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        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, August 10, 2010, Vol. 11, No. 156

                            Headlines



B E L G I U M

DEXIA SA: Net Income Down 12% to EUR248 Mil. in Second Qtr. 2010


F R A N C E

CMA CGM: Frere Talks Interrupted After Investor Rights Dispute


G E O R G I A

BANK OF GEORGIA: Fitch Upgrades Issuer Default Ratings to 'B+'
BASISBANK JSC: Fitch Upgrades Issuer Default Ratings to Low-B
PROCREDIT BANK: Fitch Affirms Low-B Issuer Default Ratings
TBC BANK: Fitch Affirms Low-B Issuer Default Ratings
VTB BANK: Fitch Upgrades Individual Rating to 'D/E'


G E R M A N Y

ARCANDOR AG: Court to Decide Extension of Karstadt Talks Today
ARCANDOR AG: Metro CEO Favors Kaufhof-Karstadt Merger


I R E L A N D

ALLIED IRISH: State to Take Majority Stake by Year-End
ARNOTTS HOLDINGS: Chairman's Fate to Be Decided This Week
DEKANIA EUROPE: S&P Downgrades Rating on Class C Notes to 'CCC-'
MPS GLOBAL: Director Can't Reduce Assets Below EUR4.5 Million
SIGNUM FINANCE: S&P Cuts Credit Rating on 2007-5 Notes to 'D'


L U X E M B O U R G

BOZEL S.A.: Shareholder's Liquidator Can Take Control of Assets


N E T H E R L A N D S

SCEPTRE CAPITAL: S&P Cuts Credit Rating on 2006-4 Notes to 'D'


R U S S I A

ROSSIYA OJSC: Fitch Changes Watch on 'B-' Rating to Negative


S P A I N

BANCAJA FONDO: Fitch Downgrades Rating on Class E Notes to 'CC'
MBS BANCAJA: Fitch Downgrades Rating on Class E Notes to 'CC'


U N I T E D   K I N G D O M

CONNAUGHT PLC: Mulls Asset Write-down; Expects Further Losses
EAST END: Goes Into Receivership Following Downturn
EXETER LIFESTYLE: In Liquidation; Owes GBP160,000
GATHERING 2009: Creditors Set Up Fund to Pursue Legal Action
ITV PLC: Fitch Upgrades Issuer Default Rating to 'BB'

LANDMARK MORTGAGE: S&P Lowers Rating on Class D Notes to 'B-'
MORPHEUS PLC: Fitch Junks Rating on Class E Notes From 'B'
PORTSMOUTH FOOTBALL: Balu Chainrai Mulls Investment
WHITE TOWER: S&P Downgrades Rating on Class E Notes to 'CCC-'

* UK: Budget Cuts to Push More Firms Into Bankruptcy, R3 Says
* UK: Premier League Adopts New Ownership & Financial Rules


X X X X X X X X

* EUROPE: French Gov't Experts Back Germany Insolvency Plan

* Large Companies with Insolvent Balance Sheet




                         *********



=============
B E L G I U M
=============


DEXIA SA: Net Income Down 12% to EUR248 Mil. in Second Qtr. 2010
----------------------------------------------------------------
Fabio Benedetti-Valentini at Bloomberg News reports that Dexia SA,
which received billions of euros in capital and funding guarantees
from France, Belgium and Luxembourg during the credit crunch, said
second-quarter profit fell 12%, hurt by a charge from Slovakia.

Bloomberg relates the bank on Friday said net income dropped to
EUR248 million (US$327 million) from EUR283 million a year
earlier.

According to Bloomberg, Dexia said the bank had a EUR39 million
second-quarter pretax loss at a unit that unwinds assets, compared
with a EUR125 million profit a year earlier.

Bloomberg recalls at the end of 2008, the bank started unwinding
EUR191 billion of assets, including bond holdings, a pool of
asset-backed securities and government loans outstanding in
markets that Dexia is exiting.

Dexia, which received a capital injection of about EUR6 billion in
2008 to avoid collapse, agreed in February to sell units in Italy,
Spain and Slovakia to gain European Union approval for the
taxpayer bailout, Bloomberg discloses.  The bank also agreed to
shrink its balance sheet 35% by 2014, Bloomberg notes.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Feb. 16,
2010, Moody's Investors Service upgraded to B3 from Caa1 the
ratings of the preferred stock securities issued by Dexia Credit
Local and by Dexia Funding Luxembourg (guaranteed by Dexia Group)
and to B1 from Caa1 the ratings of the preferred stock securities
issued by Dexia Banque Internationale a Luxembourg.  The rating of
the junior subordinated debt issued by Dexia Bank Belgium was
confirmed at Ba2.  These subordinated debt ratings now carry a
stable outlook.


===========
F R A N C E
===========


CMA CGM: Frere Talks Interrupted After Investor Rights Dispute
--------------------------------------------------------------
David Whitehouse at Bloomberg News, citing Les Echos, reports that
CMA CGM SA's talks with Albert Frere have been interrupted after
disagreement over the rights that the Belgian billionaire would
enjoy as an investor in the French shipping company.

According to Bloomberg, the newspaper said talks have not been
broken off and could restart later.

As reported by the Troubled Company Reporter-Europe on Aug. 2,
2010, Bloomberg News said France's FSI sovereign-wealth fund was
in talks with Mr. Frere's Cie. Nationale a Portefeuille SA over a
joint investment in the shipping company.

The Troubled Company Reporter-Europe, citing Bloomberg News, had
reported that CMA CGM, which is reorganizing EUR5.4 billion (US$7
billion) of debt, had until July 26, 2010, to put together a new
investor group.  Bloomberg said CMA CGM began talks with creditors
in September 2009 to reorganize and avoid insolvency after
breaching covenants on most of its debt.  Bloomberg said under
France's court-sponsored conciliation procedure, a company's
failure to meet the deadline for an agreement with creditors makes
it harder to raise new funds and leaves it vulnerable to
insolvency if broken covenants are invoked.

France-based CMA CGM -- http://www.cma-cgm.com/-- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.


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


BANK OF GEORGIA: Fitch Upgrades Issuer Default Ratings to 'B+'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
two Georgian banks and affirmed three others.

The two upgraded banks are Bank of Georgia and Basisbank while the
affirmed banks are JSC VTB Bank (Georgia), ProCredit Bank
(Georgia) and TBC Bank.  At the same time, VTBG's Individual
rating has also been upgraded.  All of the banks' Long-term IDRs
are on Stable Outlook.

The upgrades of the Long-term IDRs of BOG and Basisbank and the
Individual rating of VTBG in part reflect Fitch's view that the
Georgian banking system is emerging from the global financial
crisis and the domestic economic downturn in reasonably good
condition.  The upgrades of BOG and Basisbank further reflect
those banks' demonstrated ability to survive the major asset
quality stress posed by the crisis and two deposit outflows, while
maintaining solid capital positions and comfortable liquidity.
The upgrade of the Individual rating of VTBG reflects the cleaning
up of the balance sheet following a recent equity injection.

The upgrade of BOG's Long-term IDRs to 'B+' from 'B' reflects the
stabilization in the bank's asset quality metrics, its strong
Basel capital ratios, currently comfortable liquidity position
supported by sizable deposit inflows, limited refinancing risk and
a track record of manageable performance through the crisis.  The
ratings are also supported by the bank's generally good governance
and strong customer franchise in Georgia.

Negatives for the bank's credit profile, in common with other
Georgian banks, are the still quite high-risk operating
environment and a high level of foreign currency lending.  At end-
Q110, the bank reported loans overdue by more than 90 days at a
moderate 8.6% of total loans, with another 6% of total loans being
restructured.  Fitch notes some signs of stabilization in BOG's
asset quality in H209-H110, and loan impairment reserves covered
NPLs by 107% at end-Q110.  Despite the loss in 2009, driven by
high credit costs and the write-off of goodwill relating to the
Ukrainian subsidiary, BOG's consolidated Basel I tier 1 and total
capital ratios were a strong 22.1% and 32.3%, respectively, at
end-Q110, representing significant loss absorption capacity.

BOG's stand-alone customer funding increased 28% and 10% in H209
and H110, respectively (broadly in line with sector growth), and
the liquidity position is currently comfortable, with liquid
assets covering 54% of customer funding at end-Q110.  Refinancing
risk is limited due to the quite conservative management of
liquidity and the role of international financial institutions as
lenders, although Fitch notes that the bank's eurobond, maturing
in February 2012, comprises a significant 8.7% of assets (net of
buybacks to date).

After write-offs made in H209, Basisbank's NPLs were a moderate
3.5% of total loans at end-H110, with an additional 2.3% of loans
being restructured.  Lending growth was a high 25% in H110 (versus
11% sector growth), which was driven to a large extent by
intensified lending to SMEs; however, concentrations remained high
in the loan portfolio.  Fitch views the gradual lengthening and
diversification of the funding base as positive.  The capital
position is satisfactory with Tier 1 and total regulatory capital
ratios of 12.6% and 12.8%, respectively, at end-H110 under quite
stringent local rules; capital could be boosted significantly if
the bank is able to sell repossessed assets, which are heavily
reserved and/or deducted from regulatory capital.

The 'BB-' Long-term foreign currency IDRs of PCBG and VTBG are
driven by potential support from their majority owners, Germany's
ProCredit Holding AG ('BBB-'/Stable; 100% stake in PCBG), and
Russian state-controlled JSC VTB Bank ('BBB'/Stable; 87.4% stake
in VTBG) and constrained by the Georgian Country Ceiling of 'BB-'.
In Fitch's view, PCH and VTB would have a strong propensity to
support PCBG and VTBG, respectively, but Georgian transfer and
convertibility risks limit the extent to which this support can be
factored into the ratings.  PCBG's and VTBG's Long-term IDRs are
likely to move in line with Country Ceiling.

The upgrade of VTBG's Individual rating to 'D/E' from 'E' reflects
the bank's much sounder balance sheet after a GEL38m equity
injection (equal to 36% of pre-injection equity) received from VTB
in June 2010.  Following the injection and subsequent significant
write-offs (in total GEL31m of loans were written off in H110,
equal to 11% of the end-2009 portfolio), asset quality is sound.
Reported NPLs were at 3.2% at end-H110, adjusted for two large
loans guaranteed and financed by VTB.  The regulatory Tier 1 and
total capital ratios increased, respectively, to 20.2% and 24.4%
at end-Q210 from 10.1% and 17% at end-Q110.  At the same time,
Fitch notes that the portion of restructured loans remained high
at 16% of adjusted loans, and concentrations on top borrowers and
the real estate and construction sectors were also sizable, albeit
reduced relative to equity.

The affirmation of PCBG's 'D' Individual rating reflects its
significantly better asset quality relative to other banks in the
sector, with reported NPLs at 1.7% of total loans at end-H110 and
restructured loans at 3%.  Fitch also notes the bank's track
record of good performance through the crisis.  Capitalization
remains strong and liquidity comfortable.

TBC's 'B+' Long-term IDR is driven by potential support from IFIs,
which jointly own a majority (55%) stake in the bank.  Fitch
continues to believe that the probability that TBC may receive
support from IFIs in case of need is significant.  However, some
doubt remains about the ability and readiness of the IFIs to
always provide coordinated and timely support, if required.  Quite
moderate asset quality and still high exposure to real estate and
construction continue to weigh on the bank's credit profile.  The
level of NPLs remained moderate at 4.3% at end-H110; however,
restructured loans were still a significant 15.3% at end-H110,
albeit down from 20.6% at end-H109.  Exposures to the distressed
real estate and construction sectors decreased but remained high
at 19% of total loans at end-Q110.  TBC's liquidity is comfortable
and covered customer funding by 43% at end-H110.  Capitalization
was bolstered by IFI contributions in 2009, and at end-2009 the
Basel tier 1 and total ratios were a high 24.7% and 37.1%,
respectively.  At end-H110, under stringent local rules, the
bank's tier 1 and total regulatory capital ratios were 13.7% and
20.4%, respectively.

Rating actions:

Bank of Georgia

  -- Long-term foreign and local currency IDRs upgraded to 'B+'
     from 'B', Stable Outlook

  -- Senior unsecured debt upgraded to 'B+' from 'B', Recovery
     Rating at 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support rating affirmed at '4'

  -- Support rating floor affirmed at 'B'

  -- Individual rating affirmed at 'D'

JSC Basisbank

  -- Long-term IDR upgraded to 'B-' from 'CCC', Stable Outlook
  -- Short-term IDR upgraded to 'B' from 'C'
  -- Support Rating affirmed at '5'
  -- Support rating floor affirmed at 'No Floor'
  -- Individual Rating affirmed at 'D/E'

TBC Bank

  -- Long-term IDR affirmed at 'B+', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support rating affirmed at '4'
  -- Individual rating affirmed at 'D'

ProCredit Bank (Georgia)

  -- Long-term foreign and local currency IDRs affirmed at 'BB-',
     Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '3'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term IDR affirmed at 'BB-', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support Rating affirmed at '3'
  -- Individual Rating upgraded to 'D/E' from 'E'


BASISBANK JSC: Fitch Upgrades Issuer Default Ratings to Low-B
-------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
two Georgian banks and affirmed three others.

The two upgraded banks are Bank of Georgia and Basisbank while the
affirmed banks are JSC VTB Bank (Georgia), ProCredit Bank
(Georgia) and TBC Bank.  At the same time, VTBG's Individual
rating has also been upgraded.  All of the banks' Long-term IDRs
are on Stable Outlook.

The upgrades of the Long-term IDRs of BOG and Basisbank and the
Individual rating of VTBG in part reflect Fitch's view that the
Georgian banking system is emerging from the global financial
crisis and the domestic economic downturn in reasonably good
condition.  The upgrades of BOG and Basisbank further reflect
those banks' demonstrated ability to survive the major asset
quality stress posed by the crisis and two deposit outflows, while
maintaining solid capital positions and comfortable liquidity.
The upgrade of the Individual rating of VTBG reflects the cleaning
up of the balance sheet following a recent equity injection.

The upgrade of BOG's Long-term IDRs to 'B+' from 'B' reflects the
stabilization in the bank's asset quality metrics, its strong
Basel capital ratios, currently comfortable liquidity position
supported by sizable deposit inflows, limited refinancing risk and
a track record of manageable performance through the crisis.  The
ratings are also supported by the bank's generally good governance
and strong customer franchise in Georgia.

Negatives for the bank's credit profile, in common with other
Georgian banks, are the still quite high-risk operating
environment and a high level of foreign currency lending.  At end-
Q110, the bank reported loans overdue by more than 90 days at a
moderate 8.6% of total loans, with another 6% of total loans being
restructured.  Fitch notes some signs of stabilization in BOG's
asset quality in H209-H110, and loan impairment reserves covered
NPLs by 107% at end-Q110.  Despite the loss in 2009, driven by
high credit costs and the write-off of goodwill relating to the
Ukrainian subsidiary, BOG's consolidated Basel I tier 1 and total
capital ratios were a strong 22.1% and 32.3%, respectively, at
end-Q110, representing significant loss absorption capacity.

BOG's stand-alone customer funding increased 28% and 10% in H209
and H110, respectively (broadly in line with sector growth), and
the liquidity position is currently comfortable, with liquid
assets covering 54% of customer funding at end-Q110.  Refinancing
risk is limited due to the quite conservative management of
liquidity and the role of international financial institutions as
lenders, although Fitch notes that the bank's eurobond, maturing
in February 2012, comprises a significant 8.7% of assets (net of
buybacks to date).

After write-offs made in H209, Basisbank's NPLs were a moderate
3.5% of total loans at end-H110, with an additional 2.3% of loans
being restructured.  Lending growth was a high 25% in H110 (versus
11% sector growth), which was driven to a large extent by
intensified lending to SMEs; however, concentrations remained high
in the loan portfolio.  Fitch views the gradual lengthening and
diversification of the funding base as positive.  The capital
position is satisfactory with Tier 1 and total regulatory capital
ratios of 12.6% and 12.8%, respectively, at end-H110 under quite
stringent local rules; capital could be boosted significantly if
the bank is able to sell repossessed assets, which are heavily
reserved and/or deducted from regulatory capital.

The 'BB-' Long-term foreign currency IDRs of PCBG and VTBG are
driven by potential support from their majority owners, Germany's
ProCredit Holding AG ('BBB-'/Stable; 100% stake in PCBG), and
Russian state-controlled JSC VTB Bank ('BBB'/Stable; 87.4% stake
in VTBG) and constrained by the Georgian Country Ceiling of 'BB-'.
In Fitch's view, PCH and VTB would have a strong propensity to
support PCBG and VTBG, respectively, but Georgian transfer and
convertibility risks limit the extent to which this support can be
factored into the ratings.  PCBG's and VTBG's Long-term IDRs are
likely to move in line with Country Ceiling.

