782
RHODIA SA - NEW       2335921Q FP   -883734308.8     6075165782
RHODIA SA - NEW       3506266Q FP   -883734308.8     6075165782
RHODIA SA - NEW       RHANV FP      -883734308.8     6075165782
RHODIA SA-ADR         RHAYY US      -883734308.8     6075165782
RHODIA SA-NON RE      RHANR FP      -883734308.8     6075165782
RHODIA SA-RIGHTS      RHADS FP      -883734308.8     6075165782
RHODIA SA-RIGHTS      653447Q FP    -883734308.8     6075165782
RODIGUEZ GROUP        RGX GR        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD FP        -71997955.94    457127473.1
RODRIGUEZ GROUP       RDGP IX       -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD EU        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD PZ        -71997955.94    457127473.1
RODRIGUEZ GROUP       RRGZF US      -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD TQ        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD BQ        -71997955.94    457127473.1
RODRIGUEZ GROUP       ROD EO        -71997955.94    457127473.1
SDR CENTREST          117241Q FP    -132420119.6    252176017.2
SELCODIS              SLCO EU       -21481214.33    175720770.8
SELCODIS              SLCO PZ       -21481214.33    175720770.8
SELCODIS              SPVX IX       -21481214.33    175720770.8
Selcodis              SPVX FP       -21481214.33    175720770.8
SELCODIS              SLCO EO       -21481214.33    175720770.8
SELCODIS              SLCO FP       -21481214.33    175720770.8
SOBIESKI              BVD PW        -23014977.87     1147851710
TECHNICOLOR           TMSGBX EO     -649203365.6     6191078453
TECHNICOLOR           TMS EU        -649203365.6     6191078453
TECHNICOLOR           TMSGBP EO     -649203365.6     6191078453
TECHNICOLOR           TMS BQ        -649203365.6     6191078453
TECHNICOLOR           TCH FP        -649203365.6     6191078453
TECHNICOLOR           TMS NQ        -649203365.6     6191078453
TECHNICOLOR           TMS EO        -649203365.6     6191078453
TECHNICOLOR           TMMLF US      -649203365.6     6191078453
TECHNICOLOR           TMS EB        -649203365.6     6191078453
TECHNICOLOR           TMS PZ        -649203365.6     6191078453
TECHNICOLOR           TMSUSD EO     -649203365.6     6191078453
TECHNICOLOR           TCH IX        -649203365.6     6191078453
TECHNICOLOR           TMM IX        -649203365.6     6191078453
TECHNICOLOR           TCH TQ        -649203365.6     6191078453
TECHNICOLOR           TCH NQ        -649203365.6     6191078453
TECHNICOLOR           TNM TH        -649203365.6     6191078453
TECHNICOLOR           TCH QM        -649203365.6     6191078453
TECHNICOLOR           TMSUSD EU     -649203365.6     6191078453
TECHNICOLOR           TNM GR        -649203365.6     6191078453
TECHNICOLOR           TMS GK        -649203365.6     6191078453
TECHNICOLOR           TMSGBX EU     -649203365.6     6191078453
TECHNICOLOR -RTS      TCHDS FP      -649203365.6     6191078453
TECHNICOLOR-ADR       TCH US        -649203365.6     6191078453
THOMSON - NEW         2336061Q FP   -649203365.6     6191078453
THOMSON - NEW         TMSNV FP      -649203365.6     6191078453
THOMSON (EX-TMM)      TNMA GR       -649203365.6     6191078453
THOMSON (EX-TMM)      TMS FP        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM VX        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM ES        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS TQ        -649203365.6     6191078453
THOMSON (EX-TMM)      TMM LN        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS QM        -649203365.6     6191078453
THOMSON (EX-TMM)      TMS VX        -649203365.6     6191078453
THOMSON (EX-TMM)      TMMN FP       -649203365.6     6191078453
THOMSON MULT-ADR      TMS-P US      -649203365.6     6191078453
THOMSON MULTIMED      TMM FP        -649203365.6     6191078453
THOMSON MULTI-NE      ZTM FP        -649203365.6     6191078453
TROUVAY CAUVIN        TVYCF US      -396977.9956    133986439.7
TROUVAY CAUVIN        ETEC FP       -396977.9956    133986439.7

GEORGIA
-------
DEVELICA DEUTSCH      DDE LN        -107879893.8     1235370057
DEVELICA DEUTSCH      D4B GR        -107879893.8     1235370057
DEVELICA DEUTSCH      DDE IX        -107879893.8     1235370057
DEVELICA DEUTSCH      DDE PZ        -107879893.8     1235370057
DEVELICA DEUTSCH      DDE PG        -107879893.8     1235370057
O TWELVE ESTATES      OTE EU        -7152968.898    297722697.4
O TWELVE ESTATES      OTE EO        -7152968.898    297722697.4
O TWELVE ESTATES      OTE LN        -7152968.898    297722697.4
O TWELVE ESTATES      OTE PG        -7152968.898    297722697.4
O TWELVE ESTATES      OTEEUR EO     -7152968.898    297722697.4
O TWELVE ESTATES      O2T TH        -7152968.898    297722697.4
O TWELVE ESTATES      OTE PZ        -7152968.898    297722697.4
O TWELVE ESTATES      OTE IX        -7152968.898    297722697.4
O TWELVE ESTATES      O2T GR        -7152968.898    297722697.4

GERMANY
-------
AGOR AG               DOO GR        -482446.6262    144432986.2
AGOR AG               DOOD PZ       -482446.6262    144432986.2
AGOR AG               NDAGF US      -482446.6262    144432986.2
AGOR AG               DOOG IX       -482446.6262    144432986.2
AGOR AG               DOO EU        -482446.6262    144432986.2
AGOR AG               DOO EO        -482446.6262    144432986.2
AGOR AG-RTS           2301918Z GR   -482446.6262    144432986.2
ALNO AG               ANO EO        -101940692.7    236502063.1
ALNO AG               ANO EU        -101940692.7    236502063.1
ALNO AG               ANO GR        -101940692.7    236502063.1
ALNO AG               ANO PZ        -101940692.7    236502063.1
ALNO AG               ALNO IX       -101940692.7    236502063.1
ALNO AG-NEW           ANO1 GR       -101940692.7    236502063.1
ALNO AG-RTS           2259765Z GR   -101940692.7    236502063.1
BROKAT AG             BROFQ US      -27139391.98    143536859.7
BROKAT AG             BROAF US      -27139391.98    143536859.7
BROKAT AG             BKISF US      -27139391.98    143536859.7
BROKAT AG             BRKAF US      -27139391.98    143536859.7
BROKAT AG -NEW        BRJ1 NM       -27139391.98    143536859.7
BROKAT AG -NEW        BRJ1 GR       -27139391.98    143536859.7
BROKAT AG-ADR         BROA US       -27139391.98    143536859.7
BROKAT TECH -ADR      BROAQ US      -27139391.98    143536859.7
BROKAT TECH AG        BRJ NM        -27139391.98    143536859.7
BROKAT TECH AG        BSA LN        -27139391.98    143536859.7
BROKAT TECH AG        BRJ GR        -27139391.98    143536859.7
BROKAT TECH-ADR       BRJA GR       -27139391.98    143536859.7
CBB HOLDING AG        COB2 EO       -42994732.85    904723627.8
CBB HOLDING AG        CUBDF US      -42994732.85    904723627.8
CBB HOLDING AG        COB2 EU       -42994732.85    904723627.8
CBB HOLDING AG        COBG IX       -42994732.85    904723627.8
CBB HOLDING AG        COB GR        -42994732.85    904723627.8
CBB HOLDING AG        COBG PZ       -42994732.85    904723627.8
CBB HOLDING-NEW       COB3 GR       -42994732.85    904723627.8
CBB HOLDING-NEW       COB1 GR       -42994732.85    904723627.8
CBB HOLD-NEW 97       COB2 GR       -42994732.85    904723627.8
CINEMAXX AG           MXCUSD EU     -14445849.72    194465786.9
CINEMAXX AG           MXCG IX       -14445849.72    194465786.9
CINEMAXX AG           MXC EU        -14445849.72    194465786.9
CINEMAXX AG           MXC EO        -14445849.72    194465786.9
CINEMAXX AG           MXC PZ        -14445849.72    194465786.9
CINEMAXX AG           MXC TH        -14445849.72    194465786.9
CINEMAXX AG           MXCUSD EO     -14445849.72    194465786.9
CINEMAXX AG           CNEMF US      -14445849.72    194465786.9
CINEMAXX AG           MXC GR        -14445849.72    194465786.9
CINEMAXX AG-RTS       MXC8 GR       -14445849.72    194465786.9
COGNIS GMBH           575202Z GR     -1092037449     3081208210
COGNIS HOLDING G      635952Z GR     -1587896974     2850475613
DORT ACTIEN-BRAU      944167Q GR    -12689156.29    117537053.7
DORT ACTIEN-RTS       DAB8 GR       -12689156.29    117537053.7
EDOB ABWICKLUNGS      ESC EU        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC BQ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC TQ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESCDF US      -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC GR        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC PZ        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC TH        -22323463.23    425598807.8
EDOB ABWICKLUNGS      ESC EO        -22323463.23    425598807.8
EM.TV & MERCHAND      ETV LN        -22067409.41    849175624.7
EM.TV & MERCHAND      985403Q GR    -22067409.41    849175624.7
EM.TV & MERCHAND      ETV VX        -22067409.41    849175624.7
EM.TV & MERCHAND      ETV NM        -22067409.41    849175624.7
EM.TV & MERCHAND      ETVMF US      -22067409.41    849175624.7
EM.TV & MERCHAND      EMTVF US      -22067409.41    849175624.7
EM.TV & MERC-NEW      ETV1 GR       -22067409.41    849175624.7
EM.TV & MERC-NEW      ETV1 NM       -22067409.41    849175624.7
EM.TV & MERC-RTS      ETV8 NM       -22067409.41    849175624.7
EM.TV & MERC-RTS      ETV8 GR       -22067409.41    849175624.7
ESCADA AG             ESCG IX       -22323463.23    425598807.8
ESCADA AG -PFD        ESC3 GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCN GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCC GR       -22323463.23    425598807.8
ESCADA AG-NEW         835345Q GR    -22323463.23    425598807.8
ESCADA AG-NEW         ESCD GR       -22323463.23    425598807.8
ESCADA AG-NEW         ESCN EU       -22323463.23    425598807.8
ESCADA AG-NEW         3069367Q GR   -22323463.23    425598807.8
ESCADA AG-NEW         ESCN EO       -22323463.23    425598807.8
ESCADA AG-RTS         ESCE GR       -22323463.23    425598807.8
ESCADA AG-SP ADR      ESCDY US      -22323463.23    425598807.8
KABEL DEUTSCHLAN      KD8 GR         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8USD EO      -1408286725     3144138917
KABEL DEUTSCHLAN      KD8USD EU      -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EU         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 IX         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 TH         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EB         -1408286725     3144138917
KABEL DEUTSCHLAN      KD8 EO         -1408286725     3144138917
KAUFRING AG           KFR PZ        -19296489.56    150995473.8
KAUFRING AG           KFR EU        -19296489.56    150995473.8
KAUFRING AG           KFR EO        -19296489.56    150995473.8
KAUFRING AG           KAUG IX       -19296489.56    150995473.8
KAUFRING AG           KFR GR        -19296489.56    150995473.8
LLOYD FONDS AG        LLOG IX        -1314098.03    141766952.6
LLOYD FONDS AG        L1O GR         -1314098.03    141766952.6
LLOYD FONDS AG        L1O EO         -1314098.03    141766952.6
LLOYD FONDS AG        L1O PZ         -1314098.03    141766952.6
LLOYD FONDS AG        L10 BQ         -1314098.03    141766952.6
LLOYD FONDS AG        L1O EU         -1314098.03    141766952.6
LLOYD FONDS AG        L1O TQ         -1314098.03    141766952.6
LLOYD FONDS AG        L1O TH         -1314098.03    141766952.6
MANIA TECHNOLOGI      MNI GR         -35060806.5    107465713.6
MANIA TECHNOLOGI      MIAVF US       -35060806.5    107465713.6
MANIA TECHNOLOGI      2260970Z GR    -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI1 EU        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI1 EO        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNIG IX        -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI PZ         -35060806.5    107465713.6
MANIA TECHNOLOGI      MNI NM         -35060806.5    107465713.6
MATERNUS KLINI-N      MAK1 GR       -16232020.37      171958727
MATERNUS-KLINIKE      MAK EU        -16232020.37      171958727
MATERNUS-KLINIKE      MAK GR        -16232020.37      171958727
MATERNUS-KLINIKE      MAK EO        -16232020.37      171958727
MATERNUS-KLINIKE      MAK PZ        -16232020.37      171958727
MATERNUS-KLINIKE      MAKG IX       -16232020.37      171958727
MATERNUS-KLINIKE      MNUKF US      -16232020.37      171958727
NORDAG AG             DOO1 GR       -482446.6262    144432986.2
NORDAG AG-PFD         DOO3 GR       -482446.6262    144432986.2
NORDAG AG-RTS         DOO8 GR       -482446.6262    144432986.2
NORDSEE AG            533061Q GR    -8200552.046    194616922.6
PRIMACOM AG           PRC NM        -18656728.68    610380925.7
PRIMACOM AG           PRC2 GR       -18656728.68    610380925.7
PRIMACOM AG           PRCG PZ       -18656728.68    610380925.7
PRIMACOM AG           PRC GR        -18656728.68    610380925.7
PRIMACOM AG           PRC TH        -18656728.68    610380925.7
PRIMACOM AG           PRC EO        -18656728.68    610380925.7
PRIMACOM AG           PCAGF US      -18656728.68    610380925.7
PRIMACOM AG           PRC EU        -18656728.68    610380925.7
PRIMACOM AG           PRCG IX       -18656728.68    610380925.7
PRIMACOM AG-ADR       PCAG US       -18656728.68    610380925.7
PRIMACOM AG-ADR       PCAGY US      -18656728.68    610380925.7
PRIMACOM AG-ADR+      PCAG ES       -18656728.68    610380925.7
RAG ABWICKL-REG       RSTHF US      -1744121.914    217776125.8
RAG ABWICKL-REG       ROS GR        -1744121.914    217776125.8
RAG ABWICKL-REG       ROS1 EO       -1744121.914    217776125.8
RAG ABWICKL-REG       ROS1 EU       -1744121.914    217776125.8
RAG ABWICKL-REG       ROSG PZ       -1744121.914    217776125.8
RINOL AG              RILB EO            -2.7111    168095049.1
RINOL AG              RIL GR             -2.7111    168095049.1
RINOL AG              RILB EU            -2.7111    168095049.1
RINOL AG              RNLAF US           -2.7111    168095049.1
RINOL AG              RILB PZ            -2.7111    168095049.1
RINOL AG              RILB GR            -2.7111    168095049.1
RINOL AG              RILB IX            -2.7111    168095049.1
ROSENTHAL AG          2644179Q GR   -1744121.914    217776125.8
ROSENTHAL AG-ACC      ROS4 GR       -1744121.914    217776125.8
ROSENTHAL AG-ADR      RSTHY US      -1744121.914    217776125.8
ROSENTHAL AG-REG      ROSG IX       -1744121.914    217776125.8
SANDER (JIL) AG       SAD GR        -6153256.917    127546738.8
SANDER (JIL) AG       JLSDF US      -6153256.917    127546738.8
SANDER (JIL)-PRF      SAD3 PZ       -6153256.917    127546738.8
SANDER (JIL)-PRF      SAD3 GR       -6153256.917    127546738.8
SANDER (JIL)-PRF      2916157Q EU   -6153256.917    127546738.8
SANDER (JIL)-PRF      2916161Q EO   -6153256.917    127546738.8
SINNLEFFERS AG        WHG GR        -4491629.961    453887060.1
SPAR HANDELS-AG       SPHFF US      -442426199.5     1433020961
SPAR HANDELS-AG       773844Q GR    -442426199.5     1433020961
SPAR HAND-PFD NV      SPA3 GR       -442426199.5     1433020961
SPRINGER SCIENCE      648808Z GR    -610692611.7     3462165070
TA TRIUMPH-ACQ        TWNA GR       -124667889.5    375247226.8
TA TRIUMPH-ACQ        TWNA EU       -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN EO        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TTZAF US      -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWNG IX       -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN GR        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN EU        -124667889.5    375247226.8
TA TRIUMPH-ADLER      TWN PZ        -124667889.5    375247226.8
TA TRIUMPH-A-RTS      1018916Z GR   -124667889.5    375247226.8
TA TRIUMPH-NEW        TWN1 GR       -124667889.5    375247226.8
TA TRIUMPH-RT         TWN8 GR       -124667889.5    375247226.8
TA TRIUMPH-RTS        3158577Q GR   -124667889.5    375247226.8
TOM TAILOR HOLD       TTI GR        -97711555.56      358434780
TOM TAILOR HOLD       TTI EU        -97711555.56      358434780
TOM TAILOR HOLD       TTI EO        -97711555.56      358434780
TOM TAILOR HOLD       TTI TH        -97711555.56      358434780
VIVANCO GRUPPE        VVA GR        -22198683.12    111990951.4
VIVANCO GRUPPE        VIVGF US      -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 PZ       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 EU       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 GR       -22198683.12    111990951.4
VIVANCO GRUPPE        VVA1 EO       -22198683.12    111990951.4
VIVANCO GRUPPE        VVAG IX       -22198683.12    111990951.4