The upgrade of VTBG's Individual rating to 'D/E' from 'E' reflects
the bank's much sounder balance sheet after a GEL38m equity
injection (equal to 36% of pre-injection equity) received from VTB
in June 2010.  Following the injection and subsequent significant
write-offs (in total GEL31m of loans were written off in H110,
equal to 11% of the end-2009 portfolio), asset quality is sound.
Reported NPLs were at 3.2% at end-H110, adjusted for two large
loans guaranteed and financed by VTB.  The regulatory Tier 1 and
total capital ratios increased, respectively, to 20.2% and 24.4%
at end-Q210 from 10.1% and 17% at end-Q110.  At the same time,
Fitch notes that the portion of restructured loans remained high
at 16% of adjusted loans, and concentrations on top borrowers and
the real estate and construction sectors were also sizable, albeit
reduced relative to equity.

The affirmation of PCBG's 'D' Individual rating reflects its
significantly better asset quality relative to other banks in the
sector, with reported NPLs at 1.7% of total loans at end-H110 and
restructured loans at 3%.  Fitch also notes the bank's track
record of good performance through the crisis.  Capitalization
remains strong and liquidity comfortable.

TBC's 'B+' Long-term IDR is driven by potential support from IFIs,
which jointly own a majority (55%) stake in the bank.  Fitch
continues to believe that the probability that TBC may receive
support from IFIs in case of need is significant.  However, some
doubt remains about the ability and readiness of the IFIs to
always provide coordinated and timely support, if required.  Quite
moderate asset quality and still high exposure to real estate and
construction continue to weigh on the bank's credit profile.  The
level of NPLs remained moderate at 4.3% at end-H110; however,
restructured loans were still a significant 15.3% at end-H110,
albeit down from 20.6% at end-H109.  Exposures to the distressed
real estate and construction sectors decreased but remained high
at 19% of total loans at end-Q110.  TBC's liquidity is comfortable
and covered customer funding by 43% at end-H110.  Capitalization
was bolstered by IFI contributions in 2009, and at end-2009 the
Basel tier 1 and total ratios were a high 24.7% and 37.1%,
respectively.  At end-H110, under stringent local rules, the
bank's tier 1 and total regulatory capital ratios were 13.7% and
20.4%, respectively.

Rating actions:

Bank of Georgia

  -- Long-term foreign and local currency IDRs upgraded to 'B+'
     from 'B', Stable Outlook

  -- Senior unsecured debt upgraded to 'B+' from 'B', Recovery
     Rating at 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support rating affirmed at '4'

  -- Support rating floor affirmed at 'B'

  -- Individual rating affirmed at 'D'

JSC Basisbank

  -- Long-term IDR upgraded to 'B-' from 'CCC', Stable Outlook
  -- Short-term IDR upgraded to 'B' from 'C'
  -- Support Rating affirmed at '5'
  -- Support rating floor affirmed at 'No Floor'
  -- Individual Rating affirmed at 'D/E'

TBC Bank

  -- Long-term IDR affirmed at 'B+', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support rating affirmed at '4'
  -- Individual rating affirmed at 'D'

ProCredit Bank (Georgia)

  -- Long-term foreign and local currency IDRs affirmed at 'BB-',
     Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '3'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term IDR affirmed at 'BB-', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support Rating affirmed at '3'
  -- Individual Rating upgraded to 'D/E' from 'E'


PROCREDIT BANK: Fitch Affirms Low-B Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
two Georgian banks and affirmed three others.

The two upgraded banks are Bank of Georgia and Basisbank while the
affirmed banks are JSC VTB Bank (Georgia), ProCredit Bank
(Georgia) and TBC Bank.  At the same time, VTBG's Individual
rating has also been upgraded.  All of the banks' Long-term IDRs
are on Stable Outlook.

The upgrades of the Long-term IDRs of BOG and Basisbank and the
Individual rating of VTBG in part reflect Fitch's view that the
Georgian banking system is emerging from the global financial
crisis and the domestic economic downturn in reasonably good
condition.  The upgrades of BOG and Basisbank further reflect
those banks' demonstrated ability to survive the major asset
quality stress posed by the crisis and two deposit outflows, while
maintaining solid capital positions and comfortable liquidity.
The upgrade of the Individual rating of VTBG reflects the cleaning
up of the balance sheet following a recent equity injection.

The upgrade of BOG's Long-term IDRs to 'B+' from 'B' reflects the
stabilization in the bank's asset quality metrics, its strong
Basel capital ratios, currently comfortable liquidity position
supported by sizable deposit inflows, limited refinancing risk and
a track record of manageable performance through the crisis.  The
ratings are also supported by the bank's generally good governance
and strong customer franchise in Georgia.

Negatives for the bank's credit profile, in common with other
Georgian banks, are the still quite high-risk operating
environment and a high level of foreign currency lending.  At end-
Q110, the bank reported loans overdue by more than 90 days at a
moderate 8.6% of total loans, with another 6% of total loans being
restructured.  Fitch notes some signs of stabilization in BOG's
asset quality in H209-H110, and loan impairment reserves covered
NPLs by 107% at end-Q110.  Despite the loss in 2009, driven by
high credit costs and the write-off of goodwill relating to the
Ukrainian subsidiary, BOG's consolidated Basel I tier 1 and total
capital ratios were a strong 22.1% and 32.3%, respectively, at
end-Q110, representing significant loss absorption capacity.

BOG's stand-alone customer funding increased 28% and 10% in H209
and H110, respectively (broadly in line with sector growth), and
the liquidity position is currently comfortable, with liquid
assets covering 54% of customer funding at end-Q110.  Refinancing
risk is limited due to the quite conservative management of
liquidity and the role of international financial institutions as
lenders, although Fitch notes that the bank's eurobond, maturing
in February 2012, comprises a significant 8.7% of assets (net of
buybacks to date).

After write-offs made in H209, Basisbank's NPLs were a moderate
3.5% of total loans at end-H110, with an additional 2.3% of loans
being restructured.  Lending growth was a high 25% in H110 (versus
11% sector growth), which was driven to a large extent by
intensified lending to SMEs; however, concentrations remained high
in the loan portfolio.  Fitch views the gradual lengthening and
diversification of the funding base as positive.  The capital
position is satisfactory with Tier 1 and total regulatory capital
ratios of 12.6% and 12.8%, respectively, at end-H110 under quite
stringent local rules; capital could be boosted significantly if
the bank is able to sell repossessed assets, which are heavily
reserved and/or deducted from regulatory capital.

The 'BB-' Long-term foreign currency IDRs of PCBG and VTBG are
driven by potential support from their majority owners, Germany's
ProCredit Holding AG ('BBB-'/Stable; 100% stake in PCBG), and
Russian state-controlled JSC VTB Bank ('BBB'/Stable; 87.4% stake
in VTBG) and constrained by the Georgian Country Ceiling of 'BB-'.
In Fitch's view, PCH and VTB would have a strong propensity to
support PCBG and VTBG, respectively, but Georgian transfer and
convertibility risks limit the extent to which this support can be
factored into the ratings.  PCBG's and VTBG's Long-term IDRs are
likely to move in line with Country Ceiling.

The upgrade of VTBG's Individual rating to 'D/E' from 'E' reflects
the bank's much sounder balance sheet after a GEL38m equity
injection (equal to 36% of pre-injection equity) received from VTB
in June 2010.  Following the injection and subsequent significant
write-offs (in total GEL31m of loans were written off in H110,
equal to 11% of the end-2009 portfolio), asset quality is sound.
Reported NPLs were at 3.2% at end-H110, adjusted for two large
loans guaranteed and financed by VTB.  The regulatory Tier 1 and
total capital ratios increased, respectively, to 20.2% and 24.4%
at end-Q210 from 10.1% and 17% at end-Q110.  At the same time,
Fitch notes that the portion of restructured loans remained high
at 16% of adjusted loans, and concentrations on top borrowers and
the real estate and construction sectors were also sizable, albeit
reduced relative to equity.

The affirmation of PCBG's 'D' Individual rating reflects its
significantly better asset quality relative to other banks in the
sector, with reported NPLs at 1.7% of total loans at end-H110 and
restructured loans at 3%.  Fitch also notes the bank's track
record of good performance through the crisis.  Capitalization
remains strong and liquidity comfortable.

TBC's 'B+' Long-term IDR is driven by potential support from IFIs,
which jointly own a majority (55%) stake in the bank.  Fitch
continues to believe that the probability that TBC may receive
support from IFIs in case of need is significant.  However, some
doubt remains about the ability and readiness of the IFIs to
always provide coordinated and timely support, if required.  Quite
moderate asset quality and still high exposure to real estate and
construction continue to weigh on the bank's credit profile.  The
level of NPLs remained moderate at 4.3% at end-H110; however,
restructured loans were still a significant 15.3% at end-H110,
albeit down from 20.6% at end-H109.  Exposures to the distressed
real estate and construction sectors decreased but remained high
at 19% of total loans at end-Q110.  TBC's liquidity is comfortable
and covered customer funding by 43% at end-H110.  Capitalization
was bolstered by IFI contributions in 2009, and at end-2009 the
Basel tier 1 and total ratios were a high 24.7% and 37.1%,
respectively.  At end-H110, under stringent local rules, the
bank's tier 1 and total regulatory capital ratios were 13.7% and
20.4%, respectively.

Rating actions:

Bank of Georgia

  -- Long-term foreign and local currency IDRs upgraded to 'B+'
     from 'B', Stable Outlook

  -- Senior unsecured debt upgraded to 'B+' from 'B', Recovery
     Rating at 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support rating affirmed at '4'

  -- Support rating floor affirmed at 'B'

  -- Individual rating affirmed at 'D'

JSC Basisbank

  -- Long-term IDR upgraded to 'B-' from 'CCC', Stable Outlook
  -- Short-term IDR upgraded to 'B' from 'C'
  -- Support Rating affirmed at '5'
  -- Support rating floor affirmed at 'No Floor'
  -- Individual Rating affirmed at 'D/E'

TBC Bank

  -- Long-term IDR affirmed at 'B+', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support rating affirmed at '4'
  -- Individual rating affirmed at 'D'

ProCredit Bank (Georgia)

  -- Long-term foreign and local currency IDRs affirmed at 'BB-',
     Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '3'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term IDR affirmed at 'BB-', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support Rating affirmed at '3'
  -- Individual Rating upgraded to 'D/E' from 'E'


TBC BANK: Fitch Affirms Low-B Issuer Default Ratings
----------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
two Georgian banks and affirmed three others.

The two upgraded banks are Bank of Georgia and Basisbank while the
affirmed banks are JSC VTB Bank (Georgia), ProCredit Bank
(Georgia) and TBC Bank.  At the same time, VTBG's Individual
rating has also been upgraded.  All of the banks' Long-term IDRs
are on Stable Outlook.

The upgrades of the Long-term IDRs of BOG and Basisbank and the
Individual rating of VTBG in part reflect Fitch's view that the
Georgian banking system is emerging from the global financial
crisis and the domestic economic downturn in reasonably good
condition.  The upgrades of BOG and Basisbank further reflect
those banks' demonstrated ability to survive the major asset
quality stress posed by the crisis and two deposit outflows, while
maintaining solid capital positions and comfortable liquidity.
The upgrade of the Individual rating of VTBG reflects the cleaning
up of the balance sheet following a recent equity injection.

The upgrade of BOG's Long-term IDRs to 'B+' from 'B' reflects the
stabilization in the bank's asset quality metrics, its strong
Basel capital ratios, currently comfortable liquidity position
supported by sizable deposit inflows, limited refinancing risk and
a track record of manageable performance through the crisis.  The
ratings are also supported by the bank's generally good governance
and strong customer franchise in Georgia.

Negatives for the bank's credit profile, in common with other
Georgian banks, are the still quite high-risk operating
environment and a high level of foreign currency lending.  At end-
Q110, the bank reported loans overdue by more than 90 days at a
moderate 8.6% of total loans, with another 6% of total loans being
restructured.  Fitch notes some signs of stabilization in BOG's
asset quality in H209-H110, and loan impairment reserves covered
NPLs by 107% at end-Q110.  Despite the loss in 2009, driven by
high credit costs and the write-off of goodwill relating to the
Ukrainian subsidiary, BOG's consolidated Basel I tier 1 and total
capital ratios were a strong 22.1% and 32.3%, respectively, at
end-Q110, representing significant loss absorption capacity.

BOG's stand-alone customer funding increased 28% and 10% in H209
and H110, respectively (broadly in line with sector growth), and
the liquidity position is currently comfortable, with liquid
assets covering 54% of customer funding at end-Q110.  Refinancing
risk is limited due to the quite conservative management of
liquidity and the role of international financial institutions as
lenders, although Fitch notes that the bank's eurobond, maturing
in February 2012, comprises a significant 8.7% of assets (net of
buybacks to date).

After write-offs made in H209, Basisbank's NPLs were a moderate
3.5% of total loans at end-H110, with an additional 2.3% of loans
being restructured.  Lending growth was a high 25% in H110 (versus
11% sector growth), which was driven to a large extent by
intensified lending to SMEs; however, concentrations remained high
in the loan portfolio.  Fitch views the gradual lengthening and
diversification of the funding base as positive.  The capital
position is satisfactory with Tier 1 and total regulatory capital
ratios of 12.6% and 12.8%, respectively, at end-H110 under quite
stringent local rules; capital could be boosted significantly if
the bank is able to sell repossessed assets, which are heavily
reserved and/or deducted from regulatory capital.

The 'BB-' Long-term foreign currency IDRs of PCBG and VTBG are
driven by potential support from their majority owners, Germany's
ProCredit Holding AG ('BBB-'/Stable; 100% stake in PCBG), and
Russian state-controlled JSC VTB Bank ('BBB'/Stable; 87.4% stake
in VTBG) and constrained by the Georgian Country Ceiling of 'BB-'.
In Fitch's view, PCH and VTB would have a strong propensity to
support PCBG and VTBG, respectively, but Georgian transfer and
convertibility risks limit the extent to which this support can be
factored into the ratings.  PCBG's and VTBG's Long-term IDRs are
likely to move in line with Country Ceiling.

The upgrade of VTBG's Individual rating to 'D/E' from 'E' reflects
the bank's much sounder balance sheet after a GEL38m equity
injection (equal to 36% of pre-injection equity) received from VTB
in June 2010.  Following the injection and subsequent significant
write-offs (in total GEL31m of loans were written off in H110,
equal to 11% of the end-2009 portfolio), asset quality is sound.
Reported NPLs were at 3.2% at end-H110, adjusted for two large
loans guaranteed and financed by VTB.  The regulatory Tier 1 and
total capital ratios increased, respectively, to 20.2% and 24.4%
at end-Q210 from 10.1% and 17% at end-Q110.  At the same time,
Fitch notes that the portion of restructured loans remained high
at 16% of adjusted loans, and concentrations on top borrowers and
the real estate and construction sectors were also sizable, albeit
reduced relative to equity.

The affirmation of PCBG's 'D' Individual rating reflects its
significantly better asset quality relative to other banks in the
sector, with reported NPLs at 1.7% of total loans at end-H110 and
restructured loans at 3%.  Fitch also notes the bank's track
record of good performance through the crisis.  Capitalization
remains strong and liquidity comfortable.

TBC's 'B+' Long-term IDR is driven by potential support from IFIs,
which jointly own a majority (55%) stake in the bank.  Fitch
continues to believe that the probability that TBC may receive
support from IFIs in case of need is significant.  However, some
doubt remains about the ability and readiness of the IFIs to
always provide coordinated and timely support, if required.  Quite
moderate asset quality and still high exposure to real estate and
construction continue to weigh on the bank's credit profile.  The
level of NPLs remained moderate at 4.3% at end-H110; however,
restructured loans were still a significant 15.3% at end-H110,
albeit down from 20.6% at end-H109.  Exposures to the distressed
real estate and construction sectors decreased but remained high
at 19% of total loans at end-Q110.  TBC's liquidity is comfortable
and covered customer funding by 43% at end-H110.  Capitalization
was bolstered by IFI contributions in 2009, and at end-2009 the
Basel tier 1 and total ratios were a high 24.7% and 37.1%,
respectively.  At end-H110, under stringent local rules, the
bank's tier 1 and total regulatory capital ratios were 13.7% and
20.4%, respectively.

Rating actions:

Bank of Georgia

  -- Long-term foreign and local currency IDRs upgraded to 'B+'
     from 'B', Stable Outlook

  -- Senior unsecured debt upgraded to 'B+' from 'B', Recovery
     Rating at 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support rating affirmed at '4'

  -- Support rating floor affirmed at 'B'

  -- Individual rating affirmed at 'D'

JSC Basisbank

  -- Long-term IDR upgraded to 'B-' from 'CCC', Stable Outlook
  -- Short-term IDR upgraded to 'B' from 'C'
  -- Support Rating affirmed at '5'
  -- Support rating floor affirmed at 'No Floor'
  -- Individual Rating affirmed at 'D/E'

TBC Bank

  -- Long-term IDR affirmed at 'B+', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support rating affirmed at '4'
  -- Individual rating affirmed at 'D'

ProCredit Bank (Georgia)

  -- Long-term foreign and local currency IDRs affirmed at 'BB-',
     Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '3'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term IDR affirmed at 'BB-', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support Rating affirmed at '3'
  -- Individual Rating upgraded to 'D/E' from 'E'


VTB BANK: Fitch Upgrades Individual Rating to 'D/E'
---------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
two Georgian banks and affirmed three others.

The two upgraded banks are Bank of Georgia and Basisbank while the
affirmed banks are JSC VTB Bank (Georgia), ProCredit Bank
(Georgia) and TBC Bank.  At the same time, VTBG's Individual
rating has also been upgraded.  All of the banks' Long-term IDRs
are on Stable Outlook.

The upgrades of the Long-term IDRs of BOG and Basisbank and the
Individual rating of VTBG in part reflect Fitch's view that the
Georgian banking system is emerging from the global financial
crisis and the domestic economic downturn in reasonably good
condition.  The upgrades of BOG and Basisbank further reflect
those banks' demonstrated ability to survive the major asset
quality stress posed by the crisis and two deposit outflows, while
maintaining solid capital positions and comfortable liquidity.
The upgrade of the Individual rating of VTBG reflects the cleaning
up of the balance sheet following a recent equity injection.

The upgrade of BOG's Long-term IDRs to 'B+' from 'B' reflects the
stabilization in the bank's asset quality metrics, its strong
Basel capital ratios, currently comfortable liquidity position
supported by sizable deposit inflows, limited refinancing risk and
a track record of manageable performance through the crisis.  The
ratings are also supported by the bank's generally good governance
and strong customer franchise in Georgia.

Negatives for the bank's credit profile, in common with other
Georgian banks, are the still quite high-risk operating
environment and a high level of foreign currency lending.  At end-
Q110, the bank reported loans overdue by more than 90 days at a
moderate 8.6% of total loans, with another 6% of total loans being
restructured.  Fitch notes some signs of stabilization in BOG's
asset quality in H209-H110, and loan impairment reserves covered
NPLs by 107% at end-Q110.  Despite the loss in 2009, driven by
high credit costs and the write-off of goodwill relating to the
Ukrainian subsidiary, BOG's consolidated Basel I tier 1 and total
capital ratios were a strong 22.1% and 32.3%, respectively, at
end-Q110, representing significant loss absorption capacity.

BOG's stand-alone customer funding increased 28% and 10% in H209
and H110, respectively (broadly in line with sector growth), and
the liquidity position is currently comfortable, with liquid
assets covering 54% of customer funding at end-Q110.  Refinancing
risk is limited due to the quite conservative management of
liquidity and the role of international financial institutions as
lenders, although Fitch notes that the bank's eurobond, maturing
in February 2012, comprises a significant 8.7% of assets (net of
buybacks to date).

After write-offs made in H209, Basisbank's NPLs were a moderate
3.5% of total loans at end-H110, with an additional 2.3% of loans
being restructured.  Lending growth was a high 25% in H110 (versus
11% sector growth), which was driven to a large extent by
intensified lending to SMEs; however, concentrations remained high
in the loan portfolio.  Fitch views the gradual lengthening and
diversification of the funding base as positive.  The capital
position is satisfactory with Tier 1 and total regulatory capital
ratios of 12.6% and 12.8%, respectively, at end-H110 under quite
stringent local rules; capital could be boosted significantly if
the bank is able to sell repossessed assets, which are heavily
reserved and/or deducted from regulatory capital.

The 'BB-' Long-term foreign currency IDRs of PCBG and VTBG are
driven by potential support from their majority owners, Germany's
ProCredit Holding AG ('BBB-'/Stable; 100% stake in PCBG), and
Russian state-controlled JSC VTB Bank ('BBB'/Stable; 87.4% stake
in VTBG) and constrained by the Georgian Country Ceiling of 'BB-'.
In Fitch's view, PCH and VTB would have a strong propensity to
support PCBG and VTBG, respectively, but Georgian transfer and
convertibility risks limit the extent to which this support can be
factored into the ratings.  PCBG's and VTBG's Long-term IDRs are
likely to move in line with Country Ceiling.

The upgrade of VTBG's Individual rating to 'D/E' from 'E' reflects
the bank's much sounder balance sheet after a GEL38m equity
injection (equal to 36% of pre-injection equity) received from VTB
in June 2010.  Following the injection and subsequent significant
write-offs (in total GEL31m of loans were written off in H110,
equal to 11% of the end-2009 portfolio), asset quality is sound.
Reported NPLs were at 3.2% at end-H110, adjusted for two large
loans guaranteed and financed by VTB.  The regulatory Tier 1 and
total capital ratios increased, respectively, to 20.2% and 24.4%
at end-Q210 from 10.1% and 17% at end-Q110.  At the same time,
Fitch notes that the portion of restructured loans remained high
at 16% of adjusted loans, and concentrations on top borrowers and
the real estate and construction sectors were also sizable, albeit
reduced relative to equity.

The affirmation of PCBG's 'D' Individual rating reflects its
significantly better asset quality relative to other banks in the
sector, with reported NPLs at 1.7% of total loans at end-H110 and
restructured loans at 3%.  Fitch also notes the bank's track
record of good performance through the crisis.  Capitalization
remains strong and liquidity comfortable.

TBC's 'B+' Long-term IDR is driven by potential support from IFIs,
which jointly own a majority (55%) stake in the bank.  Fitch
continues to believe that the probability that TBC may receive
support from IFIs in case of need is significant.  However, some
doubt remains about the ability and readiness of the IFIs to
always provide coordinated and timely support, if required.  Quite
moderate asset quality and still high exposure to real estate and
construction continue to weigh on the bank's credit profile.  The
level of NPLs remained moderate at 4.3% at end-H110; however,
restructured loans were still a significant 15.3% at end-H110,
albeit down from 20.6% at end-H109.  Exposures to the distressed
real estate and construction sectors decreased but remained high
at 19% of total loans at end-Q110.  TBC's liquidity is comfortable
and covered customer funding by 43% at end-H110.  Capitalization
was bolstered by IFI contributions in 2009, and at end-2009 the
Basel tier 1 and total ratios were a high 24.7% and 37.1%,
respectively.  At end-H110, under stringent local rules, the
bank's tier 1 and total regulatory capital ratios were 13.7% and
20.4%, respectively.

Rating actions:

Bank of Georgia

  -- Long-term foreign and local currency IDRs upgraded to 'B+'
     from 'B', Stable Outlook

  -- Senior unsecured debt upgraded to 'B+' from 'B', Recovery
     Rating at 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support rating affirmed at '4'

  -- Support rating floor affirmed at 'B'

  -- Individual rating affirmed at 'D'

JSC Basisbank

  -- Long-term IDR upgraded to 'B-' from 'CCC', Stable Outlook
  -- Short-term IDR upgraded to 'B' from 'C'
  -- Support Rating affirmed at '5'
  -- Support rating floor affirmed at 'No Floor'
  -- Individual Rating affirmed at 'D/E'

TBC Bank

  -- Long-term IDR affirmed at 'B+', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support rating affirmed at '4'
  -- Individual rating affirmed at 'D'

ProCredit Bank (Georgia)

  -- Long-term foreign and local currency IDRs affirmed at 'BB-',
     Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '3'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term IDR affirmed at 'BB-', Stable Outlook
  -- Short-term IDR affirmed at 'B'
  -- Support Rating affirmed at '3'
  -- Individual Rating upgraded to 'D/E' from 'E'


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


ARCANDOR AG: Court to Decide Extension of Karstadt Talks Today
--------------------------------------------------------------
William Launder at Dow Jones Newswires reports that a spokesman
for Karstadt's insolvency administrator said that an Essen court
will decide today, August 10, if it will grant another extension
for billionaire investor Nicholas Berggruen and Karstadt creditors
to continue sales negotiations for Arcandor AG's insolvent German
department store chain.

As reported by the Troubled Company Reporter-Europe on Aug. 5,
2010, Dow Jones said Mr. Berggruen, who signed a deal to acquire
German retailer Karstadt in June, wants more time to work out
formal details in negotiations with Karstadt's creditors,
including Valovis Bank and the Highstreet real-estate consortium
led by Goldman Sachs Group Inc.  Dow Jones disclosed Mr.
Berggruen's deal to acquire Karstadt is conditional on reaching an
agreement with the department store chain's creditors on issues
including lower rents and lease agreements.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


ARCANDOR AG: Metro CEO Favors Kaufhof-Karstadt Merger
-----------------------------------------------------
Aaron Kirchfeld at Bloomberg News, citing Welt am Sonntag, reports
that Metro AG Chief Executive Officer Eckhard Cordes said he would
favor a merger of Kaufhof, his company's department store chain,
with rival Karstadt.

According to Bloomberg, Mr. Cordes, as cited by Bloomberg, said
there's "charm" in the concept of a European alliance of
department stores.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported by the Troubled Company Reporter-Europe, a local court
in Essen formally opened insolvency proceedings for Arcandor on
September 1, 2009.  The proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.  Arcandor
filed for bankruptcy protection after the German government turned
down its request for loan guarantees.  On June 8, 2009, the
government rejected two applications for help by the company,
which employs 43,000 people.  The retailer sought loan guarantees
of EUR650 million (US$904 million) from Germany's Economy Fund
program.  It also sought a further EUR437 million from a state-
owned bank.


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


ALLIED IRISH: State to Take Majority Stake by Year-End
------------------------------------------------------
Allied Irish Banks will be effectively nationalized by the end of
the year, Mary Regan at The Irish Examiner reports, citing Dan
Boyle, the Green Party finance spokesperson.

According to the report, Mr. Boyle said that while the troubled
bank will raise significant equity through the sale of its assets,
including Polish and British operations, the state will still need
to take a majority share if AIB is to have sufficient capital.

The taxpayer has already given EUR3.5 billion to AIB, which last
week reported losses of EUR2 billion, and it will need to raise
EUR7.4 billion if it is to meet capital reserve rules put down by
the Financial Regulator, the report discloses.

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 July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings.  These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities.  Moody's said the
outlook on these ratings is stable.  AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.


ARNOTTS HOLDINGS: Chairman's Fate to Be Decided This Week
---------------------------------------------------------
Emmet Oliver and Laura Noonan at Irish Independent report that the
fate of Arnotts chairman Richard Nesbitt is expected to be decided
this week when the banks taking over the department store are
likely to announce a series of management and board changes.

According to Irish Independent, the future of Mr. Nesbitt rests
with Mark Schwartz, the American founder of advisory group
Palladin, which has been advising the company for several months.

It has also emerged that Anglo studied the idea of putting Arnotts
into receivership before finally coming around to the idea of
taking control of the firm, Irish Independent notes.

"We looked at alternatives -- receivership, liquidation, selling
it off in pieces, and we decided that this was the best thing to
do," Irish Independent quoted Anglo chief executive Mike Aynsley
as saying Friday.  "If you look at what happened, they were buying
all these properties and developing them at the top of the market,
and they were leveraged up with debt."

Irish Independent says Anglo and Ulster Bank are expected to name
directors to the board this week, with both banks already sounding
out potential representatives last week.  The banks will design a
structure that means they do not have to consolidate the accounts
of Arnotts into their own books, Irish Independent states.  They
are also expected to sell off a large amount of the Arnotts
property portfolio, with some other parts being hoarded on a more
long-term basis until the market recovers, Irish Independent
discloses.

As reported by the Troubled Company Reporter-Europe on July 30,
2010, The Irish Times said Anglo and Ulster are set to take
control of Arnotts.  The Irish Times disclosed the takeover plan,
dependent on approval by the EU competition commissioner, has come
about because of the store's inability to service borrowings of
more than EUR250 million.  The banks are the backers of Arnotts'
Northern Quarter development, which has been put on hold
indefinitely following the collapse in the property market,
according to The Irish Times.

Established in 1843, Arnotts Holdings Ltd. is the largest
department store in the country, with a selling area of more than
27,000sq m.  It employs some 950 people and has been an anchor for
other stores on Dublin's Henry Street for over 150 years,
according to The Irish Times.


DEKANIA EUROPE: S&P Downgrades Rating on Class C Notes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Dekania Europe CDO III PLC's class A1, A2-A, A2-B, B, and C notes.
At the same time, S&P affirmed its rating on the class D notes.

The rating actions are a result of a combination of the
deteriorating credit quality of the portfolio of assets held by
Dekania III, and the implementation of S&P's revised recovery
assumptions for European bank hybrid securities.  The class A1,
A2-A, A2-B, B, and C notes have been affected largely by the
default of the largest asset, equal to approximately 5% of the
portfolio balance; general credit migration in the portfolio; and
to a lesser extent, by the reduction in weighted-average recovery
under the revised recovery assumptions.

As a result of these factors, S&P has lowered its ratings on
classes A to C, and affirmed its rating on class D.

                           Ratings List

                    Dekania Europe CDO III PLC
                EUR300 Million Floating-Rate Notes

                         Ratings Lowered

                                   Rating
                                   ------
                 Class        To              From
                 -----        --              ----
                 A1           BBB-            BBB
                 A2-A         BB              BBB-
                 A2-B         BB              BBB-
                 B            B-              BB-
                 C            CCC-            CCC+

                         Rating Affirmed

                       Class        Rating
                       -----        ------
                       D            CCC-


MPS GLOBAL: Director Can't Reduce Assets Below EUR4.5 Million
-------------------------------------------------------------
Ray Managh at The Irish Times reports that Jas Kalsi, the head of
MPS Global has been ordered by the High Court not to reduce his
assets below EUR4.5 million.

The Irish Times relates Mr. Justice John Hedigan was told Friday
that the whereabouts of company director Mr. Kalsi remained
unknown, while the assets of MPS Global were untraceable by
official liquidator Myles Kirby.

According to The Irish Times, the court was told that Mr. Kirby, a
partner in accountancy firm Ferris Associates, had been appointed
official liquidator in May last and was now seeking a declaration
compelling Mr. Kalsi to repay the company EUR4,491,441
compensation in respect of the misapplication of investors' funds.

The Irish Times says more than 50 Irish investors are facing
significant losses following the collapse of MPS Global which
invested millions of euro on behalf of its Irish clients in
overseas property deals.

The Irish Times notes Mr. Kirby told the High Court Friday that
the EUR4.49 million had been collected by the company for
investment in a fund but the assets had disappeared.

Separately, Ian Kehoe at The Sunday Business Post reports Mr.
Kirby took the case on the grounds of alleged fraudulent and
reckless trading.  He sought the order after a month-long
investigation of the company's finances, The Post.ie notes.  The
Post.ie relates in court, barrister Gerard Meehan sought the order
under Section 55 of the Company Law Enforcement Act, a rarely-used
piece of legislation designed to prevent assets inside and outside
the state being reduced.

According to Post.ie, the court agreed there were grounds for
believing that Mr. Kalsi might attempt to remove or dispose of his
assets with a view to evading obligations, and granted the order.

MPS Global was a Clare-based investment and development company.


SIGNUM FINANCE: S&P Cuts Credit Rating on 2007-5 Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
credit rating on Signum Finance II PLC's EUR135 million secured
medium-term credit-linked notes series 2007-5.

The downgrade to 'D' follows the arranger's notification to us
that losses from credit events in the underlying reference
portfolio have exceeded the available credit enhancement and led
to a full principal loss to the noteholders.


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


BOZEL S.A.: Shareholder's Liquidator Can Take Control of Assets
---------------------------------------------------------------
In Andrew Bickerton as Liquidator of Wellgate International
Limited, and Crastvell Trading Limited, v. Bozel S.A. and Michel
Marengere, Adv. Proc. No. 10-03249 (Bankr. S.D.N.Y), Judge Arthur
J. Gonzalez granted the Plaintiffs' request, seeking (1) a
judicial determination that the Liquidator, as the Debtor's sole
shareholder, has the authority to take any and all actions
consistent with that position, including but not limited to
removing Mr. Marengere from his position as the Debtor's sole
director and directing the Defendants to turn over to the
Liquidator books, records, and documents and submit to the
Liquidator's authority; (2) an order granting a permanent
injunction pursuant to 11 U.S.C. Sec. 105 and F.R.B.P. Rule
7065(a) restraining and enjoining Mr. Marengere and any individual
or entity controlled or directed by him, (i) from exercising, or
attempting to exercise, any control over the assets of the Debtor
or any of its non-debtor subsidiaries, (ii) from interfering in
any way with the rights of the Liquidator, including the
Liquidator's rights to assert control over the assets of the
Debtor and of any of its non-debtor subsidiaries, and (b)
directing Mr. Marengere, and any individual or entity controlled
or directed by him, to turn over to the Liquidator any books and
records of the Debtor and of any of its non-debtor subsidiaries.

The Liquidator was duly appointed by a British Virgin Islands
court in Wellgate's insolvency proceeding, and section 175(1)(a)
of the BVI Insolvency Act vests him with the custody and control
over the assets of Wellgate upon the issuance of the BVI Order.
The Debtor is a wholly owned subsidiary of Wellgate.