GREECE
------
AG PETZETAKIS SA      PTZ1 GR       -53415175.25      227965558
AG PETZETAKIS SA      PETZK GA      -53415175.25      227965558
AG PETZETAKIS SA      PETZK EO      -53415175.25      227965558
AG PETZETAKIS SA      PTZ GR        -53415175.25      227965558
AG PETZETAKIS SA      PETZK EU      -53415175.25      227965558
AG PETZETAKIS SA      PETZK PZ      -53415175.25      227965558
AG PETZETAKIS SA      PZETF US      -53415175.25      227965558
ALTEC SA -AUCT        ALTECE GA     -48733007.42    131910486.6
ALTEC SA INFO         ALTEC EO      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC GA      -48733007.42    131910486.6
ALTEC SA INFO         ATCQF US      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC PZ      -48733007.42    131910486.6
ALTEC SA INFO         ALTEC EU      -48733007.42    131910486.6
ALTEC SA INFO         AXY GR        -48733007.42    131910486.6
ALTEC SA INFO-RT      ALTECR GA     -48733007.42    131910486.6
ALTEC SA INFO-RT      ALTED GA      -48733007.42    131910486.6
ASPIS PRONIA GE       ASASK GA      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK EO      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK PZ      -189908329.1    896537349.7
ASPIS PRONIA GE       ASASK EU      -189908329.1    896537349.7
ASPIS PRONIA GE       AISQF US      -189908329.1    896537349.7
ASPIS PRONIA -PF      ASAPR GA      -189908329.1    896537349.7
ASPIS PRONIA-PF       ASASP GA      -189908329.1    896537349.7
ASPIS PRONIA-PF       APGV GR       -189908329.1    896537349.7
ASPIS PRONIA-RT       ASASKR GA     -189908329.1    896537349.7
ASPIS PRONOIA GE      APG GR        -189908329.1    896537349.7
ASPIS PRONOIA GE      APGG IX       -189908329.1    896537349.7
ASPIS PRON-PF RT      ASASPR GA     -189908329.1    896537349.7
EMPEDOS SA            EMPED GA      -33637669.62    174742646.9
EMPEDOS SA-RTS        EMPEDR GA     -33637669.62    174742646.9
KOUMBAS INSUR-RT      KOUMD GA       -62534014.1    194685439.4
KOUMBAS RTS           KOUMR GA       -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUMF US       -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM PZ        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM GA        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM EO        -62534014.1    194685439.4
KOUMBAS SYNERGY       KOUM EU        -62534014.1    194685439.4
NAOUSSA SPIN -RT      NAOYD GA        -130380438    326934399.4
NAOUSSA SPIN-AUC      NAOYKE GA       -130380438    326934399.4
NAOUSSA SPINNING      NML1 GR         -130380438    326934399.4
NAOUSSA SPINNING      NML GR          -130380438    326934399.4
NAOUSSA SPIN-RTS      NAOYKR GA       -130380438    326934399.4
OASA ATHENS URBA      3485398Z GA    -1170161374     2292452052
PETZET - PFD-RTS      PETZPD GA     -53415175.25      227965558
PETZETAKIS - RTS      PETZKD GA     -53415175.25      227965558
PETZETAKIS-AUC        PETZKE GA     -53415175.25      227965558
PETZETAKIS-PFD        PETZP GA      -53415175.25      227965558
PETZETAKIS-PFD        PTZ3 GR       -53415175.25      227965558
RADIO KORASSIDIS      RKC GR        -100972173.9    244951680.3
RADIO KORASSIDIS      RAKOF US      -100972173.9    244951680.3
RADIO KORASSIDIS      KORA GA       -100972173.9    244951680.3
RADIO KORASSI-RT      KORAD GA      -100972173.9    244951680.3
RADIO KORASS-RTS      KORAR GA      -100972173.9    244951680.3
THEMELIODOMI          THEME GA      -55751178.85    232036822.6
THEMELIODOMI-AUC      THEMEE GA     -55751178.85    232036822.6
THEMELIODOMI-RTS      THEMED GA     -55751178.85    232036822.6
THEMELIODOMI-RTS      THEMER GA     -55751178.85    232036822.6
UNITED TEXTILES       NAOSF US        -130380438    326934399.4
UNITED TEXTILES       NAOYK GA        -130380438    326934399.4
UNITED TEXTILES       UTEX GA         -130380438    326934399.4
UNITED TEXTILES       UTEX EO         -130380438    326934399.4
UNITED TEXTILES       UTEX EU         -130380438    326934399.4
UNITED TEXTILES       UTEX PZ         -130380438    326934399.4

HUNGARY
-------
HUNGARIAN TELEPH      HUGC IX          -73724000      827192000
HUNGARIAN TELEPH      HUC EX           -73724000      827192000
HUNGARIAN TELEPH      HUC GR           -73724000      827192000
INVITEL HOLD-ADR      0IN GR           -73724000      827192000
INVITEL HOLD-ADR      INVHY US         -73724000      827192000
INVITEL HOLD-ADR      IHO US           -73724000      827192000
INVITEL HOLDINGS      3212873Z HB      -73724000      827192000
IPK OSIJEK DD OS      IPKORA CZ     -32978857.72    151587609.9
MAGMA DD              MGMARA CZ     -764475.9867    141322122.7
MALEV LTD             MALEV HB       -75737819.4    251668964.4
OT OPTIMA TELEKO      2299892Z CZ      -48565065    119632635.5
OT-OPTIMA TELEKO      OPTERA CZ        -48565065    119632635.5
VUPIK DD              VPIKRA CZ     -8496797.693      124051827

ICELAND
-------
AVION GROUP           B1Q GR          -223780352     2277882368
EIMSKIPAFELAG HF      HFEIMEUR EO     -223780352     2277882368
EIMSKIPAFELAG HF      HFEIMEUR EU     -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM EO        -223780352     2277882368
EIMSKIPAFELAG HF      AVION IR        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM EU        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM IR        -223780352     2277882368
EIMSKIPAFELAG HF      HFEIM PZ        -223780352     2277882368

IRELAND
-------
BOUNDARY CAPITAL      BCP LN        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP IX        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP ID        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 EU       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 PG       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 EO       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCPI IX       -10192301.85    119787800.5
BOUNDARY CAPITAL      BCM GR        -10192301.85    119787800.5
BOUNDARY CAPITAL      BCP1 PZ       -10192301.85    119787800.5
IBERBOND 2004 PL      3485334Z ID   -774220.0848    539890478.9
JAMES HARDIE IND      HAH NZ          -117900000     2178800128
JAMES HARDIE IND      HAH AU          -117900000     2178800128
JAMES HARDIE IND      600241Q GR      -117900000     2178800128
JAMES HARDIE IND      726824Z NA      -117900000     2178800128
JAMES HARDIE NV       JHXCC AU        -117900000     2178800128
JAMES HARDIE-ADR      JHINY US        -117900000     2178800128
JAMES HARDIE-ADR      JHX US          -117900000     2178800128
JAMES HARDIE-CDI      JHX AU          -117900000     2178800128
JAMES HARDIE-CDI      JHIUF US        -117900000     2178800128
JAMES HARDIE-CDI      JHA GR          -117900000     2178800128
JAMES HARDIE-CDI      JHA TH          -117900000     2178800128
MCINERNEY HLDGS       MCI VX        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI ID        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI LN        -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBX EO     -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBP EO     -132691148.8    374303706.5
MCINERNEY HLDGS       MCI PO        -132691148.8    374303706.5
MCINERNEY HLDGS       MCII IX       -132691148.8    374303706.5
MCINERNEY HLDGS       MK9 GR        -132691148.8    374303706.5
MCINERNEY HLDGS       MCIGBX EU     -132691148.8    374303706.5
MCINERNEY HLDGS       MK9C PZ       -132691148.8    374303706.5
MCINERNEY HLDGS       MCI EO        -132691148.8    374303706.5
MCINERNEY HLDGS       MCI IX        -132691148.8    374303706.5
MCINERNEY HLDGS       MK9 PO        -132691148.8    374303706.5
MCINERNEY HLDGS       MNEYF US      -132691148.8    374303706.5
MCINERNEY HLDGS       MCI EU        -132691148.8    374303706.5
MCINERNEY PROP-A      MYP LN        -132691148.8    374303706.5
MCINERNEY PROP-A      MYP ID        -132691148.8    374303706.5
MCINERNEY PROP-A      MCIYF US      -132691148.8    374303706.5
MCINERNEY -RT FP      MCIF ID       -132691148.8    374303706.5
MCINERNEY -RT FP      MCIF LN       -132691148.8    374303706.5
MCINERNEY -RT NP      MCIN ID       -132691148.8    374303706.5
MCINERNEY -RT NP      MCIN LN       -132691148.8    374303706.5
MCINERNEY-ADR         MNEYY US      -132691148.8    374303706.5
PAYZONE PLC           PAYZ PG       -138030903.2    510010035.3
PAYZONE PLC           PAYZ EU       -138030903.2    510010035.3
PAYZONE PLC           4P6 GR        -138030903.2    510010035.3
PAYZONE PLC           PAYZ IX       -138030903.2    510010035.3
PAYZONE PLC           PAYZ LN       -138030903.2    510010035.3
PAYZONE PLC           PAYZ PZ       -138030903.2    510010035.3
PAYZONE PLC           PAYZ EO       -138030903.2    510010035.3
WATERFORD - RTS       WWWA GR       -505729895.2      820803256
WATERFORD - RTS       508523Q LN    -505729895.2      820803256
WATERFORD - RTS       WWWB ID       -505729895.2      820803256
WATERFORD - RTS       508519Q LN    -505729895.2      820803256
WATERFORD - RTS       WWWB GR       -505729895.2      820803256
WATERFORD - RTS       WWWA ID       -505729895.2      820803256
WATERFORD W-ADR       WATWY US      -505729895.2      820803256
WATERFORD WDGEWD      WATWF US      -505729895.2      820803256
WATERFORD WDGEWD      WATFF US      -505729895.2      820803256
WATERFORD WED-RT      WWWC GR       -505729895.2      820803256
WATERFORD WED-RT      WTFR LN       -505729895.2      820803256
WATERFORD WED-RT      WWWD GR       -505729895.2      820803256
WATERFORD WED-RT      WWWC ID       -505729895.2      820803256
WATERFORD WED-RT      586556Q LN    -505729895.2      820803256
WATERFORD WED-RT      WWWD ID       -505729895.2      820803256
WATERFORD WED-RT      586552Q LN    -505729895.2      820803256
WATERFORD WED-UT      WTFU EO       -505729895.2      820803256
WATERFORD WED-UT      WTFU VX       -505729895.2      820803256
WATERFORD WED-UT      WTFU LN       -505729895.2      820803256
WATERFORD WED-UT      WWW GR        -505729895.2      820803256
WATERFORD WED-UT      WTFUGBX EO    -505729895.2      820803256
WATERFORD WED-UT      WWWD PZ       -505729895.2      820803256
WATERFORD WED-UT      WTFU EU       -505729895.2      820803256
WATERFORD WED-UT      WTFU PO       -505729895.2      820803256
WATERFORD WED-UT      WWW PO        -505729895.2      820803256
WATERFORD WED-UT      WTFU ID       -505729895.2      820803256
WATERFORD WED-UT      WTFU IX       -505729895.2      820803256
WATERFORD WED-UT      WTFUGBX EU    -505729895.2      820803256
WATERFORD WE-RTS      WTFN ID       -505729895.2      820803256
WATERFORD WE-RTS      WTFF LN       -505729895.2      820803256
WATERFORD WE-RTS      WTFN VX       -505729895.2      820803256
WATERFORD WE-RTS      WTFN LN       -505729895.2      820803256
WATERFORD WE-RTS      WTFF ID       -505729895.2      820803256
WATERFORD-ADR UT      WATFZ US      -505729895.2      820803256
WATERFORD-ADR UT      WFWA GR       -505729895.2      820803256
WATERFORD-SUB         3001875Z ID   -505729895.2      820803256