A copy of the opinion dated August 4, 2010, is available at:

    http://www.leagle.com/unsecure/page.htm?shortname=inbco20100804560

The Wellgate Liquidator is represented by:

     Allen G. Kadish, Esq.
     Adam Dembrow, Esq.
     GREENBERG TRAURIG, LLP
     200 Park Avenue, NY
     MetLife Building, 200 Park Avenue
     New York, NY 10166
     Telephone: 212-801-6846
     Facsimile: 212-805-5546
     E-mail: kadisha@gtlaw.com
             dembrowa@gtlaw.com

          - and -

     Mark D. Bloom, Esq.
     Paul J. Keenan, Jr., Esq.
     1221 Brickell Avenue
     Miami, FL 33131
     Telephone: 305-579-0500
     Facsimile: 305-579-0717
     E-mail: bloomm@gtlaw.com
             keenanp@gtlaw.com

Crastvell Trading Limited is represented by:

     Tracy L. Klestadt, Esq.
     KLESTADT & WINTERS, LLP
     292 Madison Avenue, 17th Floor
     New York, NY 10017-6314
     Telephone: 212-972-3000
     Facsimile: 212-972-2245
     E-mail: tklestadt@klestadt.com

Defendant Michel Marengere is represented by:

     Joseph G. Makowski, Esq.
     420 Franklin Street
     Buffalo, NY

Luxembourg-based mineral mining company Bozel S.A. sought Chapter
11 protection (Bankr. S.D.N.Y. Case No. 10-11802) on April 6,
2010.  In its petition, the Debtor estimated assets ranging from
US$50 million to US$100 million, and debts ranging from US$10
million to US$50 million.  William F. Savino, Esq., Daniel F.
Brown, Esq., and Beth Ann Bivona, Esq., at Damon Morey LLP in
Buffalo, N.Y., represent the Debtor.


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


SCEPTRE CAPITAL: S&P Cuts Credit Rating on 2006-4 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
credit rating on Sceptre Capital B.V.'s EUR20 million forward-
starting synthetic CDO variable-rate notes series 2006-4.

The downgrade to 'D' follows the arranger's notification to us
that losses from credit events in the underlying reference
portfolio have exceeded the available credit enhancement and led
to a full principal loss to the noteholders.


===========
R U S S I A
===========


ROSSIYA OJSC: Fitch Changes Watch on 'B-' Rating to Negative
------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on OJSC Rossiya
Insurance (Russia)'s International Financial Strength rating 'B-'
and National IFS rating 'BB-(rus)' to Negative from Evolving.

The revision reflects Fitch's concerns related to the future
ability and commitment of the shareholder to support Rossiya and
the dependence of Rossiya's ability to repay its short-term
financial debt on ongoing capital injections from the parent.  At
the same time Fitch has gained some comfort from the favorable
track record of support extended since the ownership change in
October 2009.

Rossiya's shareholder has been supporting the insurer with
continuous capital injections in the form of financial aid, which
has helped to prevent severe depletion of the insurer's capital
base in FY09 and in H110.  Fitch has been advised by Rossiya that
the shareholder has started and intends to finance the repayment
of short-term debt in Q310, which the company would not be able to
repay on its own without damaging its ability to service
policyholder obligations.

While the track record of support from the current shareholder has
been favorable, Fitch acknowledges risks related to the future
ability and commitment of the shareholder to support Rossiya.
These risks include the lack of transparency of the structure of
other assets of Rossiya's beneficiary shareholder and the
consequent uncertainty on the ability of those assets to generate
capital, which could be then transferred to Rossiya.  On the other
hand, Fitch has been advised by Rossiya that the acquisition of
the majority stake in the company in October 2009 was a portfolio
investment, which means that the shareholder aimed to purchase a
company in a difficult position, strengthen its profile and then
review this investment decision in the medium term.  However,
should this strategy fail, the probability of continuing support
from the current shareholder would likely decrease, given the non-
core nature of this insurance asset to the shareholder.

Rossiya's combined ratio rose to 163% in 6M10 from 106% in FY09,
largely fuelled by the loss ratio component, but also driven by
higher levels of acquisition costs and administrative expenses.
Deterioration in the loss ratio, to a large extent, reflected
inadequate pricing and reserving in 2009, including the period
when Rossiya underwent changes in its ownership structure.  This
was exacerbated by sharply weaker premiums, which fell 48% in H110
and 41% in 2009.  Fitch notes that Rossiya's new shareholder and
management team have made some efforts to improve underwriting
discipline, but remains concerned about the adequacy of the
insurer's current tariffs and reserves.  This is particularly
relevant given the challenging operating environment in the
Russian insurance sector and Rossiya's less than mature IT and
accounting systems.

Fitch would view the repayment of the financial debt as the key
trigger for the resolution of RWN and would regard the trends in
the underwriting performance of Rossiya as one of the key rating
drivers afterwards, all else being equal.


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


BANCAJA FONDO: Fitch Downgrades Rating on Class E Notes to 'CC'
---------------------------------------------------------------
Fitch Ratings has upgraded one, downgraded four and affirmed 20
tranches from the Bancaja, Fondo de Titulizacion Hipotecarios y de
Activos Series Spanish RMBS transactions originated by Caja de
Ahorros de Valencia, Castellon y Alicante.  The agency has
downgraded four tranches from the Bancaja 9 transaction that has
experienced reserve fund draws at each of the last 8 interest
payment dates due to deteriorating collateral performance.  Fitch
has also upgraded the Class B tranche in Bancaja 3, reflecting the
strong collateral performance and deleveraging of this highly
seasoned transaction.

The performance of the early transactions in the Bancaja series
has remained strong.  The low weighted average loan to value
ratios, in the range of 30%-60%, have contributed to the low level
of arrears and defaults seen in these transactions, and also
reduce the likelihood of losses, even given Fitch's expectations
for a 25%-30% house price decline in Spain.  The older
transactions have also experienced defaults that have been spread
out since closing, allowing the transactions to efficiently
utilise excess spread without drawing on their reserve fund.

Bancaja 4-7 have switched to a pro-rata note amortization, and
Fitch expects this to also occur in Bancaja 3.  Although pro-rata
amortization of the notes will accelerate note pay-down, along
with an amortizing reserve fund, it also limits credit enhancement
growth.  Fitch notes that the current credit enhancement levels
provide sufficient support and therefore have affirmed all the
ratings.

Although the sequential amortization of the notes is having a
positive impact on the credit enhancement growth in Bancaja 8 and
9, continued reserve fund draws have offset this positive trend.
Given the current volume of loans within the higher delinquency
buckets and the limited excess spread generated, the agency
expects further draws in these two transactions which will limit
the credit support the notes get from subordination.  The current
level of loans in arrears for more than three months have been
high at 1.98% and 3.29%, respectively for Bancaja 8 FTA at the end
of June and Bancaja 9 FTA as of the June 2010 interest payment
date (IPD).  This is in comparison to the older transactions
within the series which have experienced 3M+ arrears in the range
of 0.24%-0.80%.

Following the downgrade of Caja de Ahorros de Valencia, Castellon
y Alicante (Bancaja) by Fitch from BBB+/F2 to BBB/F3 on June 1,
2010, the agency was informed that remedial actions were taken to
mitigate the exposure to Bancaja.  Bancaja is the Interest Rate
Swap Counterparty for Bancaja 3 and 4 transactions.

The rating actions are:

Bancaja 3, Fondo de Titualizacion de Activos:

  -- Class A (ISIN ES0312882006): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312882014): upgraded to 'AA' from 'A+';
     Outlook Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class C (ISIN ES0312882022): affirmed at 'BBB'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

Bancaja 4, Fondo de Titualizacion Hipotecaria:

  -- Class A (ISIN ES0312883004): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312883012): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class C (ISIN ES0312883020): affirmed at 'A+'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

Bancaja 5, Fondo de Titualizacion de Activos:

  -- Class A (ISIN ES0312884002): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312884010): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class C (ISIN ES0312884028): affirmed at 'A-' (A minus);
     Outlook Stable; assigned a Loss Severity rating of 'LS-1'

Bancaja 6, Fondo de Titualizacion de Activos:

  -- Class A2 (ISIN ESO312885017); affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ESO312885025): affirmed at 'AA'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-1'

  -- Class C (ISIN ESO312885033): affirmed at 'A-'(A minus);
     Outlook Stable; assigned a Loss Severity rating of 'LS-2'

Bancaja 7, Fondo de Titualizacion de Activos:

  -- Class A2 (ISINES0312886015): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312886023): affirmed at 'AA-'(AA minus);
     Outlook revised to Stable from Positive; assigned a Loss
     Severity rating of 'LS-1'

  -- Class C (ISINES0312886031): affirmed at 'A-' (A minus);
     Outlook revised to Stable from Positive; assigned a Loss
     Severity rating of 'LS-2'

  -- Class D (ISINES0312886049): affirmed at 'BBB-' (BBB minus);
     Outlook Stable; assigned a Loss Severity rating of 'LS-2'


Bancaja 8, Fondo de Titulizacion de Activos:

  -- Class A (ISIN ES0312887005): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312887013): affirmed at 'A+'; Outlook
     revised to Stable from Positive ; assigned a Loss Severity
     rating of 'LS-2'

  -- Class C (ISIN ES0312887021): affirmed at 'BBB+'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class D (ISIN ES0312887039): affirmed at 'BB+'; Outlook
     revised to Negative from Stable; assigned a Loss Severity
     rating of 'LS-3'

Bancaja 9, Fondo de Titulizacion de Activos:

  -- Class A2 (ISIN ES0312888011): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0312888029): downgraded to 'A' from 'A+';
     Outlook Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN ES0312888037): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class D (ISIN ES0312888045): downgraded to 'B' from 'BB-';
     Outlook Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class E (ISIN ES0312888052): downgraded to 'CC' from 'CCC-';
     assigned a Recovery rating of 'RR5'


MBS BANCAJA: Fitch Downgrades Rating on Class E Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed 16 tranches from
the MBS Bancaja, Fondo de Titulizacion de Activos series Spanish
RMBS transactions originated by Caja de Ahorros de Valencia,
Castellon y Alicante.  The downgrades were from the more recent
MBS Bancaja 3 and 4 transactions due to deterioration in
performance of the underlying assets.

Performance of MBS Bancaja 1 has remained stable over the past one
year.  Arrears have increased marginally, but loans in arrears for
three or more months are only approximately 1% of the current pool
balance, indicating a limited pipeline of new defaults.  Credit
enhancement levels have grown as the reserve fund has stopped
amortizing due to a breach of the performance trigger for loans in
arrears by more than three months.  Although there has been no
reserve fund draws to date, Fitch expects some modest draws may
occur.

Although MBS Bancaja 2 has utilized its reserve fund during the
last two quarters, the low levels of arrears suggest future
defaults should remain low.  Current credit enhancement levels
provide sufficient support for the rated notes.

MBS Bancaja 1, 2 and 3 contain a sizable portion of commercial
loans which carry higher risk of default and Fitch has stressed
these as part of its analysis by assuming higher default levels
and lower recoveries than the residential loans in the pool.

In comparison with the two more seasoned transactions, MBS Bancaja
3 contains more loans with a higher loan-to-value ratio, along
with a high portion of second homes and commercial properties.
Although there has been a slight reserve fund draw in March 2010,
the transaction was able to replenish the fund to its target
level.  However, current high levels of arrears, in comparison
with the earlier transactions, and increases in the volume of
period defaults are a concern for this transaction.  In
particular, the class D notes do not have sufficient credit
support to maintain a 'BBB' range rating and have been downgraded
to 'BB+'.

MBS Bancaja 4, despite not having any commercial properties, has
seen increased arrears levels and a high volume of defaults
compared with the earlier three transactions.  This has limited
the excess spread levels generated by the collateral portfolio and
resulted in reserve fund draws.  Currently the reserve fund is
reduced to EUR17.7 million from its target of EUR23.1 million.
Like MBS Bancaja 3, this pool contains high numbers of self-
certified, second-home borrowers that are vulnerable to the
changes within interest rates and overall affordability.  The
portfolio comprises loans originated around the peak of the
Spanish housing market, which have shown weak performance across
nearly all Spanish RMBS transactions.

Following the downgrade of Caja de Ahorros de Valencia, Castellon
y Alicante (Bancaja) by Fitch to 'BBB'/'F3' from 'BBB+'/'F2' on
June 1, 2010, Fitch was informed that remedial actions have been
taken to mitigate the exposure to Bancaja.  Bancaja is the
interest rate swap counterparty for Bancaja 3 and 4 transactions.
For further information on the remedial action please refer to
Fitch's public commentary titled "No Impact on Bancaja and Banco
de Valencia SF Deals from Downgrade", published on August 3, 2010.

Rating actions are:

MBS Bancaja 1, Fondo de Titulizacion de Activos;

  -- Class A (ISIN ES0361794003): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0361794011): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class C (ISIN ES0361794029): affirmed at to 'AA'; Outlook
     revised to Positive from Stable; assigned a Loss Severity
     rating of 'LS-1'

  -- Class D (ISIN ES0361794037): affirmed at 'A-'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

MBS Bancaja 2, Fondo de Titulizacion de Activos;

  -- Class A (ISIN ES0361795000): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0361795018): affirmed at 'AA'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-3'

  -- Class C (ISIN ES0361795026): affirmed at 'A+'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-3'

  -- Class D (ISIN ES0361795034): affirmed at 'BBB+'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     rating of 'LS-3'

  -- Class E (ISIN ES0361795042): affirmed at 'BB+'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class F (ISIN ES0361795059): affirmed at 'CC'; assigned a
     Recovery Rating of 'RR5'

MBS Bancaja 3, Fondo de Titulizacion de Activos;

  -- Class A2 (ISIN ES0361796016): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0361796024): affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN ES0361796032) affirmed at 'A'; Outlook revised
     to Negative from Stable; assigned a Loss Severity rating of
     'LS-3'

  -- Class D (ISIN ES0361796040): downgraded to 'BB+' from 'BBB+';
     Outlook Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class E (ISIN ES0361796057): affirmed at 'CC'; assigned a
     Recovery Rating of 'RR5'

MBS Bancaja 4, Fondo de Titulizacion de Activos;

  -- Class A2 (ISIN ES0361797014 ): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class A3 (ISIN ES0361797022): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity rating of 'LS-1'

  -- Class B (ISIN ES0361797030): downgraded to 'A+' from 'AA';
     Outlook Stable; assigned a Loss Severity rating of 'LS-3'

  -- Class C (ISIN ES0361797048): downgraded to 'BBB+' from 'A+';
     Outlook Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class D (ISIN ES0361797055): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned a Loss Severity rating of 'LS-3'

  -- Class E (ISIN ES0361797063): downgraded to 'CC' from 'CCC';
     assigned a Recovery Rating of 'RR5'


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


CONNAUGHT PLC: Mulls Asset Write-down; Expects Further Losses
-------------------------------------------------------------
Alistair Gray at The Financial Times reports that the prospect of
lenders seizing control of Connaught edged closer on Friday after
the stricken property services group warned it would write down
the value of its assets and make provisions for future losses on
existing contracts.

According to the FT, people close to the situation said that
Connaught's mounting difficulties would make a rights issue
difficult to execute and that a debt-for-equity swap was now the
least worst outcome for shareholders.

The FT relates shares in Connaught, which had already dropped by
about 90% since a profit warning in June, lost almost half of
their remaining value on Friday, Aug. 6.  They closed down 13.5p
at 15.5p, giving the company a market capitalization of GBP21.7
million, the FT discloses.

According to the FT, Connaught also said on Friday it expects to
post a "material loss" before interest, tax and amortization in
the year to August.

"I would guess that they've realized that a lot of the contracts
have been priced inappropriately and will therefore be loss-
making," the FT quoted Paul Checketts, analyst at Oriel
Securities, as saying.

Connaught said in its original profit warning that 31 contracts
had been affected by local authorities' budgetary pressures, the
FT notes.

As reported by the Troubled Company Reporter-Europe on Aug. 2,
2010, The FT said bankers granted Connaught a vital short-term
GBP15 million (US$23 million) overdraft facility.  The FT
disclosed the cash injection, which Connaught confirmed it had
received on July 29, gives the FTSE 250 company time to negotiate
a deal with lenders to safeguard its longer-term future.
Connaught warned that it was in urgent need of additional
funds, in part because suppliers and subcontractors -- which
include Travis Perkins and BSS, the builders' merchants -- had
exerted "additional pressure" on the group since it issued a
profit warning last month, according to the FT.  The FT noted that
while the cash injection gives Connaught some breathing space, the
group is still set to breach the terms of its loans as it warned
that net debt would be higher at its financial year-end next month
than the GBP120 million it had previously advised.

Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors.  The Company operates
in two business segments: social housing and compliance.  Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management.  The
Compliance segment provides safety, health and risk management
solutions.  It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom.  On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd.  On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.


EAST END: Goes Into Receivership Following Downturn
---------------------------------------------------
BBC News reports that East End Sawmills has been taken into
receivership following the downturn in the construction industry.

"Like many businesses, East End Sawmills has found itself the
victim of a succession of problems which has resulted in its
insolvency," the report quoted Bryan Jackson, PKF corporate
recovery partner, as saying.  "The impact of the recession on the
construction industry is widely known and East End Sawmills is
another victim of a sector which has experienced an enormous
downturn."

Glasgow-based East End Sawmills was a family-owned business
employing 55 staff across two sites.  It provided domestic and
commercial timber for homes and gardens.


EXETER LIFESTYLE: In Liquidation; Owes GBP160,000
-------------------------------------------------
Express & Echo reports that Exeter Lifestyles Centre Limited,
which ran the Motorcise healthy living center at Exeter Quay, is
in the process of being liquidated.

According to the report, Mark Bowen, the insolvency practitioner
acting as the liquidator, said the firm's assets only amounted to
between GBP8,000 and GBP10,000 while its debts stood at about
GBP160,000.

The report relates Mr. Bowen held a creditors' meeting in Newton
Abbot last week, together with a director from the company which
ceased trading last month.  More than 30 people attended a
creditors' meeting to discuss the implications of the business
going into liquidation, the report recounts.  They were told it is
extremely unlikely they will receive any of the money they are
owed, the report discloses.

The report says the liquidator will carry out his own
investigation into the conduct of directors, which is normal
practice when a business goes into liquidation.

Mr. Bowen confirmed directors had put in some of their own money
in a bid to prop it up, the report notes.  He said there were
around 700 members of the gym, of which around 500 were active,
according to the report.

"At the meeting creditors were made aware of the assets -- and
that there is not going to be much from that," the report quoted
Mr. Bowen as saying.

"I think ultimately the business didn't have enough members and
didn't charge them enough. It has been loss-making for some time.
No one could have said when it should have stopped trading.

"I will carry out an investigation and there is a considerable
amount of work to do."

Exeter Lifestyles Centre Limited is owned by Jenny Clarke.


GATHERING 2009: Creditors Set Up Fund to Pursue Legal Action
------------------------------------------------------------
Brian Ferguson at The Scotsman reports that dozens of businesses
have agreed to stump up 1% of the money they are owed by the
organizers of the Gathering -- the centerpiece event of Scotland's
Year of Homecoming -- to hire a solicitor to pursue a legal action
to try to recoup their money.

The Scotsman says more than 40 private firms are still owed up to
GBP33,000, a year after the two-day clan gathering attracted more
than 40,000 people to Holyrood Park, in Edinburgh.

Creditors say they will not write off the money they are owed,
although the company that ran the event went into administration
in January, The Scotsman notes.

As reported by the Troubled Company Reporter-Europe on Feb. 1,
2010, BBC News said Gathering 2009 Ltd., the company behind the
centerpiece of last year's Homecoming celebrations, went into
administration.  BBC disclosed the event was said to have
generated more than GBP10 million for the Scots economy.


ITV PLC: Fitch Upgrades Issuer Default Rating to 'BB'
-----------------------------------------------------
Fitch Ratings has upgraded ITV plc's Long-term Issuer Default
Rating and senior unsecured rating to 'BB' from 'BB-'
respectively.  The Outlook on the Long-term IDR is Stable.

The upgrade reflects ITV's improved financial position and credit
metrics after a better-than-expected H110 performance as well as
medium-term clarity on the company's funding of its pension
liability.  ITV has outperformed its competition in a rising
market, leading to net advertising revenue increasing by 18% in
H110 with management expecting a further 15% increase in Q310.
This should help ITV reduce its leverage to 2x by end-2010 from
3.6x at end-2009 on a lease-adjusted net debt/EBITDA basis.

"The recovery of advertising revenue thus far in 2010 and good
cost control have driven ITV's improved financial position," says
Damien Chew, a Director in Fitch's European Telecoms, Media and
Technology team.  "With continued growth in advertising revenue
expected for H210, ITV should have the headroom within a 'BB'
credit profile to start addressing the long-term structural
challenges it is facing and weather a potential double-dip UK
economic scenario in 2011."

Cyclical exposure to the UK economy remains a significant risk for
ITV.  A sharp drop in TV advertising revenue in a double-dip
scenario could see the company's revenue and hence profitability
come under pressure.  However, Fitch analysis shows that in this
scenario, ITV's lease-adjusted net debt/EBITDA would not breach 3x
and therefore remain significantly below the levels seen in 2008
and 2009.  The agency believes that a temporary spike to 3.0x
leverage because of cyclical effects could be tolerated within a
'BB' rating level.

Even without the risk of the UK falling back into recession,
structural changes in the media industry remain a concern.  The
continued growth of the internet, digitization of content and the
change in consumer viewing patterns have had a significant impact
in content creation, and content aggregation and distribution.
These factors could erode ITV's ability to reach a large UK
audience for advertisers and therefore have a negative impact on
long-term revenue and profitability.  Management has laid out its
plans to meet these challenges.  Fitch would expect to see
significant progress on this front before considering a further
rating upgrade.

Further positive rating action would also require continued
deleveraging by ITV.  Fitch believes that ITV could see a
significant reduction in net debt and leverage metrics over the
next two-to-three years with a continued recovery in the UK TV
advertising market, continued cost reductions and a strong
operational performance that maintains ITV's leadership position.
ITV's funds from operations-adjusted net leverage could be
approaching 2x by end-2012 (compared with 2.9x at end-2009).

ITV has visibility of its cash contributions to its pension scheme
until 2014, following agreement with the trustees of its pension
scheme over the company's plan to use SDN, ITV's wholly owned
digital terrestrial television multiplex operator, to provide
asset-backing to the pension scheme over the long-term.  Fitch
believes that these pension deficit payments are unlikely to
change following the next actuarial pension valuation due to take
place in 2011.


LANDMARK MORTGAGE: S&P Lowers Rating on Class D Notes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Landmark Mortgage
Securities No. 2 PLC's class Ba, Bc, C, and D notes.  At the same
time, S&P has placed the class Aa and Ac notes on CreditWatch
negative.

The downgrades are due to deterioration in the credit quality of
the collateral pool, in S&P's opinion.  S&P's weighted average
foreclosure frequency has increased due to reported high severe
delinquencies and its weighted-average loss severity has increased
due to house price declines since mid-2007.  According to
Nationwide, house prices remain 9% below their peak in October
2007.

This deterioration has meant the Ba, Bc, C, and D notes are unable
to pass S&P's cash flow stresses and its analysis indicates that
their credit enhancement is not consummate with the current rating
levels.  S&P has lowered the ratings accordingly.

In recent quarters the collateral has shown some signs of
stabilization, with total delinquencies falling slightly (to 35.3%
in June 2010 from 40.4% in June 2009) and with excess spread
covering losses (the reserve fund has topped-up to ?2.2 million
from ?1.3 million in December 2009).

However, S&P believes this stable performance is mainly due to
lower monthly payments for borrowers benefiting from low interest
rates.  In S&P's opinion, when interest rates rise, these
nonconforming borrowers may struggle to cope with increases in
their monthly payments, which may lead to further repossessions
and falling collection rates.

S&P has placed the class Aa and Ac notes on CreditWatch negative.
These notes are paying down while the transaction pays
sequentially so credit enhancement has increased slowly.  However,
while prepayments are low (4.5% in June 2010) and 120+ day
delinquencies remain high (22.4%), these increases may not be
sufficient to maintain the 'AAA' rating.  S&P aims to resolve the
CreditWatch placement in due course after analyzing updated loan
level data and information from the September investor report.

Landmark Mortgage Securities No. 2 is a U.K. nonconforming
residential mortgage-backed securities transaction that closed in
March 2007.  The mortgages were originated by Unity Homeloans
Ltd., Infinity Mortgages Ltd., and Amber Homeloans Ltd. and
secured over freehold and leasehold, owner-occupied and buy-to-let
properties in the U.K.

                           Ratings List

              Landmark Mortgage Securities No. 2 PLC
          EUR51.5 Million, GBP322.645 Million Mortgage-Backed
                        Floating-Rate Notes

              Ratings Placed on CreditWatch Negative

                                Rating
                                ------
             Class       To                     From
             -----       --                     ----
             Aa          AAA/Watch Neg          AAA
             Ac          AAA/Watch Neg          AAA

       Ratings Lowered and Removed From CreditWatch Negative

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


MORPHEUS PLC: Fitch Junks Rating on Class E Notes From 'B'
----------------------------------------------------------
Fitch Ratings has downgraded Morpheus (European Loan Conduit No.
19) plc's class CMBS floating rate notes due 2029 and affirmed the
rest.  A Recovery Ratings 'RR4' has been assigned to class E.

  -- GBP27.6 million Class A FRN (XS0198508110) affirmed at 'AAA';
     Outlook Stable

  -- GBP18 million Class B FRN (XS0198508896) affirmed at 'AA+';
     Outlook Stable

  -- GBP16 million Class C FRN (XS0198509431) affirmed at 'A+';
     Outlook Stable

  -- GBP11.8 million Class D FRN affirmed at 'BBB-'; Outlook
     Negative

  -- GBP7.4 million Class E FRN downgraded to 'CCC' from 'B';
     'RR4' assigned.

The downgrade reflects Fitch's assessment of the impact of current
weak commercial property market conditions on the loans
securitized in the transaction.  Fitch used portfolio-level
information to estimate the expected change in reported market
values based on the timing of the valuations and market indices of
capital values.

Of all the valuations of the loan collateral, the vast majority
was conducted in or before 2004.  Fitch believes that any value
gains achieved between the valuation dates and the peak of the
commercial property markets have, on average, been offset by the
subsequent declines.  Consequently, the reported current weighted
average loan-to-value ratio of 58.8% is a close approximation of
the current leverage of the portfolio as a whole.  However, the
impact on individual loans is varied and those secured by asset
types that have been most affected by recent value declines
display a heightened risk of losses in Fitch's analysis.  In
particular, five loans, or 2.7% of collateral balance, display
current Fitch LTVs over 100%.

At the May 2010 interest payment date, 115 loans with a combined
balance of GBP85.8 million were outstanding.  While the average
loan size is GBP0.7 million, suggesting pool granularity, the
collateral is instead concentrated in a small number of larger
loans.  The largest loan comprises 16% of the collateral balance,
while the five largest loans represent approximately 33%.  No
other loans account for more than 4% of the pool.  Since closing
in August 2004, 304 loans have been repaid, and the principal
receipts have been used to redeem the notes on a modified pro rata
basis.  According to the documentation, the principal available
funds must be distributed on a sequential basis when the total
loan balance in special servicing is in excess of 5%.  The latest
special servicing report states that 2.1% by collateral balance is
currently in special servicing.  An additional 3% by collateral
balance is currently on servicer's watch list.

Excess spread was used on the first two IPDs to partly redeem the
most junior note tranche, class E, up to the permitted maximum of
GBP2.3 million.  This created modest over-collateralization that
provides credit enhancement to the class E notes and will absorb
up to GBP2.3 million of loan level losses, if necessary.

Although the largest loan has been repaid in full and other small
exposures due in 2010 have also been redeemed, Morpheus has still
some exposure to imminent refinancing: approximately 10% by loan
balance is scheduled to mature by end-2011.  However, during the
last 12 months, twenty facilities have been successfully repaid,
albeit some time after the contractual expiry date, one has been
restructured and substantially de-leveraged, and one has been
terminated through a DPO procedure, which granted 96% of the
principal due and interest accrued.

Fitch believes that the small balance and early vintage of the
loans should facilitate the borrower's efforts to refinance in
current market conditions.  Should one or several of the largest
loans become delinquent, class D and E's ratings may become
exposed to downward pressure.

It should be noted that the notes' amount refers to the cash
management report issued on August 3, 2010, whereas collateral
stratification is based on the latest investor report published on
May 4, 2010.


PORTSMOUTH FOOTBALL: Balu Chainrai Mulls Investment
---------------------------------------------------
Sky Sports reports that Balu Chainrai said that he is prepared to
invest money in Portsmouth to help the club return to the Premier
League.

According to Sky Sports, the Hong Kong businessman is expected to
buy the club back after its High Court victory over Her Majesty's
Revenue and Customs last week.

Sky Sports relates Mr. Chainrai confirmed that he wants to stay
involved with the club, and has ambitious plans for the future.
He has yet to decide how long he would remain at the club but he
has no major worries now that its security has been assured.

"The club can move forward -- it could be with me for the future
or it could just be the short-term," Sky Sports quoted Mr.
Chainrai as saying.  "The administrator has said that I'm the best
person for the job."

As reported by the Troubled Company Reporter-Europe on August 9,
2010, Bloomberg News said that the HMRC failed to block an
agreement that Portsmouth reached with creditors to bring it out
of bankruptcy protection.  Bloomberg disclosed Justice George Mann
at the High Court in London ruled the club's "company voluntary
arrangement" can proceed.  The government's lawyer, Gregory
Mitchell, said the tax authority won't appeal Thursday's ruling,
Bloomberg noted.  Bloomberg recalled Portsmouth, known by fans as
"Pompey," in February became the first Premier League soccer club
to seek protection from creditors, after amassing more than GBP100
million of debt.  The club was docked nine points by the league in
March and was close to liquidation after entering administration,
a form of bankruptcy protection, Bloomberg recounted.

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


WHITE TOWER: S&P Downgrades Rating on Class E Notes to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
White Tower 2006-3 PLC's class B and C notes, affirmed its rating
on the class D notes, and lowered its rating on the class E notes.
S&P also withdrew its rating on class A because the notes have
paid down.

At closing at the end of 2006, White Tower 2006-3 acquired the
senior-ranking portion of a whole loan secured against nine office
properties in Greater London, eight of which are in or close to
the City of London.  The current outstanding senior loan (and
note) balance is GBP369.9 million (down from GBP1.15 billion
originally issued).  The loan matured in October 2009.  The legal
final maturity of the notes is October 2012.

On June 9, 2009, the market value of the properties was reported
as GBP929 million (versus ?1.83 billion at closing).  This
valuation resulted in a breach of the loan-to-value ratio
covenant, and the loan was consequently transferred to special
servicing.

In March 2010, CB Richard Ellis Loan Servicing Ltd. (ranked ABOVE
AVERAGE) began marketing eight of the nine properties: The five in
the Thames Portfolio (60 Victoria Embankment, Sampson House,
Ludgate House, Millennium Bridge House, and the BSI Tower), Alban
Gate, Leadenhall Court, and New Court.  In April 2010, S&P lowered
its ratings on the class D and E notes because the proposed near-
term sale of properties securing the loan, in its view, increased
the likelihood of principal losses.

By July 23, all eight properties had been sold for approximately
GBP797 million (gross proceeds).  About GBP734 million paid down
all of the outstanding class A notes and part of the class B notes
on the July interest payment date, and approximately GBP59.8
million is currently being held as cash to be distributed on the
next IPD.  S&P understands that no decision has been made as to
the timing of the marketing of the remaining property (the AVIVA
Tower).

The prices achieved for the eight properties represent a market
value decline of approximately 45.8% from their valuations at
closing, which occurred near the peak of the market.  At closing,
the portfolio was sold at yields of approximately 5%, and the
recent sale of the same portfolio (less the AVIVA Tower) was
achieved at a yield of approximately 9%.  This is in line with the
value declines since the 2007 peak that S&P has observed for City
of London assets.

Nonetheless, against the backdrop of deteriorating commercial
property values across Europe and limited availability of debt
finance (reinforced in the first half of 2010 by a sovereign debt
crisis in Europe), the sale results -- both in terms of price and
timing -- underscore the attractiveness of London as a prime
global real estate location and the investor demand for properties
in this sector.  This is consistent with evidence S&P has seen
that suggests Central London offices have begun to appreciate in
value since mid-2009 -- in some cases by at least 10%, declining
rents notwithstanding.  The sales outcome also reflects, in S&P's
view, the importance in European commercial mortgage-backed
securities of special servicers' experience and control of the
workout process.

The remaining collateral in the transaction, the AVIVA Tower, is a
Grade A office building of 315,000 sq ft, centrally located on
Leadenhall Street in the City of London.  It was built in 1969 but
entirely refurbished in 1994.  The building is fully let to AVIVA
International Insurance Ltd. (AA-/Negative/A-1+).  The lease
expires in April 2024, giving an unexpired lease term of
approximately 13.75 years.  The current annual passing rent is
approximately GBP16.5 million.  Part of its space is currently
sublet and approximately 55% of the rental income comes from
subtenants.  These factors compare favorably with the eight
properties already sold, all of which (other than the Alban Gate
property) face shorter lease terms and the risk that income may
decline as tenants vacate on lease expiry and rents return to
market levels.