ITALY
-----
AEDES AXA+W           AEAXAW IM     -24405906.61     1350851664
AEDES SPA             AEDSF US      -24405906.61     1350851664
AEDES SPA             AE IM         -24405906.61     1350851664
AEDES SPA             AE PZ         -24405906.61     1350851664
AEDES SPA             AE EU         -24405906.61     1350851664
AEDES SPA             LLB GR        -24405906.61     1350851664
AEDES SPA             AE EO         -24405906.61     1350851664
AEDES SPA             AE TQ         -24405906.61     1350851664
AEDES SPA             AEDI IX       -24405906.61     1350851664
AEDES SPA RNC         AEDE IM       -24405906.61     1350851664
AEDES SPA-OPA         AEDROP IM     -24405906.61     1350851664
AEDES SPA-OPA         AEOPA IM      -24405906.61     1350851664
AEDES SPA-RTS         AESA IM       -24405906.61     1350851664
AEDES SPA-RTS         AEAA IM       -24405906.61     1350851664
AEDES SPA-SVGS R      AEDRAA IM     -24405906.61     1350851664
BINDA SPA             BNDAF US      -11146475.29    128859802.9
BINDA SPA             BND IM        -11146475.29    128859802.9
BIOERA                B2A GR        -6731364.698    131141946.1
BIOERA                BIE EU        -6731364.698    131141946.1
BIOERA                BIE IM        -6731364.698    131141946.1
BIOERA                BIE1 IX       -6731364.698    131141946.1
BIOERA                BIE EO        -6731364.698    131141946.1
BIOERA                BIE1 PZ       -6731364.698    131141946.1
BROGGI IZAR FABB      BIF IM        -178432.4639    134255668.5
CART SOTTRI-BIND      DEM IM        -11146475.29    128859802.9
CIRIO FINANZIARI      FIY GR        -422095869.5     1583083044
CIRIO FINANZIARI      CRO IM        -422095869.5     1583083044
COIN SPA              GUCIF US      -154057608.3    800526929.5
COIN SPA              GC IX         -154057608.3    800526929.5
COIN SPA              965089Q GR    -154057608.3    800526929.5
COIN SPA/OLD          GC IM         -154057608.3    800526929.5
COIN SPA-RTS          GCAA IM       -154057608.3    800526929.5
COMPAGNIA ITALIA      ICT IM        -137726596.3    527372691.4
COMPAGNIA ITALIA      CGLUF US      -137726596.3    527372691.4
COMPAGNIA ITALIA      CITU IX       -137726596.3    527372691.4
CORNELL BHN           BY EU         -178432.4639    134255668.5
CORNELL BHN           INN IM        -178432.4639    134255668.5
CORNELL BHN           BY EO         -178432.4639    134255668.5
CORNELL BHN           CBX IM        -178432.4639    134255668.5
CORNELL BHN           INO1 IX       -178432.4639    134255668.5
CREDITO FONDIARI      CRF IM        -200209050.3     4213063202
CREDITO FOND-RTS      CRFSA IM      -200209050.3     4213063202
ELIOS HOLDING         EH IM         -178432.4639    134255668.5
ELIOS HOLDING-NE      EH00 IM       -178432.4639    134255668.5
ELIOS HOLDING-RT      EHAA IM       -178432.4639    134255668.5
ELIOS SPA             EHM IM        -178432.4639    134255668.5
EUROFLY SPA           EEZ IX        -4509742.055      181807336
EUROFLY SPA -RTS      EEZAXA IM     -4509742.055      181807336
EUROFLY SPA-RTS       EURAXA IM     -4509742.055      181807336
I VIAGGI DEL VEN      VVE IM        -194331003.9      255327730
I VIAGGI DEL VEN      VVE EU        -194331003.9      255327730
I VIAGGI DEL VEN      VVE TQ        -194331003.9      255327730
I VIAGGI DEL VEN      VVE PZ        -194331003.9      255327730
I VIAGGI DEL VEN      VVE IX        -194331003.9      255327730
I VIAGGI DEL VEN      VVE EO        -194331003.9      255327730
I VIAGGI DEL VEN      IV7 GR        -194331003.9      255327730
I VIAGGI DEL VEN      IVGIF US      -194331003.9      255327730
I VIAGGI-RTS          VVEAA IM      -194331003.9      255327730
INNOTECH SPA          ELIOF US      -178432.4639    134255668.5
MERIDIANA FLY         E7N GR        -4509742.055      181807336
MERIDIANA FLY         MEF IM        -4509742.055      181807336
MERIDIANA FLY         EEZ TQ        -4509742.055      181807336
MERIDIANA FLY         EEZ PZ        -4509742.055      181807336
MERIDIANA FLY         EEZ EO        -4509742.055      181807336
MERIDIANA FLY         EFLYF US      -4509742.055      181807336
MERIDIANA FLY         EEZ EU        -4509742.055      181807336
OLCESE SPA            O IM          -12846689.89    179691572.8
OLCESE SPA-RTS        OAA IM        -12846689.89    179691572.8
OLCESE VENEZIANO      OLVE IM       -12846689.89    179691572.8
OMNIA NETWORK SP      ONT EO         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT EU         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT PZ         -47468652.4    322390901.7
OMNIA NETWORK SP      ONTI IX        -47468652.4    322390901.7
OMNIA NETWORK SP      ONT TQ         -47468652.4    322390901.7
OMNIA NETWORK SP      ONT IM         -47468652.4    322390901.7
PARMALAT FINANZI      FICN AV       -18419390029     4120687886
PARMALAT FINANZI      PRFI VX       -18419390029     4120687886
PARMALAT FINANZI      PAF GR        -18419390029     4120687886
PARMALAT FINANZI      PRF IM        -18419390029     4120687886
PARMALAT FINANZI      PARAF US      -18419390029     4120687886
PARMALAT FINANZI      PMT LI        -18419390029     4120687886
PARMALAT FINANZI      PMLFF US      -18419390029     4120687886
PARMALAT FINA-RT      PRFR AV       -18419390029     4120687886
RISANAMEN-RNC OP      RNROPA IM     -165887753.7     4800733024
RISANAMENTO NAPO      RN5 GR        -165887753.7     4800733024
RISANAMENTO -OPA      RNOPA IM      -165887753.7     4800733024
RISANAMENTO -RNC      RNR IM        -165887753.7     4800733024
RISANAMENTO SPA       RN TQ         -165887753.7     4800733024
RISANAMENTO SPA       RNGBX EO      -165887753.7     4800733024
RISANAMENTO SPA       RNGBP EO      -165887753.7     4800733024
RISANAMENTO SPA       RNGBX EU      -165887753.7     4800733024
RISANAMENTO SPA       RN EO         -165887753.7     4800733024
RISANAMENTO SPA       RN IX         -165887753.7     4800733024
RISANAMENTO SPA       RN IM         -165887753.7     4800733024
RISANAMENTO SPA       RSMNF US      -165887753.7     4800733024
RISANAMENTO SPA       RN PZ         -165887753.7     4800733024
RISANAMENTO SPA       RN EU         -165887753.7     4800733024
RISANAMENTO-RTS       RNAA IM       -165887753.7     4800733024
SNIA BPD              SN GR         -141933883.9    150445252.4
SNIA BPD-ADR          SBPDY US      -141933883.9    150445252.4
SNIA SPA              SNIXF US      -141933883.9    150445252.4
SNIA SPA              SN EU         -141933883.9    150445252.4
SNIA SPA              SNIA GR       -141933883.9    150445252.4
SNIA SPA              SN TQ         -141933883.9    150445252.4
SNIA SPA              SSMLF US      -141933883.9    150445252.4
SNIA SPA              SIAI PZ       -141933883.9    150445252.4
SNIA SPA              SBPDF US      -141933883.9    150445252.4
SNIA SPA              SN IM         -141933883.9    150445252.4
SNIA SPA              SN EO         -141933883.9    150445252.4
SNIA SPA              SIAI IX       -141933883.9    150445252.4
SNIA SPA              SNIB GR       -141933883.9    150445252.4
SNIA SPA - RTS        SNAAW IM      -141933883.9    150445252.4
SNIA SPA- RTS         SNAXW IM      -141933883.9    150445252.4
SNIA SPA-2003 SH      SN03 IM       -141933883.9    150445252.4
SNIA SPA-CONV SA      SPBDF US      -141933883.9    150445252.4
SNIA SPA-DRC          SNR00 IM      -141933883.9    150445252.4
SNIA SPA-NEW          SN00 IM       -141933883.9    150445252.4
SNIA SPA-NON CON      SPBNF US      -141933883.9    150445252.4
SNIA SPA-RCV          SNR IM        -141933883.9    150445252.4
SNIA SPA-RCV          SNIVF US      -141933883.9    150445252.4
SNIA SPA-RIGHTS       SNAW IM       -141933883.9    150445252.4
SNIA SPA-RNC          SNIWF US      -141933883.9    150445252.4
SNIA SPA-RNC          SNRNC IM      -141933883.9    150445252.4
SNIA SPA-RTS          SNSO IM       -141933883.9    150445252.4
SNIA SPA-RTS          SNAA IM       -141933883.9    150445252.4
SOCOTHERM SPA         SCT IM        -161739278.5    398222827.1
SOCOTHERM SPA         SCTI PZ       -161739278.5    398222827.1
SOCOTHERM SPA         SCT EO        -161739278.5    398222827.1
SOCOTHERM SPA         SCT EU        -161739278.5    398222827.1
SOCOTHERM SPA         SCTM IX       -161739278.5    398222827.1
SOCOTHERM SPA         SOCEF US      -161739278.5    398222827.1
SOCOTHERM SPA         SCT TQ        -161739278.5    398222827.1
TAS TECNOLOGIA        TAS EO        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS IM        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS NM        -405622.1721    172796509.7
TAS TECNOLOGIA        TAQ GR        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS EU        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS TQ        -405622.1721    172796509.7
TAS TECNOLOGIA        TAS PZ        -405622.1721    172796509.7
TECNODIFF ITALIA      TEF GR        -89894162.82    152045757.5
TECNODIFF ITALIA      TDIFF US      -89894162.82    152045757.5
TECNODIFF ITALIA      TDI IM        -89894162.82    152045757.5
TECNODIFF ITALIA      TDI NM        -89894162.82    152045757.5
TECNODIFF-RTS         TDIAOW NM     -89894162.82    152045757.5
TECNODIFFUSIONE       TDIAAW IM     -89894162.82    152045757.5
TISCALI - RTS         TIQA GR       -91679652.81    569172229.5
TISCALI - RTS         TISAAW IM     -91679652.81    569172229.5
TISCALI SPA           TIQG IX       -91679652.81    569172229.5
TISCALI SPA           TISN VX       -91679652.81    569172229.5
TISCALI SPA           TISGBX EU     -91679652.81    569172229.5
TISCALI SPA           TIS EU        -91679652.81    569172229.5
TISCALI SPA           TSCXF US      -91679652.81    569172229.5
TISCALI SPA           TIS IX        -91679652.81    569172229.5
TISCALI SPA           TISN IM       -91679652.81    569172229.5
TISCALI SPA           TIS FP        -91679652.81    569172229.5
TISCALI SPA           TIS EB        -91679652.81    569172229.5
TISCALI SPA           TIS TQ        -91679652.81    569172229.5
TISCALI SPA           TIS NQ        -91679652.81    569172229.5
TISCALI SPA           TIS VX        -91679652.81    569172229.5
TISCALI SPA           TISN NA       -91679652.81    569172229.5
TISCALI SPA           TIS EO        -91679652.81    569172229.5
TISCALI SPA           TIS NA        -91679652.81    569172229.5
TISCALI SPA           TIQ1 GR       -91679652.81    569172229.5
TISCALI SPA           TISN IX       -91679652.81    569172229.5
TISCALI SPA           TISGBX EO     -91679652.81    569172229.5
TISCALI SPA           TISGBP EO     -91679652.81    569172229.5
TISCALI SPA           TISN FP       -91679652.81    569172229.5
TISCALI SPA           TIS IM        -91679652.81    569172229.5
TISCALI SPA           TIS PZ        -91679652.81    569172229.5
TISCALI SPA           TIS NR        -91679652.81    569172229.5
TISCALI SPA           TIQ GR        -91679652.81    569172229.5
TISCALI SPA- RTS      TISAXA IM     -91679652.81    569172229.5
TISCALI SPA- RTS      3391621Q GR   -91679652.81    569172229.5
YORKVILLE BHN         BY TQ         -178432.4639    134255668.5
YORKVILLE BHN         CBXI PZ       -178432.4639    134255668.5
YORKVILLE BHN         BY IM         -178432.4639    134255668.5
REAL ESTATE OP-O      REO VX        -145048365.8     2933767507
REAL ESTATE OP-O      REO EO        -145048365.8     2933767507
REAL ESTATE OP-O      REO PZ        -145048365.8     2933767507
REAL ESTATE OP-O      REO ID        -145048365.8     2933767507
REAL ESTATE OP-O      REO EU        -145048365.8     2933767507
REAL ESTATE OP-O      REO IX        -145048365.8     2933767507
REAL ESTATE OP-O      REOGBP EO     -145048365.8     2933767507
REAL ESTATE OP-O      REA GR        -145048365.8     2933767507
REAL ESTATE OP-O      REO LN        -145048365.8     2933767507
CARRIER1 INT-AD+      CONE ES          -94729000      472360992
CARRIER1 INT-ADR      CONEQ US         -94729000      472360992
CARRIER1 INT-ADR      CONEE US         -94729000      472360992
CARRIER1 INT-ADR      CONE US          -94729000      472360992
CARRIER1 INTL         CJN NM           -94729000      472360992
CARRIER1 INTL         CJN GR           -94729000      472360992
CARRIER1 INTL         CJNA GR          -94729000      472360992
CARRIER1 INTL SA      CONEF US         -94729000      472360992
CARRIER1 INTL SA      1253Z SW         -94729000      472360992
INTELSAT              ILMA GR         -325921984    17266143232
INTELSAT SA           2237Z US        -325921984    17266143232
BAAN CO NV-ASSEN      BAANA NA      -7854741.409    609871188.9
BAAN COMPANY NV       BAAN PZ       -7854741.409    609871188.9
BAAN COMPANY NV       BNCG IX       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN NA       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN EO       -7854741.409    609871188.9
BAAN COMPANY NV       BAAVF US      -7854741.409    609871188.9
BAAN COMPANY NV       BAAN GR       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN IX       -7854741.409    609871188.9
BAAN COMPANY NV       BAAN EU       -7854741.409    609871188.9
BAAN COMPANY-NY       BAANF US      -7854741.409    609871188.9
CEVA GROUP PLC        976811Z NA    -310987042.7     5613530996
LIBERTY GL EU-A       UPC NA         -5505478850     5112616630
UNITED PAN -ADR       UPEA GR        -5505478850     5112616630
UNITED PAN-A ADR      UPCOY US       -5505478850     5112616630
UNITED PAN-EUR-A      UPC LI         -5505478850     5112616630
UNITED PAN-EUR-A      UPC LN         -5505478850     5112616630
UNITED PAN-EUROP      UPE1 GR        -5505478850     5112616630
UNITED PAN-EUROP      UPE GR         -5505478850     5112616630
UNITED PAN-EUROP      UPCEF US       -5505478850     5112616630
UNITED PAN-EUROP      UPC VX         -5505478850     5112616630
UNITED PAN-EUROP      UPCOF US       -5505478850     5112616630
INTEROIL EXPLORA      IROIF US         -48022000      186064000
INTEROIL EXPLORA      INOX NO          -48022000      186064000
INTEROIL EXPLORA      IOX PZ           -48022000      186064000
INTEROIL EXPLORA      IOXUSD EU        -48022000      186064000
INTEROIL EXPLORA      IOXEUR EO        -48022000      186064000
INTEROIL EXPLORA      IOXUSD EO        -48022000      186064000
INTEROIL EXPLORA      IOX NO           -48022000      186064000
INTEROIL EXPLORA      IOX EO           -48022000      186064000
INTEROIL EXPLORA      IOX BY           -48022000      186064000
INTEROIL EXPLORA      IOX IX           -48022000      186064000
INTEROIL EXPLORA      IOXEUR EU        -48022000      186064000
INTEROIL EXPLORA      IOX EU           -48022000      186064000
PETRO GEO-SERV        265143Q NO    -18066142.21    399710323.6
PETRO GEO-SERV        PGS GR        -18066142.21    399710323.6
PETRO GEO-SERV        PGS VX        -18066142.21    399710323.6
PETRO GEO-SERV-N      PGSN NO       -18066142.21    399710323.6
PETRO GEO-SV-ADR      PGSA GR       -18066142.21    399710323.6
PETRO GEO-SV-ADR      PGOGY US      -18066142.21    399710323.6
PETROJACK AS          JACK EO          -54932000      191586000
PETROJACK AS          POJKF US         -54932000      191586000
PETROJACK AS          P3J GR           -54932000      191586000
PETROJACK AS          JACK PZ          -54932000      191586000
PETROJACK AS          JACKEUR EU       -54932000      191586000
PETROJACK AS          JACK EU          -54932000      191586000
PETROJACK AS          JACK BY          -54932000      191586000
PETROJACK AS          JACKEUR EO       -54932000      191586000
PETROJACK AS          JACK NO          -54932000      191586000
PETROJACK AS          JACO IX          -54932000      191586000
KROSNO                KRS1EUR EU    -2241614.766    111838141.2
KROSNO                KRS1EUR EO    -2241614.766    111838141.2
KROSNO                KRS PW        -2241614.766    111838141.2
KROSNO                KRS LI        -2241614.766    111838141.2
KROSNO                KROS IX       -2241614.766    111838141.2
KROSNO SA             KRS1 EO       -2241614.766    111838141.2
KROSNO SA             KRS1 EU       -2241614.766    111838141.2
KROSNO SA             KRS PZ        -2241614.766    111838141.2
KROSNO SA             KRNFF US      -2241614.766    111838141.2
KROSNO SA             KROSNO PW     -2241614.766    111838141.2
KROSNO SA-RTS         KRSP PW       -2241614.766    111838141.2
KROSNO-PDA-ALLT       KRSA PW       -2241614.766    111838141.2
TOORA                 TOR PZ        -288818.3897    147004954.2
TOORA                 2916665Q EU   -288818.3897    147004954.2
TOORA                 2916661Q EO   -288818.3897    147004954.2
TOORA                 TOR PW        -288818.3897    147004954.2
TOORA-ALLOT CERT      TORA PW       -288818.3897    147004954.2
CARRIS FERRO DE       3482366Z PL   -854280773.4    252500907.6
COFINA                COFI PL       -4067307.986    329785890.1
COFINA                COFSI IX      -4067307.986    329785890.1
COFINA                CFASF US      -4067307.986    329785890.1
COFINA SGPS SA        CFNX PX       -4067307.986    329785890.1
COFINA SGPS SA        COFI TQ       -4067307.986    329785890.1
COFINA SGPS SA        COFI EU       -4067307.986    329785890.1
COFINA SGPS SA        CFN1 PZ       -4067307.986    329785890.1
COFINA SGPS SA        CFN PL        -4067307.986    329785890.1
COFINA SGPS SA        COFI EO       -4067307.986    329785890.1
CP - COMBOIOS DE      1005Z PL       -2809601115     1890209624
PORCELANA VISTA       PVAL PL       -64841467.39    140647736.3
REFER-REDE FERRO      1250Z PL       -1611845937     2225160725
SOCIEDADE DE TRA      1253Z PL      -382109074.2    119848180.8
SPORTING-SOC DES      SCP1 PZ       -22452984.49    177676573.7
SPORTING-SOC DES      SCP PL        -22452984.49    177676573.7
SPORTING-SOC DES      SCG GR        -22452984.49    177676573.7
SPORTING-SOC DES      SCDF EO       -22452984.49    177676573.7
SPORTING-SOC DES      SCPX PX       -22452984.49    177676573.7
SPORTING-SOC DES      SCPL IX       -22452984.49    177676573.7
SPORTING-SOC DES      SCDF PL       -22452984.49    177676573.7
SPORTING-SOC DES      SCDF EU       -22452984.49    177676573.7
TAP SGPS              TAP PL        -239565845.5     3126533533
VAA VISTA ALEGRE      VAF PZ        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF PL        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF EO        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAF EU        -64841467.39    140647736.3
VAA VISTA ALEGRE      VAFX PX       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK PL       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK EU       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK EO       -64841467.39    140647736.3
VAA VISTA ALTAN       VAFKX PX      -64841467.39    140647736.3
VAA VISTA ALTAN       VAFK PZ       -64841467.39    140647736.3