Although MVDs for the eight properties sold were significant and
S&P continues to expect loss severities on specific loans in
European CMBS to exceed 50% in conditions of severe stress, in
view of current investor demand and declining availability in this
sector of the commercial property market, S&P would expect the
AVIVA Tower property to attract significant investor demand and be
sold at investment yields well below those seen for the properties
sold to date.

The rating actions reflect the sales and consequent note
amortization to date, the cash collateral S&P expects to be
distributed on the next IPD, and S&P's expectation of recoveries
from the remaining property.  S&P understands that a reserve (of
up to GBP20 million) may be set aside to fund potential
liabilities.  If these liabilities materialize, the recoveries
available to fund the notes would be reduced accordingly.

Given the cash collateral already available (GBP59.8 million) and
S&P's recovery expectations for the AVIVA Tower, S&P expects that
class B will be paid in full and accordingly S&P has raised its
rating on that class to 'AAA'.  S&P considers that the class C
notes are highly likely to be repaid, but if the liabilities
materialize, the credit characteristics on that class would in
S&P's view be commensurate with a 'A' rating.  S&P has raised its
rating on the class C notes accordingly.

In S&P's view, there is a risk that the class D notes may suffer
losses if the liabilities materialize.  S&P has thus affirmed the
current 'B-' rating on class D.

Lastly, its view is that the remaining asset is not likely to
achieve a sales price to repay class E, so S&P has downgraded
class E to 'CCC-'.  S&P has withdrawn the rating on class A, as it
was paid down.

                           Ratings List

                     White Tower 2006-3 PLC
   GBP1.15 Billion Commercial Mortgage-Backed Floating-Rate Notes

                          Ratings Raised

                                        Rating
                                        ------
          Class                To                  From
          -----                --                  ----
          B                    AAA                 BBB
          C                    A                   BB

                          Rating Lowered

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

                          Rating Affirmed

                   Class                Rating
                   -----                ------
                   D                    B-

                         Rating Withdrawn

                                        Rating
                                        ------
          Class                To                  From
          -----                --                  ----
          A                    NR                  A

                         NR -- Not rated.


* UK: Budget Cuts to Push More Firms Into Bankruptcy, R3 Says
-------------------------------------------------------------
Stephen Morris at Bloomberg News reports that the U.K.
government's budget cuts will push more companies into bankruptcy
in the second half of this year as departments from education to
transport delay or cancel contracts.

According to Bloomberg, industry trade body R3 said its members
were forecasting corporate insolvencies will rise as much as 20%
in the second half, compared with the first six months, when there
were fewer than anticipated.

Prime Minister David Cameron's coalition government has pledged to
reduce the U.K.'s record budget deficit by slashing spending, with
most departments facing cuts of a third, Bloomberg says, citing
the independent Institute for Fiscal Studies.

"This year, we will see some issues around the public sector
squeeze," Bloomberg quoted Mark Orton, senior restructuring
partner at KPMG International in Birmingham, as saying.  "If we
see companies that have been underperforming, have their projects
deferred, contracts delayed, margins squeezed, particularly in the
construction sector, you could see that resulting in some
businesses just not being able to hang on."

A May 2010 survey of R3 members revealed the industry forecasts
corporate insolvencies would peak in 2010 at 27,797, up 5% from
the 26,443 in 2009, Bloomberg notes.


* UK: Premier League Adopts New Ownership & Financial Rules
-----------------------------------------------------------
The Associated Press reports that England's Premier League has
introduced new ownership and financial regulations for the new
season.

According to the report, clubs will be required to publish
ownership details annually on their Web site and provide the
league with a directors report that declares any payments above
GBP25,000 (US$39,800).

The report relates Premier League chief executive Richard
Scudamore said the league backed the right of Her Majesty's
Revenue and Customs to pursue clubs for unpaid taxes.

"If we had had quarterly returns stating liabilities to HMRC, that
could certainly have provided another early warning," the report
quoted Mr. Scudamore as saying.  "I would support HMRC getting
much harder with clubs much quicker."

The Premier League has not set fixed punishments for clubs that
break the new rules, but existing penalties include points
deductions and bans on transfer activity, the report notes.


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


* EUROPE: French Gov't Experts Back Germany Insolvency Plan
-----------------------------------------------------------
Capital.gr, citing Der Spiegel, reports that French government
experts support Germany's plan, which was put forward in the past
months, to create an orderly insolvency procedure for EU member
states.

According to Capital.gr, the magazine said the French government
opposes any notion of a new steering committee for countries in
such a procedure if it draws upon the traditional role of the
Paris Club, which has overseen relations between defaulting
countries and their sovereign creditors in the past.


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

                                      Total
                                      Shareholders   Total
                                      Equity         Assets
  Company             Ticker          (US$)          (US$)
  -------             ------          ------         ------

AUSTRIA
-------
CHRIST WATER TEC        CWT AV        -5754287.761   165995618.1
CHRIST WATER TEC        C7W GR        -5754287.761   165995618.1
CHRIST WATER TEC        CWT PZ        -5754287.761   165995618.1
CHRIST WATER TEC        CWT EU        -5754287.761   165995618.1
CHRIST WATER TEC        CRSWF US      -5754287.761   165995618.1
CHRIST WATER TEC        CWT EO        -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                LBROF US        -109013328   171684389.1
LIBRO AG                LB6 GR          -109013328   171684389.1
LIBRO AG                LIB AV          -109013328   171684389.1
LIBRO AG                LIBR AV         -109013328   171684389.1
SKYEUROPE               SKYP PW       -89480486.93   159076577.5
SKYEUROPE               SKY PW        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY LI        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY EO        -89480486.93   159076577.5
SKYEUROPE HLDG          SKYA PZ       -89480486.93   159076577.5
SKYEUROPE HLDG          SKY EU        -89480486.93   159076577.5
SKYEUROPE HLDG          SKY AV        -89480486.93   159076577.5
SKYEUROPE HLDG          S8E GR        -89480486.93   159076577.5
SKYEUROPE HLDG          SKURF US      -89480486.93   159076577.5
SKYEUROPE HLDG          SKYPLN EO     -89480486.93   159076577.5
SKYEUROPE HLDG          SKYV IX       -89480486.93   159076577.5
SKYEUROPE HLDG          SKYPLN EU     -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

CROATIA
-------
BRODOGRADE INDUS        3MAJRA CZ     -464934142.4   272013070.7
IPK OSIJEK DD OS        IPKORA CZ     -32978857.72   151587609.9
MAGMA DD                MGMARA CZ     -764475.9867   141322122.7
OT OPTIMA TELEKO        2299892Z CZ   -69895909.13   116266542.5
OT-OPTIMA TELEKO        OPTERA CZ     -69895909.13   116266542.5
VUPIK DD                VPIKRA CZ     -8861479.441   112509976.8

CYPRUS
------
LIBRA HOLIDA-RTS        LGWR CY        -27821889.5     240947718
LIBRA HOLIDA-RTS        LBR 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 EO         -27821889.5     240947718
LIBRA HOLIDAYS G        LHG PZ         -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
URALS ENERGY PUB        UREYF US        -107167000     889168000
URALS ENERGY PUB        UEN EO          -107167000     889168000
URALS ENERGY PUB        UEN IX          -107167000     889168000
URALS ENERGY PUB        U5S TH          -107167000     889168000
URALS ENERGY PUB        UENEUR EO       -107167000     889168000
URALS ENERGY PUB        UEN PZ          -107167000     889168000
URALS ENERGY PUB        UEN EU          -107167000     889168000
URALS ENERGY PUB        UEN PG          -107167000     889168000
URALS ENERGY PUB        U5S GR          -107167000     889168000
URALS ENERGY PUB        UEN LN          -107167000     889168000
URALS ENERGY PUB        UENGBP EO       -107167000     889168000

CZECH REPUBLIC
--------------
CKD PRAHA HLDG          CKDPF US      -89435858.16     192305153
CKD PRAHA HLDG          CKDH US       -89435858.16     192305153
CKD PRAHA HLDG          297687Q GR    -89435858.16     192305153
CKD PRAHA HLDG          CKDH CP       -89435858.16     192305153
CKD PRAHA HLDG          CDP EX        -89435858.16     192305153
SETUZA AS               2994767Q EO   -61453764.17   138582273.6
SETUZA AS               SETU IX       -61453764.17   138582273.6
SETUZA AS               SZA EX        -61453764.17   138582273.6
SETUZA AS               2994763Q EU   -61453764.17   138582273.6
SETUZA AS               SETUZA PZ     -61453764.17   138582273.6
SETUZA AS               2994759Q EO   -61453764.17   138582273.6
SETUZA AS               2994755Q EU   -61453764.17   138582273.6
SETUZA AS               SETUZA CP     -61453764.17   138582273.6
SETUZA AS               SZA GR        -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           ROSKF US      -532868894.9    7876687324
ROSKILDE BANK           ROSK EU       -532868894.9    7876687324
ROSKILDE BANK           ROSK PZ       -532868894.9    7876687324
ROSKILDE BANK           RKI GR        -532868894.9    7876687324
ROSKILDE BANK           ROSBF US      -532868894.9    7876687324
ROSKILDE BANK           RSKC IX       -532868894.9    7876687324
ROSKILDE BANK           ROSK EO       -532868894.9    7876687324
ROSKILDE BANK           ROSK DC       -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           SNISF US      -1029838.038   546820905.2
SANISTAL AS-B           SANIB EU      -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           SANI/B PZ     -1029838.038   546820905.2
SANISTAL AS-B           SANIB EO      -1029838.038   546820905.2
SANISTAL AS-B           SNSC IX       -1029838.038   546820905.2
SANISTAL AS-B           SANIB BY      -1029838.038   546820905.2
SANISTAL AS-B           SANIBEUR EO   -1029838.038   546820905.2
SANISTAL AS-B           SANIB DC      -1029838.038   546820905.2
SANISTAL-B NEW          SANLN DC      -1029838.038   546820905.2
SCANDINAVIAN BRA        SBS1EUR EO    -18360748.78   147485890.1
SCANDINAVIAN BRA        SBSD PZ       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 BY       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 EU       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBSC IX       -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS DC        -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1EUR EU    -18360748.78   147485890.1
SCANDINAVIAN BRA        SBS1 EO       -18360748.78   147485890.1

FRANCE
------
BELVEDERE - RTS         702036Q FP    -240506200.5    1000204586
BELVEDERE - RTS         554451Q FP    -240506200.5    1000204586
BELVEDERE SA            BELV NM       -240506200.5    1000204586
BELVEDERE SA            BED GR        -240506200.5    1000204586
BELVEDERE SA            BELV FP       -240506200.5    1000204586
BELVEDERE SA            BVD EU        -240506200.5    1000204586
BELVEDERE SA            BEVD IX       -240506200.5    1000204586
BELVEDERE SA            BVD EO        -240506200.5    1000204586
BELVEDERE SA            BVD PZ        -240506200.5    1000204586
BELVEDERE SA            BED TH        -240506200.5    1000204586
BELVEDERE SA            BVDRF US      -240506200.5    1000204586
BELVEDERE SA            BVD FP        -240506200.5    1000204586
BELVEDERE SA-NEW        BVDNV FP      -240506200.5    1000204586
BELVEDERE SA-NEW        946529Q FP    -240506200.5    1000204586
BELVEDERE SA-RTS        BVDDS FP      -240506200.5    1000204586
CADES                   211430Z FP       -1.32E+11    9983888303
CARRERE GROUP           CAR FP        -9829592.638     279906700
CARRERE GROUP           CRGP IX       -9829592.638     279906700
CARRERE GROUP           CARF PZ       -9829592.638     279906700
CARRERE GROUP           XRR GR        -9829592.638     279906700
CARRERE GROUP           CAR2 EO       -9829592.638     279906700
CARRERE GROUP           CAR2 EU       -9829592.638     279906700
CARRERE GROUP           CARG FP       -9829592.638     279906700
CARRERE GROUP           CRRHF US      -9829592.638     279906700
CHAINE ET TRAME         CTRM FP       -58947458.16   116889783.9
CHAINE ET TRAME         CHTR FP       -58947458.16   116889783.9
GRANDE PAROISSE         GDPXF US      -927267926.9     629287290
GRANDE PAROISSE         GAPA FP       -927267926.9     629287290
GRANDE PAROISSE         GDPA FP       -927267926.9     629287290
LAB DOLISOS             DOLI FP       -27752176.19   110485462.4
LAB DOLISOS             LADL FP       -27752176.19   110485462.4
MATUSSIERE & FOR        MTUSF US      -77896683.67   293868350.8
MATUSSIERE & FOR        1007765Q FP   -77896683.67   293868350.8
MB RETAIL EUROPE        MBRE FP       -58947458.16   116889783.9
MB RETAIL EUROPE        CTRF IX       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE EO       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE EU       -58947458.16   116889783.9
MB RETAIL EUROPE        MBRE PZ       -58947458.16   116889783.9
OROSDI                  OROS FP       -35006822.54   151870593.9
OROSDI-BACK             ORBA FP       -35006822.54   151870593.9
OROSDI-BACK             OROS PZ       -35006822.54   151870593.9
OROSDI-BACK             OROS EU       -35006822.54   151870593.9
OROSDI-BACK             OROS EO       -35006822.54   151870593.9
OROSDI-BACK             BACK IX       -35006822.54   151870593.9
PAGESJAUNES GRP         PAJ PZ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EB         -3171655188    1168738032
PAGESJAUNES GRP         PAJ BQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ TQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJUSD EU      -3171655188    1168738032
PAGESJAUNES GRP         PAJ NQ         -3171655188    1168738032
PAGESJAUNES GRP         PAJ QM         -3171655188    1168738032
PAGESJAUNES GRP         PGJUF US       -3171655188    1168738032
PAGESJAUNES GRP         QS3 GR         -3171655188    1168738032
PAGESJAUNES GRP         PAJ FP         -3171655188    1168738032
PAGESJAUNES GRP         PAJ VX         -3171655188    1168738032
PAGESJAUNES GRP         PAJUSD EO      -3171655188    1168738032
PAGESJAUNES GRP         PAJ IX         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EU         -3171655188    1168738032
PAGESJAUNES GRP         PAJ LI         -3171655188    1168738032
PAGESJAUNES GRP         PAJ GK         -3171655188    1168738032
PAGESJAUNES GRP         PAJ EO         -3171655188    1168738032
PAGESJAUNES GRP         PAJGBX EU      -3171655188    1168738032
PAGESJAUNES GRP         PAJGBP EO      -3171655188    1168738032
PAGESJAUNES GRP         PAJGBX EO      -3171655188    1168738032
PAGESJAUNES GRP         QS3 TH         -3171655188    1168738032
PAGESJAUNES GRP         PAJP IX        -3171655188    1168738032
RESEAU FERRE FRA        224063Z FP     -2138499667   66039422175
RHODIA SA               RHA QM        -883734308.8    6075165782
RHODIA SA               RHDAF US      -883734308.8    6075165782
RHODIA SA               2324011Q EU   -883734308.8    6075165782
RHODIA SA               RHA NQ        -883734308.8    6075165782
RHODIA SA               RHAGBX EO     -883734308.8    6075165782
RHODIA SA               RHANR PZ      -883734308.8    6075165782
RHODIA SA               RHAUSD EU     -883734308.8    6075165782
RHODIA SA               RHA EB        -883734308.8    6075165782
RHODIA SA               RHA TQ        -883734308.8    6075165782
RHODIA SA               RHD GR        -883734308.8    6075165782
RHODIA SA               RHADF US      -883734308.8    6075165782
RHODIA SA               RHAGBP EO     -883734308.8    6075165782
RHODIA SA               3218857Q IX   -883734308.8    6075165782
RHODIA SA               2324015Q EO   -883734308.8    6075165782
RHODIA SA               RHA VX        -883734308.8    6075165782
RHODIA SA               RHAGBX EU     -883734308.8    6075165782
RHODIA SA               RHA EU        -883734308.8    6075165782
RHODIA SA               RHA GK        -883734308.8    6075165782
RHODIA SA               RHDI TH       -883734308.8    6075165782
RHODIA SA               RHAY IX       -883734308.8    6075165782
RHODIA SA               RHA BQ        -883734308.8    6075165782
RHODIA SA               RHAUSD EO     -883734308.8    6075165782
RHODIA SA               RHA FP        -883734308.8    6075165782
RHODIA SA               RHA EO        -883734308.8    6075165782
RHODIA SA               RHDI GR       -883734308.8    6075165782
RHODIA SA               RHA IX        -883734308.8    6075165782
RHODIA SA               RHA PZ        -883734308.8    6075165782
RHODIA SA - NEW         RHANV FP      -883734308.8    6075165782
RHODIA SA - NEW         2335921Q FP   -883734308.8    6075165782
RHODIA SA - NEW         3156011Q FP   -883734308.8    6075165782
RHODIA SA - NEW         3506266Q FP   -883734308.8    6075165782
RHODIA SA-ADR           RHAYY US      -883734308.8    6075165782
RHODIA SA-NON RE        RHANR FP      -883734308.8    6075165782
RHODIA SA-RIGHTS        653447Q FP    -883734308.8    6075165782
RHODIA SA-RIGHTS        RHADS FP      -883734308.8    6075165782
RODIGUEZ GROUP          RGX GR        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD EU        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD BQ        -71997955.94   457127473.1
RODRIGUEZ GROUP         RRGZF US      -71997955.94   457127473.1
RODRIGUEZ GROUP         RDGP IX       -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD TQ        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD EO        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD FP        -71997955.94   457127473.1
RODRIGUEZ GROUP         ROD PZ        -71997955.94   457127473.1
SDR CENTREST            117241Q FP    -132420119.6   252176017.2
SOBIESKI                BVD PW        -240506200.5    1000204586
TROUVAY CAUVIN          ETEC FP       -396977.9956   133986439.7
TROUVAY CAUVIN          TVYCF US      -396977.9956   133986439.7