ROMANIA
-------
OLTCHIM RM VALCE      OLT PZ        -89344235.29    511515508.8
OLTCHIM RM VALCE      OLTCF US      -89344235.29    511515508.8
OLTCHIM RM VALCE      OLTEUR EO     -89344235.29    511515508.8
OLTCHIM RM VALCE      OLT EO        -89344235.29    511515508.8
OLTCHIM RM VALCE      OLT RO        -89344235.29    511515508.8
OLTCHIM RM VALCE      OLTEUR EU     -89344235.29    511515508.8
OLTCHIM RM VALCE      OLT EU        -89344235.29    511515508.8
RAFO SA               RAF RO        -457922636.3    356796459.3
UZINELE SODICE G      UZIM RO       -62313938.86    107275526.8

RUSSIA
------
AMUR SHIP-BRD         AMZS* RU      -137530791.8    945775662.6
AMUR SHIP-BRD         AMZS RU       -137530791.8    945775662.6
DAGESTAN ENERGY       DASB RM       -23504511.21      181781762
DAGESTAN ENERGY       DASB RU       -23504511.21      181781762
DAGESTAN ENERGY       DASB* RU      -23504511.21      181781762
FINANCIAL LEASIN      137282Z RU    -45555537.68    466377160.5
FINANCIAL LEASIN      FLKO RM       -45555537.68    466377160.5
FINANCIAL LE-BRD      FLKO RU       -45555537.68    466377160.5
FINANCIAL LE-BRD      FLKO* RU      -45555537.68    466377160.5
GAZ-FINANS            GAZF RU       -56134.51262    232319905.4
GLOBEX-FINANS         OSOLC RU       -2727106.54    130285030.8
KOMPANIYA GL-BRD      GMST* RU       -24995189.6     1208685689
KOMPANIYA GL-BRD      GMST RU        -24995189.6     1208685689
MIAN-DEVELOPMENT      MAEQY RU      -695445.1747      424399991
MIG-FINANS            MIGF RU       -3698157.596    135166236.6
PARNAS-M              PRSM RU       -138592.4742    127637318.8
RK-GAZSETSERVIS       RKGS RU       -54665229.61    153223493.4
SEVKABEL-FINANS       SVKF RU       -83036.46173    102680373.6
TERNEYLES-BRD         TERL RU       -11828435.57    197558375.8
TERNEYLES-BRD         TERL* RU      -11828435.57    197558375.8
TRANSAERO AIRLIN      TRNS RU       -21542426.88     1094294837
TRANSAERO AIRLIN      TRNS* RU      -21542426.88     1094294837
VOLGOGRAD KHIM        VHIM* RU      -22920234.24    142367839.8
VOLGOGRAD KHIM        VHIM RU       -22920234.24    142367839.8
ZAPSIBGASP-Q PFD      ZSGPP$ RU      -1248066.61    125676622.6
ZAPSIBGASPRO-BRD      ZSGP RU        -1248066.61    125676622.6
ZAPSIBGASPRO-BRD      ZSGP* RU       -1248066.61    125676622.6
ZAPSIBGASPROM-B       ZSGP$ RU       -1248066.61    125676622.6
ZAPSIBGASPRO-PFD      ZSGPP* RU      -1248066.61    125676622.6
ZAPSIBGASPRO-PFD      ZSGPP RU       -1248066.61    125676622.6

SERBIA
------
DUVANSKA              DIVR SG       -32792314.86    122255596.4
IMK 14 OKTOBAR A      IMKO SG       -5175836.416    110102264.2
PINKI AD              PNKI SG       -36537862.34      120707518
ZASTAVA AUTOMOBI      ZAKG SG       -396504649.1    174692011.1

SPAIN
-----
ACTUACIONES ACTI      AGR SM        -231062375.2    529525187.2
AGRUPACIO - RT        AGR/D SM      -231062375.2    529525187.2
AMADEUS IT HOLDI      AMS3 EB       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS SM        -397888596.9     7970850431
AMADEUS IT HOLDI      AI3A GR       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS3 EO       -397888596.9     7970850431
AMADEUS IT HOLDI      AI3A TH       -397888596.9     7970850431
AMADEUS IT HOLDI      AMS IX        -397888596.9     7970850431
AMCI HABITAT SA       AMC1 EU       -24580874.45    194758143.4
AMCI HABITAT SA       AMC SM        -24580874.45    194758143.4
AMCI HABITAT SA       AMC3 EO       -24580874.45    194758143.4
CAJA DE AHORROS       929362Z SM    -361326816.2    37311046644
FERGO AISA -RTS       AISA/D SM     -231062375.2    529525187.2
FERGO AISA SA         AISA EO       -231062375.2    529525187.2
FERGO AISA SA         AISA SM       -231062375.2    529525187.2
FERGO AISA SA         AISA PZ       -231062375.2    529525187.2
FERGO AISA SA         AISA EU       -231062375.2    529525187.2
INBESOS SA            NYE TQ         -68174952.1    813033334.5
INBESOS SA            BESS PZ        -68174952.1    813033334.5
INBESOS SA            NYE SM         -68174952.1    813033334.5
INBESOS SA            NYE EU         -68174952.1    813033334.5
INBESOS SA            NYE EO         -68174952.1    813033334.5
MARTINSA FADESA       4PU GR         -1929870022     7764140388
MARTINSA FADESA       MTF EU         -1929870022     7764140388
MARTINSA FADESA       MTF SM         -1929870022     7764140388
MARTINSA FADESA       MFAD PZ        -1929870022     7764140388
MARTINSA FADESA       MTF EO         -1929870022     7764140388
MARTINSA FADESA       MTF1 LI        -1929870022     7764140388
MARTINSA-FADESA       MTF NR         -1929870022     7764140388
NYESA VALORES CO      BES EU         -68174952.1    813033334.5
NYESA VALORES CO      BES TQ         -68174952.1    813033334.5
NYESA VALORES CO      BES SM         -68174952.1    813033334.5
NYESA VALORES CO      BES EO         -68174952.1    813033334.5

SWEDEN
------
ALLOKTON AB           ALOKB SS      -81949466.05    495641682.4
NOBINA                1099Z SS      -13023225.28    483974246.5
PHADIA AB             842347Z SS    -140406774.4     2127579095

TURKEY
------
BESIKTAS FUTBOL       BWX GR        -10396040.97    175760356.3
BESIKTAS FUTBOL       BJKAS TI      -10396040.97    175760356.3
BESIKTAS FUTBOL       BJKASY TI     -10396040.97    175760356.3
BESIKTAS FUTBOL       BKTFF US      -10396040.97    175760356.3
BESIKTAS FUTBOL       BJKASM TI     -10396040.97    175760356.3
EGS EGE GIYIM VE      EGDIS TI      -7732138.551    147075066.7
EGS EGE GIYIM-RT      EGDISR TI     -7732138.551    147075066.7
IKTISAT FINAN-RT      IKTFNR TI     -46900661.12    108228233.6
IKTISAT FINANSAL      IKTFN TI      -46900661.12    108228233.6
MUDURNU TAVUKC-N      MDRNUN TI     -64930189.62    160408172.1
MUDURNU TAVUKCUL      MDRNU TI      -64930189.62    160408172.1
SIFAS                 SIFAS TI       -15439198.6      130608104
TUTUNBANK             TUT TI         -4024959602     2643810457
YASARBANK             YABNK TI       -4024959602     2643810457

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ       -16212049.02    277693905.5
BANK FORUM -GDR       639540Z LX    -5331676.798     2243068982
BANK FORUM -GDR       B5F GR        -5331676.798     2243068982
BANK FORUM -GDR       FRMB038 RU    -5331676.798     2243068982
BANK FORUM -GDR       BFJG IX       -5331676.798     2243068982
BANK FORUM JSC        FORM UZ       -5331676.798     2243068982
DNEPROPETROVSK        DMZP UZ       -15926384.43    424303604.8
DONETSKOBLENERGO      DOON UZ       -215090745.2    394460346.2
LUGANSKGAS            LYGZ UZ       -16910611.07    109918477.6
LUGANSKOBLENERGO      LOEN UZ       -27621096.54    197769532.3
NAFTOKHIMIK PRIC      NAFP UZ       -19746288.63    299014707.5
NAFTOKHIMIK-GDR       N3ZA GR       -19746288.63    299014707.5
ODESSA OIL REFIN      ONPZ UZ       -111365037.3    482408362.5
ZALK - PFTS           ZALK UZ       -43917601.26    146530718.8