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

GERMANY
-------
AGOR AG                 DOO GR        -482446.6262   144432986.2
AGOR AG                 NDAGF US      -482446.6262   144432986.2
AGOR AG                 DOOG IX       -482446.6262   144432986.2
AGOR AG                 DOOD PZ       -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 GR        -101940692.7   236502063.1
ALNO AG                 ALNO IX       -101940692.7   236502063.1
ALNO AG                 ANO PZ        -101940692.7   236502063.1
ALNO AG                 ANO EU        -101940692.7   236502063.1
ALNO AG                 ANO EO        -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               BRKAF US      -27139391.98   143536859.7
BROKAT AG               BROAF US      -27139391.98   143536859.7
BROKAT AG               BKISF 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          BRJ GR        -27139391.98   143536859.7
BROKAT TECH AG          BSA LN        -27139391.98   143536859.7
BROKAT TECH-ADR         BRJA GR       -27139391.98   143536859.7
CBB HOLDING AG          COBG PZ       -42994732.85   904723627.8
CBB HOLDING AG          COB GR        -42994732.85   904723627.8
CBB HOLDING AG          COBG IX       -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          COB2 EO       -42994732.85   904723627.8
CBB HOLDING-NEW         COB1 GR       -42994732.85   904723627.8
CBB HOLDING-NEW         COB3 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             MXC PZ        -14445849.72   194465786.9
CINEMAXX AG             MXC GR        -14445849.72   194465786.9
CINEMAXX AG             CNEMF US      -14445849.72   194465786.9
CINEMAXX AG             MXC EO        -14445849.72   194465786.9
CINEMAXX AG             MXC TH        -14445849.72   194465786.9
CINEMAXX AG             MXCG IX       -14445849.72   194465786.9
CINEMAXX AG             MXCUSD EO     -14445849.72   194465786.9
CINEMAXX AG             MXC EU        -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 GR        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC TH        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC EU        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC PZ        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC TQ        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESCDF US      -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC EO        -22323463.23   425598807.8
EDOB ABWICKLUNGS        ESC BQ        -22323463.23   425598807.8
EM.TV & MERCHAND        ETVMF US      -22067409.41   849175624.7
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        EMTVF US      -22067409.41   849175624.7
EM.TV & MERCHAND        ETV NM        -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 EO       -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           ESCN GR       -22323463.23   425598807.8
ESCADA AG-NEW           ESCC GR       -22323463.23   425598807.8
ESCADA AG-NEW           3069367Q GR   -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 TH         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8GBP EO      -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EB         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EU         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 GR         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 NR         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 BQ         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8USD EU      -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 EO         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8 IX         -2169306511    3201326467
KABEL DEUTSCHLAN        KD8USD EO      -2169306511    3201326467
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             KFR GR        -19296489.56   150995473.8
KAUFRING AG             KAUG IX       -19296489.56   150995473.8
LLOYD FONDS AG          L1O TH         -1314098.03   141766952.6
LLOYD FONDS AG          L1O GR         -1314098.03   141766952.6
LLOYD FONDS AG          L1O PZ         -1314098.03   141766952.6
LLOYD FONDS AG          LLOG IX        -1314098.03   141766952.6
LLOYD FONDS AG          L1O EO         -1314098.03   141766952.6
LLOYD FONDS AG          L1O EU         -1314098.03   141766952.6
LLOYD FONDS AG          L10 BQ         -1314098.03   141766952.6
LLOYD FONDS AG          L1O TQ         -1314098.03   141766952.6
MANIA TECHNOLOGI        MNI GR         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI PZ         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI1 EU        -35060806.5   107465713.6
MANIA TECHNOLOGI        MIAVF US       -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI NM         -35060806.5   107465713.6
MANIA TECHNOLOGI        MNIG IX        -35060806.5   107465713.6
MANIA TECHNOLOGI        MNI1 EO        -35060806.5   107465713.6
MANIA TECHNOLOGI        2260970Z GR    -35060806.5   107465713.6
MATERNUS KLINI-N        MAK1 GR       -16232020.37     171958727
MATERNUS-KLINIKE        MNUKF US      -16232020.37     171958727
MATERNUS-KLINIKE        MAK EO        -16232020.37     171958727
MATERNUS-KLINIKE        MAK GR        -16232020.37     171958727
MATERNUS-KLINIKE        MAK PZ        -16232020.37     171958727
MATERNUS-KLINIKE        MAKG IX       -16232020.37     171958727
MATERNUS-KLINIKE        MAK EU        -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 EU        -18656728.68   610380925.7
PRIMACOM AG             PRCG PZ       -18656728.68   610380925.7
PRIMACOM AG             PRC TH        -18656728.68   610380925.7
PRIMACOM AG             PRC2 GR       -18656728.68   610380925.7
PRIMACOM AG             PRC GR        -18656728.68   610380925.7
PRIMACOM AG             PCAGF US      -18656728.68   610380925.7
PRIMACOM AG             PRCG IX       -18656728.68   610380925.7
PRIMACOM AG             PRC EO        -18656728.68   610380925.7
PRIMACOM AG             PRC NM        -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         ROS1 EO       -1744121.914   217776125.8
RAG ABWICKL-REG         ROS GR        -1744121.914   217776125.8
RAG ABWICKL-REG         ROSG PZ       -1744121.914   217776125.8
RAG ABWICKL-REG         RSTHF US      -1744121.914   217776125.8
RAG ABWICKL-REG         ROS1 EU       -1744121.914   217776125.8
RINOL AG                RILB PZ            -2.7111   168095049.1
RINOL AG                RILB IX            -2.7111   168095049.1
RINOL AG                RIL GR             -2.7111   168095049.1
RINOL AG                RNLAF US           -2.7111   168095049.1
RINOL AG                RILB EU            -2.7111   168095049.1
RINOL AG                RILB GR            -2.7111   168095049.1
RINOL AG                RILB EO            -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        2916157Q EU   -6153256.917   127546738.8
SANDER (JIL)-PRF        2916161Q EO   -6153256.917   127546738.8
SANDER (JIL)-PRF        SAD3 GR       -6153256.917   127546738.8
SANDER (JIL)-PRF        SAD3 PZ       -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
STROER OUT-OF-HO        SAX EO        -62153916.21    1072778885
STROER OUT-OF-HO        SAX GR        -62153916.21    1072778885
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        TWN PZ        -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWNG IX       -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWN EU        -124667889.5   375247226.8
TA TRIUMPH-ADLER        TWN GR        -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 TH        -97711555.56     358434780
TOM TAILOR HOLD         TTI EU        -97711555.56     358434780
TOM TAILOR HOLD         TTI EO        -97711555.56     358434780
VIVANCO GRUPPE          VVA1 GR       -22198683.12   111990951.4
VIVANCO GRUPPE          VVA1 EO       -22198683.12   111990951.4
VIVANCO GRUPPE          VVA GR        -22198683.12   111990951.4
VIVANCO GRUPPE          VVAG IX       -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

GREECE
------
AG PETZETAKIS SA        PETZK PZ      -53415175.25     227965558
AG PETZETAKIS SA        PETZK GA      -53415175.25     227965558
AG PETZETAKIS SA        PZETF US      -53415175.25     227965558
AG PETZETAKIS SA        PETZK EU      -53415175.25     227965558
AG PETZETAKIS SA        PTZ1 GR       -53415175.25     227965558
AG PETZETAKIS SA        PTZ GR        -53415175.25     227965558
AG PETZETAKIS SA        PETZK EO      -53415175.25     227965558
ALTEC SA -AUCT          ALTECE GA     -48733007.42   131910486.6
ALTEC SA INFO           ALTEC PZ      -48733007.42   131910486.6
ALTEC SA INFO           ATCQF US      -48733007.42   131910486.6
ALTEC SA INFO           AXY GR        -48733007.42   131910486.6
ALTEC SA INFO           ALTEC GA      -48733007.42   131910486.6
ALTEC SA INFO           ALTEC EO      -48733007.42   131910486.6
ALTEC SA INFO           ALTEC EU      -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 PZ      -189908329.1   896537349.7
ASPIS PRONIA GE         ASASK EO      -189908329.1   896537349.7
ASPIS PRONIA GE         ASASK GA      -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         KOUM EO        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM PZ        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM GA        -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUMF US       -62534014.1   194685439.4
KOUMBAS SYNERGY         KOUM EU        -62534014.1   194685439.4
NAOUSSA SPIN -RT        NAOYD GA      -163114853.6   286539436.9
NAOUSSA SPIN-AUC        NAOYKE GA     -163114853.6   286539436.9
NAOUSSA SPINNING        NML1 GR       -163114853.6   286539436.9
NAOUSSA SPINNING        NML GR        -163114853.6   286539436.9
NAOUSSA SPIN-RTS        NAOYKR GA     -163114853.6   286539436.9
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        RAKOF US      -100972173.9   244951680.3
RADIO KORASSIDIS        KORA GA       -100972173.9   244951680.3
RADIO KORASSIDIS        RKC GR        -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         UTEX EU       -163114853.6   286539436.9
UNITED TEXTILES         UTEX GA       -163114853.6   286539436.9
UNITED TEXTILES         NAOSF US      -163114853.6   286539436.9
UNITED TEXTILES         NAOYK GA      -163114853.6   286539436.9
UNITED TEXTILES         UTEX EO       -163114853.6   286539436.9
UNITED TEXTILES         UTEX PZ       -163114853.6   286539436.9

HUNGARY
-------
HUNGARIAN TELEPH        HUGC IX          -73724000     827192000
HUNGARIAN TELEPH        HUC GR           -73724000     827192000
HUNGARIAN TELEPH        HUC EX           -73724000     827192000
INVITEL HOLD-ADR        IHO US           -73724000     827192000
INVITEL HOLD-ADR        INVHY US         -73724000     827192000
INVITEL HOLD-ADR        0IN GR           -73724000     827192000
INVITEL HOLDINGS        3212873Z HB      -73724000     827192000
MALEV LTD               MALEV HB       -75737819.4   251668964.4

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

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

ITALY
-----
AEDES AXA+W             AEAXAW IM     -24405906.61    1350851664
AEDES SPA               LLB GR        -24405906.61    1350851664
AEDES SPA               AE PZ         -24405906.61    1350851664
AEDES SPA               AE IM         -24405906.61    1350851664
AEDES SPA               AEDSF US      -24405906.61    1350851664
AEDES SPA               AEDI IX       -24405906.61    1350851664
AEDES SPA               AE EO         -24405906.61    1350851664
AEDES SPA               AE EU         -24405906.61    1350851664
AEDES SPA               AE TQ         -24405906.61    1350851664
AEDES SPA RNC           AEDE IM       -24405906.61    1350851664
AEDES SPA-OPA           AEOPA IM      -24405906.61    1350851664
AEDES SPA-OPA           AEDROP 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                  BIE1 PZ       -6731364.698   131141946.1
BIOERA                  BIE EU        -6731364.698   131141946.1
BIOERA                  BIE1 IX       -6731364.698   131141946.1
BIOERA                  B2A GR        -6731364.698   131141946.1
BIOERA                  BIE IM        -6731364.698   131141946.1
BIOERA                  BIE EO        -6731364.698   131141946.1
CART SOTTRI-BIND        DEM IM        -11146475.29   128859802.9
CIRIO FINANZIARI        CRO IM        -422095869.5    1583083044
CIRIO FINANZIARI        FIY GR        -422095869.5    1583083044
COIN SPA                GC IX         -154057608.3   800526929.5
COIN SPA                GUCIF US      -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        CITU IX       -137726596.3   527372691.4
COMPAGNIA ITALIA        CGLUF US      -137726596.3   527372691.4
COMPAGNIA ITALIA        ICT IM        -137726596.3   527372691.4
CREDITO FONDIARI        CRF IM        -200209050.3    4213063202
CREDITO FOND-RTS        CRFSA IM      -200209050.3    4213063202
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 PZ        -194331003.9     255327730
I VIAGGI DEL VEN        VVE IX        -194331003.9     255327730
I VIAGGI DEL VEN        VVE IM        -194331003.9     255327730
I VIAGGI DEL VEN        VVE EO        -194331003.9     255327730
I VIAGGI DEL VEN        IVGIF US      -194331003.9     255327730
I VIAGGI DEL VEN        IV7 GR        -194331003.9     255327730
I VIAGGI DEL VEN        VVE EU        -194331003.9     255327730
I VIAGGI DEL VEN        VVE TQ        -194331003.9     255327730
I VIAGGI-RTS            VVEAA IM      -194331003.9     255327730
MERIDIANA FLY           E7N GR        -4509742.055     181807336
MERIDIANA FLY           EEZ TQ        -4509742.055     181807336
MERIDIANA FLY           EEZ PZ        -4509742.055     181807336
MERIDIANA FLY           EFLYF US      -4509742.055     181807336
MERIDIANA FLY           EEZ IM        -4509742.055     181807336
MERIDIANA FLY           MEF IM        -4509742.055     181807336
MERIDIANA FLY           EEZ EO        -4509742.055     181807336
MERIDIANA FLY           EEZ EU        -4509742.055     181807336
MERIDIANA FLY SP        MEFAXA IM     -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        ONTI IX       -3191558.267   123347206.3
OMNIA NETWORK SP        ONT EU        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT IM        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT PZ        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT EO        -3191558.267   123347206.3
OMNIA NETWORK SP        ONT TQ        -3191558.267   123347206.3
PARMALAT FINANZI        PMT LI        -18419390029    4120687886
PARMALAT FINANZI        PRF IM        -18419390029    4120687886
PARMALAT FINANZI        PARAF US      -18419390029    4120687886
PARMALAT FINANZI        PMLFF US      -18419390029    4120687886
PARMALAT FINANZI        PAF GR        -18419390029    4120687886
PARMALAT FINANZI        FICN AV       -18419390029    4120687886
PARMALAT FINANZI        PRFI VX       -18419390029    4120687886
PARMALAT FINA-RT        PRFR AV       -18419390029    4120687886
RISANAMEN-RNC OP        RNROPA IM      -51818228.1    3959683341
RISANAMENTO NAPO        RN5 GR         -51818228.1    3959683341
RISANAMENTO -OPA        RNOPA IM       -51818228.1    3959683341
RISANAMENTO -RNC        RNR IM         -51818228.1    3959683341
RISANAMENTO SPA         RN IX          -51818228.1    3959683341
RISANAMENTO SPA         RNGBP EO       -51818228.1    3959683341
RISANAMENTO SPA         RN IM          -51818228.1    3959683341
RISANAMENTO SPA         RN TQ          -51818228.1    3959683341
RISANAMENTO SPA         RN EU          -51818228.1    3959683341
RISANAMENTO SPA         RSMNF US       -51818228.1    3959683341
RISANAMENTO SPA         RN PZ          -51818228.1    3959683341
RISANAMENTO SPA         RN EO          -51818228.1    3959683341
RISANAMENTO SPA         RNGBX EO       -51818228.1    3959683341
RISANAMENTO SPA         RNGBX EU       -51818228.1    3959683341
RISANAMENTO-RTS         RNAA IM        -51818228.1    3959683341
SNIA BPD                SN GR         -141933883.9   150445252.4
SNIA BPD-ADR            SBPDY US      -141933883.9   150445252.4
SNIA SPA                SNIA GR       -141933883.9   150445252.4
SNIA SPA                SN EU         -141933883.9   150445252.4
SNIA SPA                SNIB GR       -141933883.9   150445252.4
SNIA SPA                SIAI PZ       -141933883.9   150445252.4
SNIA SPA                SBPDF US      -141933883.9   150445252.4
SNIA SPA                SIAI IX       -141933883.9   150445252.4
SNIA SPA                SN TQ         -141933883.9   150445252.4
SNIA SPA                SSMLF US      -141933883.9   150445252.4
SNIA SPA                SN IM         -141933883.9   150445252.4
SNIA SPA                SNIXF US      -141933883.9   150445252.4
SNIA SPA                SN EO         -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            SNIVF US      -141933883.9   150445252.4
SNIA SPA-RCV            SNR IM        -141933883.9   150445252.4
SNIA SPA-RIGHTS         SNAW IM       -141933883.9   150445252.4
SNIA SPA-RNC            SNRNC IM      -141933883.9   150445252.4
SNIA SPA-RNC            SNIWF US      -141933883.9   150445252.4
SNIA SPA-RTS            SNSO IM       -141933883.9   150445252.4
SNIA SPA-RTS            SNAA IM       -141933883.9   150445252.4
SOCOTHERM SPA           SCTI PZ       -161739278.5   398222827.1
SOCOTHERM SPA           SOCEF US      -161739278.5   398222827.1
SOCOTHERM SPA           SCT EU        -161739278.5   398222827.1
SOCOTHERM SPA           SCTM IX       -161739278.5   398222827.1
SOCOTHERM SPA           SCT TQ        -161739278.5   398222827.1
SOCOTHERM SPA           SCT IM        -161739278.5   398222827.1
SOCOTHERM SPA           SCT EO        -161739278.5   398222827.1
TAS TECNOLOGIA          TAS IM        -4091557.635     172374242
TAS TECNOLOGIA          TAS PZ        -4091557.635     172374242
TAS TECNOLOGIA          TAQ GR        -4091557.635     172374242
TAS TECNOLOGIA          TAS EU        -4091557.635     172374242
TAS TECNOLOGIA          TAS TQ        -4091557.635     172374242
TAS TECNOLOGIA          TAS EO        -4091557.635     172374242
TAS TECNOLOGIA          TAS NM        -4091557.635     172374242
TECNODIFF ITALIA        TDI NM        -89894162.82   152045757.5
TECNODIFF ITALIA        TDIFF US      -89894162.82   152045757.5
TECNODIFF ITALIA        TEF GR        -89894162.82   152045757.5
TECNODIFF ITALIA        TDI IM        -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             TISGBX EO     -91679652.81   569172229.5
TISCALI SPA             TIS IM        -91679652.81   569172229.5
TISCALI SPA             TIS NQ        -91679652.81   569172229.5
TISCALI SPA             TISN VX       -91679652.81   569172229.5
TISCALI SPA             TISN IM       -91679652.81   569172229.5
TISCALI SPA             TIS TQ        -91679652.81   569172229.5
TISCALI SPA             TSCXF US      -91679652.81   569172229.5
TISCALI SPA             TISN NA       -91679652.81   569172229.5
TISCALI SPA             TIQ1 GR       -91679652.81   569172229.5
TISCALI SPA             TISGBX EU     -91679652.81   569172229.5
TISCALI SPA             TIS NR        -91679652.81   569172229.5
TISCALI SPA             TIS EO        -91679652.81   569172229.5
TISCALI SPA             TIS EB        -91679652.81   569172229.5
TISCALI SPA             TIS NA        -91679652.81   569172229.5
TISCALI SPA             TIS FP        -91679652.81   569172229.5
TISCALI SPA             TISN IX       -91679652.81   569172229.5
TISCALI SPA             TIS EU        -91679652.81   569172229.5
TISCALI SPA             TISGBP EO     -91679652.81   569172229.5
TISCALI SPA             TIS PZ        -91679652.81   569172229.5
TISCALI SPA             TIS VX        -91679652.81   569172229.5
TISCALI SPA             TIQG IX       -91679652.81   569172229.5
TISCALI SPA             TISN FP       -91679652.81   569172229.5
TISCALI SPA             TIS IX        -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