UNITED KINGDOM
--------------
4LESS GROUP           LI4 TH        -3088436.068    106650689.4
4LESS GROUP           FLG OF        -3088436.068    106650689.4
4LESS GROUP           BYH PO        -3088436.068    106650689.4
4LESS GROUP           FL/ PO        -3088436.068    106650689.4
4LESS GROUP           BHL PO        -3088436.068    106650689.4
4LESS GROUP           LI4 GR        -3088436.068    106650689.4
4LESS GROUP           FL/ LN        -3088436.068    106650689.4
ADVANCE DISPLAY       ADTP PZ        -3015578835     2590007904
AEA TECHNOLO-FPR      AATF LN       -215101594.9      121405070
AEA TECHNOLO-FPR      AATF PZ       -215101594.9      121405070
AEA TECHNOLOGY        AAT LN        -215101594.9      121405070
AEA TECHNOLOGY        AAT EO        -215101594.9      121405070
AEA TECHNOLOGY        AAT IX        -215101594.9      121405070
AEA TECHNOLOGY        AAT PO        -215101594.9      121405070
AEA TECHNOLOGY        AAT VX        -215101594.9      121405070
AEA TECHNOLOGY        AAT EU        -215101594.9      121405070
AEA TECHNOLOGY        AAT PZ        -215101594.9      121405070
AEA TECHNOLOGY        AATGBP EO     -215101594.9      121405070
AEA TECHNOLOGY        AEY GR        -215101594.9      121405070
AEA TECHNOLOGY        EAETF US      -215101594.9      121405070
AEA TECHNOLO-NPR      AATN PZ       -215101594.9      121405070
AEA TECHNOLO-NPR      AATN LN       -215101594.9      121405070
AIRTOURS PLC          AIR LN        -379721841.6     1817512774
AIRTOURS PLC          ATORF US      -379721841.6     1817512774
AIRTOURS PLC          AIR VX        -379721841.6     1817512774
ALLDAYS PLC           317056Q LN      -120493900    252232072.9
ALLDAYS PLC           ALDYF US        -120493900    252232072.9
AMER BUS SYS          ARB LN          -497127008      121439000
AMEY PLC              AMY LN        -48862569.33    931527720.5
AMEY PLC              AMY VX        -48862569.33    931527720.5
AMEY PLC              AMEYF US      -48862569.33    931527720.5
AMEY PLC-ASSENT       AMYA LN       -48862569.33    931527720.5
AMEY PLC-NEW          AMYN LN       -48862569.33    931527720.5
ANKER PLC             ANK LN        -21861359.81      115463159
ANKER PLC             ANK PO        -21861359.81      115463159
ANKER PLC             DW14 GR       -21861359.81      115463159
ANKER PLC - ASSD      ANKC LN       -21861359.81      115463159
ANKER PLC - ASSD      ANKB LN       -21861359.81      115463159
ANKER PLC-ASSD        ANKA LN       -21861359.81      115463159
ATKINS (WS) PLC       ATK PO        -128972861.1     1328162171
ATKINS (WS) PLC       ATKEUR EO     -128972861.1     1328162171
ATKINS (WS) PLC       ATKEUR EU     -128972861.1     1328162171
ATKINS (WS) PLC       WATKY US      -128972861.1     1328162171
ATKINS (WS) PLC       ATK BQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK EO        -128972861.1     1328162171
ATKINS (WS) PLC       ATK PZ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK NQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK NR        -128972861.1     1328162171
ATKINS (WS) PLC       6W2 GR        -128972861.1     1328162171
ATKINS (WS) PLC       ATK VX        -128972861.1     1328162171
ATKINS (WS) PLC       ATK IX        -128972861.1     1328162171
ATKINS (WS) PLC       ATK TQ        -128972861.1     1328162171
ATKINS (WS) PLC       ATK QM        -128972861.1     1328162171
ATKINS (WS) PLC       ATKGBP EO     -128972861.1     1328162171
ATKINS (WS) PLC       ATK LN        -128972861.1     1328162171
ATKINS (WS) PLC       WATKF US      -128972861.1     1328162171
ATKINS (WS) PLC       ATK EU        -128972861.1     1328162171
ATKINS (WS) PLC       ATK EB        -128972861.1     1328162171
BAYDONHILL PLC        BHL LN        -3088436.068    106650689.4
BAYDONHILL PLC        BHL EO        -3088436.068    106650689.4
BAYDONHILL PLC        BHL EU        -3088436.068    106650689.4
BAYDONHILL PLC        BHL PZ        -3088436.068    106650689.4
BAYDONHILL PLC        BHL PG        -3088436.068    106650689.4
BAYDONHILL PLC        BHL IX        -3088436.068    106650689.4
BAYDONHILL PLC        BYH LN        -3088436.068    106650689.4
BLACK & EDGINGTO      BLE LN        -128538078.1      135158758
BNB RECRUITMENT       BNB LN        -10242627.53      103637705
BNB RECRUITMENT       BNB IX        -10242627.53      103637705
BNB RECRUITMENT       BNB PO        -10242627.53      103637705
BNB RECRUITMENT       BQX GR        -10242627.53      103637705
BNB RECRUITMENT       BNBRF US      -10242627.53      103637705
BOOKER PLC            987188Q LN     -59832880.4     1298182549
BOOKER PLC            BKERF US       -59832880.4     1298182549
BOOKER PLC            1330Q GR       -59832880.4     1298182549
BOOKER PLC-ADR        BOK$ LN        -59832880.4     1298182549
BOOKER PLC-ADR        BKRUY US       -59832880.4     1298182549
BRADSTOCK GROUP       BDK LN        -1855444.443    268563822.5
BRADSTOCK GROUP       BSKGF US      -1855444.443    268563822.5
BRIT ENERGY LTD       523362Q LN     -5822867501     4921095750
BRIT ENERGY PLC       555140Q VX     -5822867501     4921095750
BRIT ENERGY PLC       BHEGF US       -5822867501     4921095750
BRIT ENERGY PLC       BGYEF US       -5822867501     4921095750
BRIT ENERGY PLC       BEN1 GR        -5822867501     4921095750
BRIT ENERGY-A         BENA GR        -5822867501     4921095750
BRIT ENERGY-ADR       BHEFF US       -5822867501     4921095750
BRIT NUCLEAR          1046Z LN       -4247644150    40325778907
BRIT TELECOM          BTE GR         -3989195720    43568216595
BRIT TELECOM          9484 JP        -3989195720    43568216595
BRIT TELECOM PLC      BTPWF US       -3989195720    43568216595
BRIT TELECOM PLC      BTPLF US       -3989195720    43568216595
BRIT TELECOM PLC      BT/A VX        -3989195720    43568216595
BRIT TELECOM-ADR      BTEA GR        -3989195720    43568216595
BRIT TELECOM-ADR      1481Q CN       -3989195720    43568216595
BRIT TELECOM-RTS      BTY-R US       -3989195720    43568216595
BRITISH ENER-$US      BGYD AR        -5822867501     4921095750
BRITISH ENER-$US      BGYNYD AR      -5822867501     4921095750
BRITISH ENER-ADR      BGYNY US       -5822867501     4921095750
BRITISH ENER-BLK      BGYNYB AR      -5822867501     4921095750
BRITISH ENER-BLK      BGYB AR        -5822867501     4921095750
BRITISH ENER-C/E      BGYNYC AR      -5822867501     4921095750
BRITISH ENER-C/E      BGYC AR        -5822867501     4921095750
BRITISH ENER-CED      BGY AR         -5822867501     4921095750
BRITISH ENER-CED      BGYNY AR       -5822867501     4921095750
BRITISH ENERGY-A      BGYA PO        -5822867501     4921095750
BRITISH ENERGY-A      BHEAF US       -5822867501     4921095750
BRITISH ENERGY-A      3012442Q LN    -5822867501     4921095750
BRITISH ENERGY-A      BGYA VX        -5822867501     4921095750
BRITISH ENERGY-A      BGYGF US       -5822867501     4921095750
BRITISH TELE-FP       BT/F LN        -3989195720    43568216595
BRITISH TELE-NP       BT/N LN        -3989195720    43568216595
BRITISH TELE-NP       BTPXF US       -3989195720    43568216595
BRITVIC               B6S GR        -34575750.23     1311266070
BRITVIC PLC           BVIC EU       -34575750.23     1311266070
BRITVIC PLC           BVICUSD EU    -34575750.23     1311266070
BRITVIC PLC           BVIC PZ       -34575750.23     1311266070
BRITVIC PLC           BVIC NR       -34575750.23     1311266070
BRITVIC PLC           BVICEUR EU    -34575750.23     1311266070
BRITVIC PLC           BVIC EO       -34575750.23     1311266070
BRITVIC PLC           BTVCF US      -34575750.23     1311266070
BRITVIC PLC           BVIC NQ       -34575750.23     1311266070
BRITVIC PLC           BVIC QM       -34575750.23     1311266070
BRITVIC PLC           BVIC BQ       -34575750.23     1311266070
BRITVIC PLC           BVIC IX       -34575750.23     1311266070
BRITVIC PLC           BVIC EB       -34575750.23     1311266070
BRITVIC PLC           BVIC TQ       -34575750.23     1311266070
BRITVIC PLC           BVIC LN       -34575750.23     1311266070
BRITVIC PLC           BVIC VX       -34575750.23     1311266070
BRITVIC PLC           BVICUSD EO    -34575750.23     1311266070
BRITVIC PLC           BVICGBP EO    -34575750.23     1311266070
BRITVIC PLC           BVICEUR EO    -34575750.23     1311266070
BRITVIC PLC-ADR       BTVCY US      -34575750.23     1311266070
BT GROUP PLC          BT/AUSD EO     -3989195720    43568216595
BT GROUP PLC          BTQ TH         -3989195720    43568216595
BT GROUP PLC          BT PZ          -3989195720    43568216595
BT GROUP PLC          BT/A PO        -3989195720    43568216595
BT GROUP PLC          BT/ VX         -3989195720    43568216595
BT GROUP PLC          BT/A EU        -3989195720    43568216595
BT GROUP PLC          BT/AUSD EU     -3989195720    43568216595
BT GROUP PLC          BT/A LN        -3989195720    43568216595
BT GROUP PLC          BT/APEN EO     -3989195720    43568216595
BT GROUP PLC          BTEG IX        -3989195720    43568216595
BT GROUP PLC          BT/A EO        -3989195720    43568216595
BT GROUP PLC          BT IX          -3989195720    43568216595
BT GROUP PLC          BT/A QM        -3989195720    43568216595
BT GROUP PLC          BT/AEUR EU     -3989195720    43568216595
BT GROUP PLC          BT/AGBP EO     -3989195720    43568216595
BT GROUP PLC          BT/APEN EU     -3989195720    43568216595
BT GROUP PLC          BT/A NR        -3989195720    43568216595
BT GROUP PLC          BT/A TQ        -3989195720    43568216595
BT GROUP PLC          BTGOF US       -3989195720    43568216595
BT GROUP PLC          BTQ GR         -3989195720    43568216595
BT GROUP PLC          BT/A BQ        -3989195720    43568216595
BT GROUP PLC          BT/A EB        -3989195720    43568216595
BT GROUP PLC          BT/AEUR EO     -3989195720    43568216595
BT GROUP PLC          BT/A NQ        -3989195720    43568216595
BT GROUP PLC-ADR      BT/$ LN        -3989195720    43568216595
BT GROUP PLC-W/I      BTWI LN        -3989195720    43568216595
BT GROUP-ADR          BTQA GR        -3989195720    43568216595
BT GROUP-ADR WI       BTY-W US       -3989195720    43568216595
BT GROUP-CED $US      BTD AR         -3989195720    43568216595
BT GROUP-CED $US      BTYD AR        -3989195720    43568216595
BT GROUP-CED BLK      BTYB AR        -3989195720    43568216595
BT GROUP-CED BLK      BTB AR         -3989195720    43568216595
BT GROUP-CED C/E      BTYC AR        -3989195720    43568216595
BT GROUP-CED C/E      BTC AR         -3989195720    43568216595
BT GROUP-CEDEAR       BT AR          -3989195720    43568216595
BT GROUP-CEDEAR       BTY AR         -3989195720    43568216595
BT GROUP-SPON AD      BT US          -3989195720    43568216595
BT GROUP-SPON AD      BTYN MM        -3989195720    43568216595
BT GROUP-SPON AD      BT MM          -3989195720    43568216595
BT GROUP-SPON AD      BTY US         -3989195720    43568216595
CARLISLE GROUP        506819Q LN    -11904426.45      203548565
CATTLES PLC           CTT IX        -599615492.2     3880885246
CATTLES PLC           CTT BQ        -599615492.2     3880885246
CATTLES PLC           CTTUSD EU     -599615492.2     3880885246
CATTLES PLC           CTT EO        -599615492.2     3880885246
CATTLES PLC           CTT EU        -599615492.2     3880885246
CATTLES PLC           CTT EB        -599615492.2     3880885246
CATTLES PLC           CHOXF US      -599615492.2     3880885246
CATTLES PLC           CTT LN        -599615492.2     3880885246
CATTLES PLC           CTTSEK EU     -599615492.2     3880885246
CATTLES PLC           CTTEUR EO     -599615492.2     3880885246
CATTLES PLC           CTTGBP EO     -599615492.2     3880885246
CATTLES PLC           CTTSEK EO     -599615492.2     3880885246
CATTLES PLC           CZS GR        -599615492.2     3880885246
CATTLES PLC           CTT NR        -599615492.2     3880885246
CATTLES PLC           CTT TQ        -599615492.2     3880885246
CATTLES PLC           CTT PO        -599615492.2     3880885246
CATTLES PLC           CTT VX        -599615492.2     3880885246
CATTLES PLC           CTT QM        -599615492.2     3880885246
CATTLES PLC           CTTUSD EO     -599615492.2     3880885246
CATTLES PLC           CTT NQ        -599615492.2     3880885246
CATTLES PLC           CTTEUR EU     -599615492.2     3880885246
CATTLES PLC           CTT PZ        -599615492.2     3880885246
CATTLES PLC-ADR       CHOXY US      -599615492.2     3880885246
CATTLES PLC-FPR       CTTF LN       -599615492.2     3880885246
CATTLES PLC-FPR       CTTF PZ       -599615492.2     3880885246
CATTLES PLC-NPR       CTTN IX       -599615492.2     3880885246
CATTLES PLC-NPR       CTTN LN       -599615492.2     3880885246
CATTLES PLC-NPR       CCTN PZ       -599615492.2     3880885246
CATTLES PLC-NPR       2843726Q EO   -599615492.2     3880885246
CATTLES PLC-NPR       2843730Q EU   -599615492.2     3880885246
CATTLES PLC-NPR       2843734Q EO   -599615492.2     3880885246
CATTLES PLC-NPR       CTTN PZ       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR LN       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR IX       -599615492.2     3880885246
CATTLES PLC-RFD       CTTR PZ       -599615492.2     3880885246
CHRYSALIS GROUP       CHS PZ        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSUSD EU     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS EO        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSEUR EO     -7404166.369    111800785.4
CHRYSALIS GROUP       5CY GR        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS PO        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSUSD EO     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS LN        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS IX        -7404166.369    111800785.4
CHRYSALIS GROUP       CHS EU        -7404166.369    111800785.4
CHRYSALIS GROUP       CHSEUR EU     -7404166.369    111800785.4
CHRYSALIS GROUP       CLYSF US      -7404166.369    111800785.4
CHRYSALIS GROUP       CYGUF US      -7404166.369    111800785.4
CHRYSALIS GROUP       CHSGBP EO     -7404166.369    111800785.4
CHRYSALIS GROUP       CHS VX        -7404166.369    111800785.4
CHRYSALIS GROUP       HR4 GR        -7404166.369    111800785.4
CLIPPER WINDPOWE      CWP LN          -337139008      354437024
CLIPPER WINDPOWE      CWP PG          -337139008      354437024
CLIPPER WINDPOWE      CWPA LN         -337139008      354437024
CLIPPER WINDPOWE      CWP PZ          -337139008      354437024
CLIPPER WINDPOWE      3470635Q LN     -337139008      354437024
CLIPPER WINDPOWE      CWP IX          -337139008      354437024
CLIPPER WINDPOWE      CWP EO          -337139008      354437024
CLIPPER WINDPOWE      C2W GR          -337139008      354437024
CLIPPER WINDPOWE      CWP EU          -337139008      354437024
CLIPPER WINDPOWE      CRPWF US        -337139008      354437024
COMPASS GROU-OLD      1259Q LN      -668101173.9     2972459078
COMPASS GROUP         QOP GR        -668101173.9     2972459078
COMPASS GRP-ADR       CMSJY US      -668101173.9     2972459078
COMPASS GRP-ADR       CMSGY US      -668101173.9     2972459078
COSTAIN GROUP         CSGFF US       -6136239.91    692749189.9
COSTAIN GROUP         COSTUSD EO     -6136239.91    692749189.9
COSTAIN GROUP         COST PO        -6136239.91    692749189.9
COSTAIN GROUP         COST VX        -6136239.91    692749189.9
COSTAIN GROUP         COSTEUR EO     -6136239.91    692749189.9
COSTAIN GROUP         COSTEUR EU     -6136239.91    692749189.9
COSTAIN GROUP         COST EU        -6136239.91    692749189.9
COSTAIN GROUP         COSTUSD EU     -6136239.91    692749189.9
COSTAIN GROUP         COST EO        -6136239.91    692749189.9
COSTAIN GROUP         COST LN        -6136239.91    692749189.9
COSTAIN GROUP         COSTGBP EO     -6136239.91    692749189.9
COSTAIN GROUP         COST IX        -6136239.91    692749189.9
COSTAIN GROUP         COST PZ        -6136239.91    692749189.9
COSTAIN GROU-RTS      COSN LN        -6136239.91    692749189.9
COSTAIN GROU-RTS      COSF LN        -6136239.91    692749189.9
CPP GROUP PLC         4CV GR        -69442858.18    225437367.4
CPP GROUP PLC         CPP PZ        -69442858.18    225437367.4
CPP GROUP PLC         CPP EU        -69442858.18    225437367.4
CPP GROUP PLC         CPP LN        -69442858.18    225437367.4
CPP GROUP PLC         CPP EB        -69442858.18    225437367.4
CPP GROUP PLC         CPP IX        -69442858.18    225437367.4
DANKA BUS SYSTEM      DNK PO          -497127008      121439000
DANKA BUS SYSTEM      DNK PZ          -497127008      121439000
DANKA BUS SYSTEM      DANKF US        -497127008      121439000
DANKA BUS SYSTEM      3205287Q EU     -497127008      121439000
DANKA BUS SYSTEM      3205283Q EO     -497127008      121439000
DANKA BUS SYSTEM      DNK IX          -497127008      121439000
DANKA BUS SYSTEM      3205291Q EO     -497127008      121439000
DANKA BUS SYSTEM      DNK VX          -497127008      121439000
DANKA BUS SYSTEM      DNK LN          -497127008      121439000
DANKA BUS-$US CE      DANKD AR        -497127008      121439000
DANKA BUS-ADR         DB6 GR          -497127008      121439000
DANKA BUS-ADR         AP39 LI         -497127008      121439000
DANKA BUS-ADR         DANKE US        -497127008      121439000
DANKA BUS-ADR         DANKY US        -497127008      121439000
DANKA BUS-BLK CE      DANKB AR        -497127008      121439000
DANKA BUS-C/E CE      DANKC AR        -497127008      121439000
DANKA BUS-CEDEAR      DANK AR         -497127008      121439000
EASYNET GROUP         EZNGF US      -60380609.34    334049332.2
EASYNET GROUP         ESY PO        -60380609.34    334049332.2
EASYNET GROUP         ESY VX        -60380609.34    334049332.2
EASYNET GROUP         ESY LN        -60380609.34    334049332.2
EASYNET GROUP         EAY GR        -60380609.34    334049332.2
EASYNET GROUP-CV      91009Z LN     -60380609.34    334049332.2
EMI GROUP -ASSD       EMIA LN        -2265916257     2950021937
EMI GROUP LTD         EMI LN         -2265916257     2950021937
EMI GROUP PLC         EMIPF US       -2265916257     2950021937
EMI GROUP PLC         EMI IX         -2265916257     2950021937
EMI GROUP PLC         EMI VX         -2265916257     2950021937
EMI GROUP PLC         3020138Q GR    -2265916257     2950021937
EMI GROUP PLC         EMI PO         -2265916257     2950021937
EMI GROUP PLC-B       1019425Q LN    -2265916257     2950021937
EMI GROUP-ADR         38IS LN        -2265916257     2950021937
EMI GROUP-ADR         EMI$ LN        -2265916257     2950021937
EMI GROUP-ADR         EMIPY US       -2265916257     2950021937
EUROPEAN HOME         EHR PZ        -14328735.16    110864081.4
EUROPEAN HOME         FPAKF US      -14328735.16    110864081.4
EUROPEAN HOME         EHRGBP EO     -14328735.16    110864081.4
EUROPEAN HOME         EHREUR EU     -14328735.16    110864081.4
EUROPEAN HOME         KLZ PO        -14328735.16    110864081.4
EUROPEAN HOME         KLZ VX        -14328735.16    110864081.4
EUROPEAN HOME         EHREUR EO     -14328735.16    110864081.4
EUROPEAN HOME         EHR EU        -14328735.16    110864081.4
EUROPEAN HOME         EHR VX        -14328735.16    110864081.4
EUROPEAN HOME         EHR PO        -14328735.16    110864081.4
EUROPEAN HOME         EHR EO        -14328735.16    110864081.4
EUROPEAN HOME         EHR LN        -14328735.16    110864081.4
FAREPAK PLC           FPK LN        -14328735.16    110864081.4
GALA CORAL GROUP      19374Z LN      -1328160550     7259667191
GALIFORM PLC          GFRMEUR EU    -117673114.1    573836054.4
GALIFORM PLC          GFRMNOK EO    -117673114.1    573836054.4
GALIFORM PLC          GFRM EO       -117673114.1    573836054.4
GALIFORM PLC          GFRMGBP EO    -117673114.1    573836054.4
GALIFORM PLC          GFRM BQ       -117673114.1    573836054.4
GALIFORM PLC          GFRM PZ       -117673114.1    573836054.4
GALIFORM PLC          GFRM NR       -117673114.1    573836054.4
GALIFORM PLC          GFRM EU       -117673114.1    573836054.4
GALIFORM PLC          GFRM IX       -117673114.1    573836054.4
GALIFORM PLC          MFIFF US      -117673114.1    573836054.4
GALIFORM PLC          GFRM PO       -117673114.1    573836054.4
GALIFORM PLC          MFI VX        -117673114.1    573836054.4
GALIFORM PLC          GFRM QM       -117673114.1    573836054.4
GALIFORM PLC          GFRM VX       -117673114.1    573836054.4
GALIFORM PLC          GFRMEUR EO    -117673114.1    573836054.4
GALIFORM PLC          GLFMF US      -117673114.1    573836054.4
GALIFORM PLC          GFRMNOK EU    -117673114.1    573836054.4
GALIFORM PLC          GFRM LN       -117673114.1    573836054.4
GALIFORM PLC          GFRM NQ       -117673114.1    573836054.4
GALIFORM PLC          MFI PO        -117673114.1    573836054.4
GALIFORM PLC          GFRM EB       -117673114.1    573836054.4
GALIFORM PLC          GFRM TQ       -117673114.1    573836054.4
GALIFORM PLC          MFI IX        -117673114.1    573836054.4
GARTLAND WHALLEY      GWB LN        -10986769.42    145352034.5
GO-AHEAD GRO-ADR      GHGUY US      -44415250.72     1780324810
GO-AHEAD GROUP        GHGUF US      -44415250.72     1780324810
GO-AHEAD GROUP        GOG EB        -44415250.72     1780324810
GO-AHEAD GROUP        GOG NQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG LN        -44415250.72     1780324810
GO-AHEAD GROUP        GOGGBP EO     -44415250.72     1780324810
GO-AHEAD GROUP        GOG IX        -44415250.72     1780324810
GO-AHEAD GROUP        GOG VX        -44415250.72     1780324810
GO-AHEAD GROUP        GOG PO        -44415250.72     1780324810
GO-AHEAD GROUP        GOG EO        -44415250.72     1780324810
GO-AHEAD GROUP        GOGEUR EU     -44415250.72     1780324810
GO-AHEAD GROUP        GOG EU        -44415250.72     1780324810
GO-AHEAD GROUP        GOG TQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG NR        -44415250.72     1780324810
GO-AHEAD GROUP        GOG BQ        -44415250.72     1780324810
GO-AHEAD GROUP        GOGEUR EO     -44415250.72     1780324810
GO-AHEAD GROUP        GOG PZ        -44415250.72     1780324810
GO-AHEAD GROUP        GOG QM        -44415250.72     1780324810
GO-AHEAD GROUP        G9X GR        -44415250.72     1780324810
GREEN (E) & PART      GEP LN        -35008863.49    305242409.9
HAWTIN PLC            HTI EO        -3873861.331    110875080.8
HAWTIN PLC            HWN GR        -3873861.331    110875080.8
HAWTIN PLC            HWN TH        -3873861.331    110875080.8
HAWTIN PLC            HTI PG        -3873861.331    110875080.8
HAWTIN PLC            HTI VX        -3873861.331    110875080.8
HAWTIN PLC            HTI PZ        -3873861.331    110875080.8
HAWTIN PLC            HTI LN        -3873861.331    110875080.8
HAWTIN PLC            HTI IX        -3873861.331    110875080.8
HAWTIN PLC            HTI EU        -3873861.331    110875080.8
HAWTIN PLC            HTI PO        -3873861.331    110875080.8
HILTON G-CRT OLD      HIGT BB       -97533918.57     1748505414
HILTON GROUP PLC      HLTGF US      -97533918.57     1748505414
HILTON GROUP PLC      HG/ LN        -97533918.57     1748505414
HILTON GROUP PLC      HG PO         -97533918.57     1748505414
HILTON GROUP-ADR      HLTGY US      -97533918.57     1748505414
HILTON GROUP-CER      HG BB         -97533918.57     1748505414
HILTON GROUP-CRT      HIG BB        -97533918.57     1748505414
IGLO BIRDS EYE        2332487Z LN   -340594497.5     3096975127
INEOS GROUP HLDG      6623Z LN      -798534470.8    15936006904
JARVIS PLC            JRVS EO       -64739862.73      130951086
JARVIS PLC            JVR GR        -64739862.73      130951086
JARVIS PLC            JRVSEUR EO    -64739862.73      130951086
JARVIS PLC            JRVS IX       -64739862.73      130951086
JARVIS PLC            JRVS LN       -64739862.73      130951086
JARVIS PLC            JRVS PZ       -64739862.73      130951086
JARVIS PLC            JRVS EU       -64739862.73      130951086
JARVIS PLC            JRVS VX       -64739862.73      130951086
JARVIS PLC            JVSPF US      -64739862.73      130951086
JARVIS PLC            JRVSGBP EO    -64739862.73      130951086
JARVIS PLC            JRVS PO       -64739862.73      130951086
JARVIS PLC            JRVSEUR EU    -64739862.73      130951086
JESSOPS PLC           JS4 GR         -42702021.2    112964060.4
JESSOPS PLC           JSP LN         -42702021.2    112964060.4
JESSOPS PLC           JSPEUR EU      -42702021.2    112964060.4
JESSOPS PLC           JSPEUR EO      -42702021.2    112964060.4
JESSOPS PLC           JSP IX         -42702021.2    112964060.4
JESSOPS PLC           JSP VX         -42702021.2    112964060.4
JESSOPS PLC           JSPGBP EO      -42702021.2    112964060.4
JESSOPS PLC           JSP EO         -42702021.2    112964060.4
JESSOPS PLC           JSP EU         -42702021.2    112964060.4
JESSOPS PLC           JSP PO         -42702021.2    112964060.4
JESSOPS PLC           JSP PZ         -42702021.2    112964060.4
KLEENEZE PLC          KLZ LN        -14328735.16    110864081.4
KOP FOOTBALL HOL      3315203Z LN   -214487094.9    590218957.6
KOP FOOTBALL LTD      901297Z LN    -105207451.9    474568063.7
LADBROKE GROUP        LADB LN       -97533918.57     1748505414
LADBROKE GRP-IDR      695767Q BB    -97533918.57     1748505414
LADBROKE GRP-OLD      LADB BB       -97533918.57     1748505414
LADBROKES - FPR       LADF LN       -97533918.57     1748505414
LADBROKES - FPR       LADF PZ       -97533918.57     1748505414
LADBROKES PLC         LAD IX        -97533918.57     1748505414
LADBROKES PLC         LADEUR EO     -97533918.57     1748505414
LADBROKES PLC         LAD PO        -97533918.57     1748505414
LADBROKES PLC         LADUSD EO     -97533918.57     1748505414
LADBROKES PLC         HG/ VX        -97533918.57     1748505414
LADBROKES PLC         LAD NR        -97533918.57     1748505414
LADBROKES PLC         LAD EO        -97533918.57     1748505414
LADBROKES PLC         LAD QM        -97533918.57     1748505414
LADBROKES PLC         LAD VX        -97533918.57     1748505414
LADBROKES PLC         LAD TQ        -97533918.57     1748505414
LADBROKES PLC         LAD NQ        -97533918.57     1748505414
LADBROKES PLC         LAD EU        -97533918.57     1748505414
LADBROKES PLC         LADEUR EU     -97533918.57     1748505414
LADBROKES PLC         LADNZD EU     -97533918.57     1748505414
LADBROKES PLC         LDBKF US      -97533918.57     1748505414
LADBROKES PLC         LADNZD EO     -97533918.57     1748505414
LADBROKES PLC         LAD EB        -97533918.57     1748505414
LADBROKES PLC         LADGBP EO     -97533918.57     1748505414
LADBROKES PLC         LAD GR        -97533918.57     1748505414
LADBROKES PLC         LAD LN        -97533918.57     1748505414
LADBROKES PLC         LAD BQ        -97533918.57     1748505414
LADBROKES PLC         LAD PZ        -97533918.57     1748505414
LADBROKES PLC-AD      LDBKY LN      -97533918.57     1748505414
LADBROKES PLC-AD      LDBKY US      -97533918.57     1748505414
LADBROKES PLC-CE      LAD BB        -97533918.57     1748505414
LADBROKES PLC-NP      LADN LN       -97533918.57     1748505414
LADBROKES PLC-NP      LADN PZ       -97533918.57     1748505414
LAMBERT FENCHURC      LMF LN        -1453050.041     1826806853
LEEDS SPORTING        LEDPF US       -73166148.8    143762193.7
LEEDS SPORTING        LES LN         -73166148.8    143762193.7
LEEDS UNITED PLC      889687Q GR     -73166148.8    143762193.7
LEEDS UNITED PLC      LDSUF US       -73166148.8    143762193.7
LEEDS UNITED PLC      LUFC LN        -73166148.8    143762193.7
LONDON TOWN PLC       LTW EO        -21897636.36    175672299.2
LONDON TOWN PLC       LTW PG        -21897636.36    175672299.2
LONDON TOWN PLC       LTW EU        -21897636.36    175672299.2
LONDON TOWN PLC       LTWX LN       -21897636.36    175672299.2
LONDON TOWN PLC       LTW IX        -21897636.36    175672299.2
LONDON TOWN PLC       LTW LN        -21897636.36    175672299.2
LONDON TOWN PLC       LOU GR        -21897636.36    175672299.2
LONDON TOWN PLC       LTW PO        -21897636.36    175672299.2
LONDON TOWN PLC       LTWR LN       -21897636.36    175672299.2
LONDON TOWN PLC       LTW PZ        -21897636.36    175672299.2
M 2003 PLC            203055Q LN     -2203513803     7204891602
M 2003 PLC            MTWOF US       -2203513803     7204891602
M 2003 PLC-ADR        MTWOE US       -2203513803     7204891602
M 2003 PLC-ADR        MTWOY US       -2203513803     7204891602
MARCONI PLC           203083Q VX     -2203513803     7204891602
MARCONI PLC           MNI LN         -2203513803     7204891602
MARCONI PLC           MONI BB        -2203513803     7204891602
MARCONI PLC           MNI BB         -2203513803     7204891602
MARCONI PLC           MY2 GR         -2203513803     7204891602
MARCONI PLC           MRCQF US       -2203513803     7204891602
MARCONI PLC-ADR       QUQMON AU      -2203513803     7204891602
MARCONI PLC-ADR       MRCQY US       -2203513803     7204891602
MARCONI PLC-ADR       MONIY US       -2203513803     7204891602
MARCONI PLC-ADR       MONI US        -2203513803     7204891602
MARCONI PLC-ADR       MONIE US       -2203513803     7204891602
MARCONI PLC-ADR       MCONY US       -2203513803     7204891602
MARCONI PLC-ADR       MCBA GR        -2203513803     7204891602
MARCONI PLC-ADR       MY2A GR        -2203513803     7204891602
MFI FURNITURE GR      MFI LN        -117673114.1    573836054.4
MYTRAVEL GROUP        MT/S PO       -379721841.6     1817512774
MYTRAVEL GROUP        MYTPF US      -379721841.6     1817512774
MYTRAVEL GROUP        ARO2 GR       -379721841.6     1817512774
MYTRAVEL GROUP        MT/S VX       -379721841.6     1817512774
MYTRAVEL GROUP        MT/S LN       -379721841.6     1817512774
MYTRAVEL GROUP        3544280Q IX   -379721841.6     1817512774
MYTRAVEL GROUP P      MYTGF US      -379721841.6     1817512774
MYTRAVEL GROUP P      1018144Q GR   -379721841.6     1817512774
MYTRAVEL GROUP P      MT/ VX        -379721841.6     1817512774
MYTRAVEL GROUP-A      2281919Q GR   -379721841.6     1817512774
MYTRAVEL GROUP-A      MYTVF US      -379721841.6     1817512774
NEW STAR ASSET        NSAA LN         -397718038    292972732.1
NEW STAR ASSET        3226431Q EU     -397718038    292972732.1
NEW STAR ASSET        NSAM PO         -397718038    292972732.1
NEW STAR ASSET        NSAM PZ         -397718038    292972732.1
NEW STAR ASSET        NSAM TQ         -397718038    292972732.1
NEW STAR ASSET        NSAM IX         -397718038    292972732.1
NEW STAR ASSET        3226439Q EU     -397718038    292972732.1
NEW STAR ASSET        3226443Q EO     -397718038    292972732.1
NEW STAR ASSET        NSAM LN         -397718038    292972732.1
NEW STAR ASSET        3226435Q EO     -397718038    292972732.1
NEW STAR ASSET        N6S GR          -397718038    292972732.1
NEW STAR ASSET        3226447Q EO     -397718038    292972732.1
NEW STAR ASSET        NWSAF US        -397718038    292972732.1
NORTHERN FOODS        NFDS PZ       -30711069.58    891077074.3
NORTHERN FOODS        NFDS LN       -30711069.58    891077074.3
NORTHERN FOODS        NTFOF US      -30711069.58    891077074.3
NORTHERN FOODS        NFDS QM       -30711069.58    891077074.3
NORTHERN FOODS        NFDS EO       -30711069.58    891077074.3
NORTHERN FOODS        NFDS NR       -30711069.58    891077074.3
NORTHERN FOODS        NFDS EU       -30711069.58    891077074.3
NORTHERN FOODS        NFDSEUR EU    -30711069.58    891077074.3
NORTHERN FOODS        NFDSEUR EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDS NQ       -30711069.58    891077074.3
NORTHERN FOODS        NFO GR        -30711069.58    891077074.3
NORTHERN FOODS        NFDS EB       -30711069.58    891077074.3
NORTHERN FOODS        NFDS BQ       -30711069.58    891077074.3
NORTHERN FOODS        NFDSUSD EU    -30711069.58    891077074.3
NORTHERN FOODS        NFDS TQ       -30711069.58    891077074.3
NORTHERN FOODS        NFDS VX       -30711069.58    891077074.3
NORTHERN FOODS        NFDS PO       -30711069.58    891077074.3
NORTHERN FOODS        NFDSGBP EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDSUSD EO    -30711069.58    891077074.3
NORTHERN FOODS        NFDS IX       -30711069.58    891077074.3
NORTHERN FOODS P      NFDR LN       -30711069.58    891077074.3
NORTHERN FOO-NEW      NFDN LN       -30711069.58    891077074.3
NORTHERN FOO-RFD      650060Q LN    -30711069.58    891077074.3
ORANGE PLC            1460Q GR        -593935051     2902299502
ORANGE PLC            951641Q LN      -593935051     2902299502
ORANGE PLC            ORNGF US        -593935051     2902299502
ORANGE PLC-ADR        ORNGY US        -593935051     2902299502
ORANGE PLC-ADR        ONG GR          -593935051     2902299502
ORANGE PLC-ADR        ORA$ LN         -593935051     2902299502
ORBIS PLC             OBS PO        -4168498.479    127701679.5
ORBIS PLC             OBS LN        -4168498.479    127701679.5
ORBIS PLC             OBS IX        -4168498.479    127701679.5
ORBIS PLC             OBG PO        -4168498.479    127701679.5
ORBIS PLC             ORBSF US      -4168498.479    127701679.5
ORBIS PLC             OBS PZ        -4168498.479    127701679.5
ORBIS PLC             RLP GR        -4168498.479    127701679.5
PARK FOOD GROUP       PKFD LN       -52867263.19    185089877.3
PARK GROUP PLC        PKG VX        -52867263.19    185089877.3
PARK GROUP PLC        PKGGBP EO     -52867263.19    185089877.3
PARK GROUP PLC        PKG EO        -52867263.19    185089877.3
PARK GROUP PLC        PKG EU        -52867263.19    185089877.3
PARK GROUP PLC        PKG LN        -52867263.19    185089877.3
PARK GROUP PLC        PKG PO        -52867263.19    185089877.3
PARK GROUP PLC        PKG PZ        -52867263.19    185089877.3
PARK GROUP PLC        PRKGF US      -52867263.19    185089877.3
PARK GROUP PLC        PRKG IX       -52867263.19    185089877.3
PATIENTLINE PLC       2928903Q EU   -54677284.64    124948245.8
PATIENTLINE PLC       2928907Q EO   -54677284.64    124948245.8
PATIENTLINE PLC       PTL VX        -54677284.64    124948245.8
PATIENTLINE PLC       PTL LN        -54677284.64    124948245.8
PATIENTLINE PLC       PTL PZ        -54677284.64    124948245.8
PATIENTLINE PLC       2928899Q EO   -54677284.64    124948245.8
PATIENTLINE PLC       PTL PO        -54677284.64    124948245.8
PATIENTLINE PLC       PTL IX        -54677284.64    124948245.8
PROSTRAKAN GROUP      PSK VX         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK PO         -8881399.87    126115878.2
PROSTRAKAN GROUP      PKNGF US       -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK PZ         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKGBP EO      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKEUR EO      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK EU         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK LN         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK EO         -8881399.87    126115878.2
PROSTRAKAN GROUP      PSKEUR EU      -8881399.87    126115878.2
PROSTRAKAN GROUP      PSK IX         -8881399.87    126115878.2
REGUS LTD             273187Q LN    -46111835.37      367181111
REGUS PLC             2296Z LN      -46111835.37      367181111
REGUS PLC             273195Q VX    -46111835.37      367181111
REGUS PLC             REGSF US      -46111835.37      367181111
REGUS PLC             RGU GR        -46111835.37      367181111
REGUS PLC-ADS         REGSY US      -46111835.37      367181111
REGUS PLC-ADS         RGUA GR       -46111835.37      367181111
REGUS PLC-ADS         REGS US       -46111835.37      367181111
REGUS PLC-ADS         REGSV US      -46111835.37      367181111
RENTOKIL INITIAL      RKLIF US      -242381476.4     3231214649
RENTOKIL INITIAL      RTO VX        -242381476.4     3231214649
RENTOKIL INITIAL      RTOGBP EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO IX        -242381476.4     3231214649
RENTOKIL INITIAL      RTO NQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTO QM        -242381476.4     3231214649
RENTOKIL INITIAL      RTO PO        -242381476.4     3231214649
RENTOKIL INITIAL      RTOG IX       -242381476.4     3231214649
RENTOKIL INITIAL      RTO TQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTOUSD EU     -242381476.4     3231214649
RENTOKIL INITIAL      RTO LN        -242381476.4     3231214649
RENTOKIL INITIAL      RTO EB        -242381476.4     3231214649
RENTOKIL INITIAL      RTOKF US      -242381476.4     3231214649
RENTOKIL INITIAL      RTOUSD EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO EO        -242381476.4     3231214649
RENTOKIL INITIAL      RTO PZ        -242381476.4     3231214649
RENTOKIL INITIAL      RTOEUR EU     -242381476.4     3231214649
RENTOKIL INITIAL      RTO EU        -242381476.4     3231214649
RENTOKIL INITIAL      RTO GR        -242381476.4     3231214649
RENTOKIL INITIAL      RTOEUR EO     -242381476.4     3231214649
RENTOKIL INITIAL      RTO BQ        -242381476.4     3231214649
RENTOKIL INITIAL      RTO1 GR       -242381476.4     3231214649
RENTOKIL INITIAL      RTO NR        -242381476.4     3231214649
RENTOKIL-SP ADR       AP76 LI       -242381476.4     3231214649
RENTOKIL-SP ADR       RTOKY US      -242381476.4     3231214649
SAATCHI & SA-ADR      SSI$ LN       -119260804.2    705060824.5
SAATCHI & SA-ADR      SSA US        -119260804.2    705060824.5
SAATCHI & SAATCH      188190Q GR    -119260804.2    705060824.5
SAATCHI & SAATCH      SSATF US      -119260804.2    705060824.5
SAATCHI & SAATCH      SSI LN        -119260804.2    705060824.5
SCOTTISH MEDIA        SSM LN        -51512119.25      207340304
SCOTTISH MEDIA        SSMR LN       -51512119.25      207340304
SCOTTISH MEDIA        1442Q GR      -51512119.25      207340304
SCOTTISH TELEV        SCTVF US      -51512119.25      207340304
SFI GROUP PLC         SUF LN        -108067115.8    177647536.1
SFI GROUP PLC         SUYFF US      -108067115.8    177647536.1
SKYEPHARMA PLC        SKP LN        -128538078.1      135158758
SKYEPHARMA PLC        SKPGBP EO     -128538078.1      135158758
SKYEPHARMA PLC        SKP1 VX       -128538078.1      135158758
SKYEPHARMA PLC        SKP PO        -128538078.1      135158758
SKYEPHARMA PLC        SKP VX        -128538078.1      135158758
SKYEPHARMA PLC        SKPEUR EU     -128538078.1      135158758
SKYEPHARMA PLC        SKP PZ        -128538078.1      135158758
SKYEPHARMA PLC        SKPEUR EO     -128538078.1      135158758
SKYEPHARMA PLC        SKP EU        -128538078.1      135158758
SKYEPHARMA PLC        SK8C GR       -128538078.1      135158758
SKYEPHARMA PLC        SKP IX        -128538078.1      135158758
SKYEPHARMA PLC        SK8A GR       -128538078.1      135158758
SKYEPHARMA PLC        SKP EO        -128538078.1      135158758
SKYEPHARMA PLC        SKYEF US      -128538078.1      135158758
SKYEPHARMA PLC        SKP TQ        -128538078.1      135158758
SKYEPHARMA -SUB       2976665Z LN   -128538078.1      135158758
SKYEPHARMA-ADR        SKYEY US      -128538078.1      135158758
SKYEPHARMA-ADR        SKYE US       -128538078.1      135158758
SKYEPHARMA-ADR        SKYPY US      -128538078.1      135158758
SKYEPHARMA-ADR        AP80 LI       -128538078.1      135158758
SKYEPHARMA-ADR        SK8N GR       -128538078.1      135158758
SKYEPHARMA-ADR        SK8 GR        -128538078.1      135158758
SKYEPHAR-RTS F/P      SKPF LN       -128538078.1      135158758
SKYEPHAR-RTS F/P      SKPF VX       -128538078.1      135158758
SKYEPHAR-RTS N/P      SKPN VX       -128538078.1      135158758
SKYEPHAR-RTS N/P      SKPN LN       -128538078.1      135158758
SMG PLC               SMG PO        -51512119.25      207340304
SMG PLC               SMG LN        -51512119.25      207340304
SMG PLC-FUL PAID      SMGF LN       -51512119.25      207340304
SMG PLC-NIL PAID      SMGN LN       -51512119.25      207340304
SMITHS NEWS PLC       NWS IX         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 EO        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 EO        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS VX         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS PO         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 BQ        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2EUR EU     -99944882.2    279114366.1
SMITHS NEWS PLC       SMWPF US       -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1GBP EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2GBP EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2EUR EO     -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 TQ        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS LN         -99944882.2    279114366.1
SMITHS NEWS PLC       SMWPY US       -99944882.2    279114366.1
SMITHS NEWS PLC       NWS PZ         -99944882.2    279114366.1
SMITHS NEWS PLC       NWS1 EU        -99944882.2    279114366.1
SMITHS NEWS PLC       NWS2 EU        -99944882.2    279114366.1
STV GROUP PLC         SMGPF US      -51512119.25      207340304
STV GROUP PLC         STVG EU       -51512119.25      207340304
STV GROUP PLC         STVG EO       -51512119.25      207340304
STV GROUP PLC         SMG IX        -51512119.25      207340304
STV GROUP PLC         STVGEUR EO    -51512119.25      207340304
STV GROUP PLC         SMG VX        -51512119.25      207340304
STV GROUP PLC         STVG LN       -51512119.25      207340304
STV GROUP PLC         SMG PZ        -51512119.25      207340304
STV GROUP PLC         STVG VX       -51512119.25      207340304
STV GROUP PLC         STVGGBP EO    -51512119.25      207340304
STV GROUP PLC         STVGEUR EU    -51512119.25      207340304
TELEWEST COM-ADR      940767Q GR     -3702234581     7581020925
TELEWEST COM-ADR      TWSTD US       -3702234581     7581020925
TELEWEST COM-ADR      TWT$ LN        -3702234581     7581020925
TELEWEST COM-ADR      TWSTY US       -3702234581     7581020925
TELEWEST COMM         604296Q GR     -3702234581     7581020925
TELEWEST COMM         TWT VX         -3702234581     7581020925
TELEWEST COMM         715382Q LN     -3702234581     7581020925
TELEWEST COMM         TWSTF US       -3702234581     7581020925
THORN EMI PLC         THNE FP        -2265916257     2950021937
THORN EMI-ADR         TORNY US       -2265916257     2950021937
THORN EMI-ADR         THN$ LN        -2265916257     2950021937
THORN EMI-CDR         THN NA         -2265916257     2950021937
THORN EMI-REGD        1772Q GR       -2265916257     2950021937
TI AUTOMOTIVE-A       6525Z LN      -298787496.1     1730489867
TOPPS TILES PLC       TPT EU        -49423537.13    155303750.4
TOPPS TILES PLC       TPTGBP EO     -49423537.13    155303750.4
TOPPS TILES PLC       TPTJF US      -49423537.13    155303750.4
TOPPS TILES PLC       TPT TQ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTJY US      -49423537.13    155303750.4
TOPPS TILES PLC       TPT BQ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTEUR EO     -49423537.13    155303750.4
TOPPS TILES PLC       TPT LN        -49423537.13    155303750.4
TOPPS TILES PLC       TPT PO        -49423537.13    155303750.4
TOPPS TILES PLC       TPT PZ        -49423537.13    155303750.4
TOPPS TILES PLC       TPTEUR EU     -49423537.13    155303750.4
TOPPS TILES PLC       TPT IX        -49423537.13    155303750.4
TOPPS TILES PLC       TPT VX        -49423537.13    155303750.4
TOPPS TILES PLC       TPT EO        -49423537.13    155303750.4
TOPPS TILES-NEW       TPTN LN       -49423537.13    155303750.4
UNIGATE PLC           UNIG LN       -24544959.64    626057950.8
UNIGATE PLC           UNGAF US      -24544959.64    626057950.8
UNIGATE PLC           1577Q GR      -24544959.64    626057950.8
UNIGATE PLC           UNGPF US      -24544959.64    626057950.8
UNIGATE PLC-ADR       UNGAY US      -24544959.64    626057950.8
UNIQ PLC              UNIQ VX       -24544959.64    626057950.8
UNIQ PLC              UNIQEUR EO    -24544959.64    626057950.8
UNIQ PLC              UNIQ LN       -24544959.64    626057950.8
UNIQ PLC              UGE GR        -24544959.64    626057950.8
UNIQ PLC              UNIQ PZ       -24544959.64    626057950.8
UNIQ PLC              UNIQ IX       -24544959.64    626057950.8
UNIQ PLC              UNQPF US      -24544959.64    626057950.8
UNIQ PLC              UNIQGBP EO    -24544959.64    626057950.8
UNIQ PLC              UNIQF US      -24544959.64    626057950.8
UNIQ PLC              UNIQ EU       -24544959.64    626057950.8
UNIQ PLC              UNIQ PO       -24544959.64    626057950.8
UNIQ PLC              UNIQ EO       -24544959.64    626057950.8
UNIQ PLC              UNIQEUR EU    -24544959.64    626057950.8
UTC GROUP             UGR LN        -11904426.45      203548565
VIRGIN MOB-ASSD       VMOC LN       -392165437.6    166070003.7
VIRGIN MOB-ASSD       VMOA LN       -392165437.6    166070003.7
VIRGIN MOBILE         VMOB LN       -392165437.6    166070003.7
VIRGIN MOBILE         VMOB VX       -392165437.6    166070003.7
VIRGIN MOBILE         UEM GR        -392165437.6    166070003.7
VIRGIN MOBILE         VMOB PO       -392165437.6    166070003.7
VIRGIN MOBILE         VGMHF US      -392165437.6    166070003.7
WARNER ESTATE         WNERGBP EO    -37798939.99    432125169.9
WARNER ESTATE         WNEHF US      -37798939.99    432125169.9
WARNER ESTATE         WNER EU       -37798939.99    432125169.9
WARNER ESTATE         WRL GR        -37798939.99    432125169.9
WARNER ESTATE         WNER EO       -37798939.99    432125169.9
WARNER ESTATE         WNER IX       -37798939.99    432125169.9
WARNER ESTATE         WNER LN       -37798939.99    432125169.9
WARNER ESTATE         WNER PO       -37798939.99    432125169.9
WARNER ESTATE         WNER VX       -37798939.99    432125169.9
WARNER ESTATE         WNER PZ       -37798939.99    432125169.9
WATSON & PHILIP       WTSN LN         -120493900    252232072.9
WHITE YOUNG GREE      WHY EU        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY VX        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYEUR EO     -35008863.49    305242409.9
WHITE YOUNG GREE      WHY LN        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY PO        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYGBP EO     -35008863.49    305242409.9
WHITE YOUNG GREE      WHY EO        -35008863.49    305242409.9
WHITE YOUNG GREE      WHY PZ        -35008863.49    305242409.9
WHITE YOUNG GREE      WHYEUR EU     -35008863.49    305242409.9
WHITE YOUNG-NEW       WHYN LN       -35008863.49    305242409.9
WINCANTON PL-ADR      WNCNY US      -151911497.1     1420828184
WINCANTON PLC         WIN PZ        -151911497.1     1420828184
WINCANTON PLC         WIN1USD EU    -151911497.1     1420828184
WINCANTON PLC         WIN1GBP EO    -151911497.1     1420828184
WINCANTON PLC         WIN1EUR EO    -151911497.1     1420828184
WINCANTON PLC         WIN1 NQ       -151911497.1     1420828184
WINCANTON PLC         WIN PO        -151911497.1     1420828184
WINCANTON PLC         WIN1 QM       -151911497.1     1420828184
WINCANTON PLC         WNCNF US      -151911497.1     1420828184
WINCANTON PLC         WIN1 TQ       -151911497.1     1420828184
WINCANTON PLC         WIN VX        -151911497.1     1420828184
WINCANTON PLC         WIN1EUR EU    -151911497.1     1420828184
WINCANTON PLC         WIN1 BQ       -151911497.1     1420828184
WINCANTON PLC         WIN IX        -151911497.1     1420828184
WINCANTON PLC         WIN LN        -151911497.1     1420828184
WINCANTON PLC         WIN1 EO       -151911497.1     1420828184
WINCANTON PLC         WIN1 EB       -151911497.1     1420828184
WINCANTON PLC         WIN1USD EO    -151911497.1     1420828184
WINCANTON PLC         WIN1 EU       -151911497.1     1420828184
WYG PLC               WYG LN        -35008863.49    305242409.9
WYG PLC               WYGEUR EO     -35008863.49    305242409.9
WYG PLC               WYG EU        -35008863.49    305242409.9
WYG PLC               WYGGBP EO     -35008863.49    305242409.9
WYG PLC               WYGEUR EU     -35008863.49    305242409.9
WYG PLC               WHY IX        -35008863.49    305242409.9
WYG PLC               WYG PZ        -35008863.49    305242409.9
WYG PLC               WYG EO        -35008863.49    305242409.9



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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