LUXEMBOURG
----------
CARRIER1 INT-AD+        CONE ES          -94729000     472360992
CARRIER1 INT-ADR        CONEQ US         -94729000     472360992
CARRIER1 INT-ADR        CONE US          -94729000     472360992
CARRIER1 INT-ADR        CONEE US         -94729000     472360992
CARRIER1 INTL           CJN GR           -94729000     472360992
CARRIER1 INTL           CJN NM           -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

NETHERLANDS
-----------
BAAN CO NV-ASSEN        BAANA NA      -7854741.409   609871188.9
BAAN COMPANY NV         BAAN IX       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN EO       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN PZ       -7854741.409   609871188.9
BAAN COMPANY NV         BAAVF US      -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 EU       -7854741.409   609871188.9
BAAN COMPANY NV         BAAN GR       -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        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
UNITED PAN-EUROP        UPE1 GR        -5505478850    5112616630

NORWAY
------
INTEROIL EXPLORA        IOXEUR EO        -48022000     186064000
INTEROIL EXPLORA        INOX NO          -48022000     186064000
INTEROIL EXPLORA        IOXUSD EO        -48022000     186064000
INTEROIL EXPLORA        IROIF US         -48022000     186064000
INTEROIL EXPLORA        IOX NO           -48022000     186064000
INTEROIL EXPLORA        IOX PZ           -48022000     186064000
INTEROIL EXPLORA        IOXUSD EU        -48022000     186064000
INTEROIL EXPLORA        IOX BY           -48022000     186064000
INTEROIL EXPLORA        IOX IX           -48022000     186064000
INTEROIL EXPLORA        IOX EU           -48022000     186064000
INTEROIL EXPLORA        IOX EO           -48022000     186064000
INTEROIL EXPLORA        IOXEUR EU        -48022000     186064000
PETRO GEO-SERV          PGS VX        -18066142.21   399710323.6
PETRO GEO-SERV          PGS GR        -18066142.21   399710323.6
PETRO GEO-SERV          265143Q NO    -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            JACKEUR EU       -54932000     191586000
PETROJACK AS            JACKEUR EO       -54932000     191586000
PETROJACK AS            POJKF US         -54932000     191586000
PETROJACK AS            JACK EU          -54932000     191586000
PETROJACK AS            JACK EO          -54932000     191586000
PETROJACK AS            P3J GR           -54932000     191586000
PETROJACK AS            JACO IX          -54932000     191586000
PETROJACK AS            JACK NO          -54932000     191586000
PETROJACK AS            JACK PZ          -54932000     191586000
PETROJACK AS            JACK BY          -54932000     191586000
RESERVOIR EXPL          RXTEUR EU        -34076000     185510000
RESERVOIR EXPL          RXT EU           -34076000     185510000
RESERVOIR EXPL          RXTB NO          -34076000     185510000
RESERVOIR EXPL          RXAEF US         -34076000     185510000
RESERVOIR EXPL          RXTEUR EO        -34076000     185510000
RESERVOIR EXPL          5RS GR           -34076000     185510000
RESERVOIR EXPL          RXT BY           -34076000     185510000
RESERVOIR EXPL          RXT NO           -34076000     185510000
RESERVOIR EXPL          RXT PZ           -34076000     185510000
RESERVOIR EXPL          RXT IX           -34076000     185510000
RESERVOIR EXPL          RXT EO           -34076000     185510000
RESERVOIR EXPL-A        RXTA NO          -34076000     185510000
RESERVOIR-RTS           RXTUR NO         -34076000     185510000
RESERVOIR-RTS           RXTS NO          -34076000     185510000

POLAND
------
KROSNO                  KROS IX       -2241614.766   111838141.2
KROSNO                  KRS1EUR EU    -2241614.766   111838141.2
KROSNO                  KRS PW        -2241614.766   111838141.2
KROSNO                  KRS LI        -2241614.766   111838141.2
KROSNO                  KRS1EUR EO    -2241614.766   111838141.2
KROSNO SA               KRS PZ        -2241614.766   111838141.2
KROSNO SA               KRS1 EU       -2241614.766   111838141.2
KROSNO SA               KRS1 EO       -2241614.766   111838141.2
KROSNO SA               KROSNO PW     -2241614.766   111838141.2
KROSNO SA               KRNFF US      -2241614.766   111838141.2
KROSNO SA-RTS           KRSP PW       -2241614.766   111838141.2
KROSNO-PDA-ALLT         KRSA PW       -2241614.766   111838141.2
TOORA                   2916661Q EO   -288818.3897   147004954.2
TOORA                   TOR PW        -288818.3897   147004954.2
TOORA                   2916665Q EU   -288818.3897   147004954.2
TOORA                   TOR PZ        -288818.3897   147004954.2
TOORA-ALLOT CERT        TORA PW       -288818.3897   147004954.2

PORTUGAL
--------
CARRIS FERRO DE         3482366Z PL   -854280773.4   252500907.6
COFINA                  COFI PL       -4067307.986   329785890.1
COFINA                  CFASF US      -4067307.986   329785890.1
COFINA                  COFSI IX      -4067307.986   329785890.1
COFINA SGPS SA          CFN1 PZ       -4067307.986   329785890.1
COFINA SGPS SA          CFNX PX       -4067307.986   329785890.1
COFINA SGPS SA          COFI EO       -4067307.986   329785890.1
COFINA SGPS SA          COFI TQ       -4067307.986   329785890.1
COFINA SGPS SA          CFN PL        -4067307.986   329785890.1
COFINA SGPS SA          COFI EU       -4067307.986   329785890.1
CP - COMBOIOS DE        1005Z PL       -2809601115    1890209624
PARQUE EXPO 98 S        3482350Z PL   -135582031.5   432824747.2
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        SCDF EO       -22452984.49   177676573.7
SPORTING-SOC DES        SCPL IX       -22452984.49   177676573.7
SPORTING-SOC DES        SCG GR        -22452984.49   177676573.7
SPORTING-SOC DES        SCDF EU       -22452984.49   177676573.7
SPORTING-SOC DES        SCDF PL       -22452984.49   177676573.7
SPORTING-SOC DES        SCP PL        -22452984.49   177676573.7
SPORTING-SOC DES        SCP1 PZ       -22452984.49   177676573.7
SPORTING-SOC DES        SCPX PX       -22452984.49   177676573.7
TAP SGPS                TAP PL        -239565845.5    3126533533
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 ALEGRE        VAF PZ        -64841467.39   140647736.3
VAA VISTA AL-RTS        VAAS PL       -64841467.39   140647736.3
VAA VISTA AL-RTS        VAA9S PL      -64841467.39   140647736.3
VAA VISTA ALTAN         VAFKX PX      -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK EU       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK PL       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK PZ       -64841467.39   140647736.3
VAA VISTA ALTAN         VAFK EO       -64841467.39   140647736.3

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

RUSSIA
------
ALLIANCE RUSSIAN        ALRT RU       -13189413.03   138268688.3
AMO ZIL                 ZILL RM       -94581153.47   400666384.3
AMO ZIL-CLS             ZILL RU       -94581153.47   400666384.3
AMO ZIL-CLS             ZILL* RU      -94581153.47   400666384.3
AMUR SHIP-BRD           AMZS* RU      -137530791.8   945775662.6
AMUR SHIP-BRD           AMZS RU       -137530791.8   945775662.6
DAGESTAN ENERGY         DASB* RU      -23504511.21     181781762
DAGESTAN ENERGY         DASB RU       -23504511.21     181781762
DAGESTAN ENERGY         DASB RM       -23504511.21     181781762
EAST-SIBERIA-BRD        VSNK RU       -12441674.89   197590852.8
EAST-SIBERIA-BRD        VSNK* RU      -12441674.89   197590852.8
EAST-SIBERIAN-BD        VSNK$ RU      -12441674.89   197590852.8
FINANCIAL LEASIN        FLKO RM       -45555537.68   466377160.5
FINANCIAL LEASIN        137282Z RU    -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
KORPORACIJA -BRD        FZTR RU       -43512907.03     252572142
KORPORACIJA FAZO        FZTR$ RU      -43512907.03     252572142
KORPORACIJA-BRD         FZTR* RU      -43512907.03     252572142
MIAN-DEVELOPMENT        MAEQY RU      -695445.1747     424399991
MZ ARSENAL-$BRD         ARSE RU       -10888450.88   200936505.4
MZ ARSENAL-BRD          ARSE$ RU      -10888450.88   200936505.4
MZ ARSENAL-BRD          ARSE* RU      -10888450.88   200936505.4
PARNAS-M                PRSM RU       -138592.4742   127637318.8
RK-GAZSETSERVIS         RKGS RU       -54665229.61   153223493.4
RUSSIAN TEXT-CLS        ALRTG RU      -13189413.03   138268688.3
RUSSIAN TEXT-CLS        ALRT* RU      -13189413.03   138268688.3
SEVKABEL-FINANS         SVKF RU       -83036.46173   102680373.6
SISTEMA HALS            HALS RM         -343701984    1217284096
SISTEMA HALS-BRD        HALS RU         -343701984    1217284096
SISTEMA HALS-BRD        HALS* RU        -343701984    1217284096
SISTEMA HALS-GDR        HALS TQ         -343701984    1217284096
SISTEMA HALS-GDR        HALS IX         -343701984    1217284096
SISTEMA HALS-GDR        SYR GR          -343701984    1217284096
SISTEMA HALS-GDR        HALS LI         -343701984    1217284096
SISTEMA HALS-MSE        HALSM RU        -343701984    1217284096
SISTEMA HALS-T+0        HALSG RU        -343701984    1217284096
SISTEMA-GDR 144A        SEMAL US        -343701984    1217284096
SISTEMA-GDR 144A        86PN LI         -343701984    1217284096
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
URGALUGOL-BRD           YRGL* RU      -20412374.13   110116321.9
URGALUGOL-BRD           YRGL RU       -20412374.13   110116321.9
URGALUGOL-BRD-PF        YRGLP RU      -20412374.13   110116321.9
VOLGOGRAD KHIM          VHIM* RU      -22920234.24   142367839.8
VOLGOGRAD KHIM          VHIM RU       -22920234.24   142367839.8
WILD ORCHID ZAO         DOAAN RU      -12242338.85   164182102.7
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
ZIL AUTO PLANT          ZILL$ RU      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP RM      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP RU      -94581153.47   400666384.3
ZIL AUTO PLANT-P        ZILLP* RU     -94581153.47   400666384.3

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        AI3A GR       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS SM        -397888596.9    7970850431
AMADEUS IT HOLDI        AI3A TH       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS3 EO       -397888596.9    7970850431
AMADEUS IT HOLDI        AMS IX        -397888596.9    7970850431
AMADEUS IT HOLDI        AMS3 EB       -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 EU       -231062375.2   529525187.2
FERGO AISA SA           AISA PZ       -231062375.2   529525187.2
FERGO AISA SA           AISA SM       -231062375.2   529525187.2
MARTINSA FADESA         MTF1 LI        -1929870022    7764140388
MARTINSA FADESA         MTF EU         -1929870022    7764140388
MARTINSA FADESA         4PU GR         -1929870022    7764140388
MARTINSA FADESA         MFAD PZ        -1929870022    7764140388
MARTINSA FADESA         MTF EO         -1929870022    7764140388
MARTINSA FADESA         MTF SM         -1929870022    7764140388
MARTINSA-FADESA         MTF NR         -1929870022    7764140388

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         BKTFF US      -12825040.91   182756610.7
BESIKTAS FUTBOL         BWX GR        -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKAS TI      -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKASY TI     -12825040.91   182756610.7
BESIKTAS FUTBOL         BJKASM TI     -12825040.91   182756610.7
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         BFJG IX       -5331676.798    2243068982
BANK FORUM -GDR         FRMB038 RU    -5331676.798    2243068982
BANK FORUM -GDR         B5F GR        -5331676.798    2243068982
BANK FORUM -GDR         639540Z LX    -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       -28172021.03   200011380.2
NAFTOKHIMIK PRIC        NAFP UZ       -23616113.15   520766522.6
NAFTOKHIMIK-GDR         N3ZA GR       -23616113.15   520766522.6
ODESSA OIL REFIN        ONPZ UZ       -111365037.3   482408362.5
ZALK - PFTS             ZALK UZ       -43917601.26   146530718.8

UNITED KINGDOM
--------------
4LESS GROUP             FL/ LN        -3088436.068   106650689.4
4LESS GROUP             LI4 GR        -3088436.068   106650689.4
4LESS GROUP             BHL PO        -3088436.068   106650689.4
4LESS GROUP             BYH PO        -3088436.068   106650689.4
4LESS GROUP             FL/ PO        -3088436.068   106650689.4
4LESS GROUP             LI4 TH        -3088436.068   106650689.4
ADVANCE DISPLAY         ADTP PZ        -3015578835    2590007904
AEA TECHNOLO-FPR        AATF LN       -197788769.2   123048312.7
AEA TECHNOLO-FPR        AATF PZ       -197788769.2   123048312.7
AEA TECHNOLOGY          AEY GR        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT PO        -197788769.2   123048312.7
AEA TECHNOLOGY          EAETF US      -197788769.2   123048312.7
AEA TECHNOLOGY          AAT EO        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT EU        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT IX        -197788769.2   123048312.7
AEA TECHNOLOGY          AATGBP EO     -197788769.2   123048312.7
AEA TECHNOLOGY          AAT PZ        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT LN        -197788769.2   123048312.7
AEA TECHNOLOGY          AAT VX        -197788769.2   123048312.7
AEA TECHNOLO-NPR        AATN LN       -197788769.2   123048312.7
AEA TECHNOLO-NPR        AATN PZ       -197788769.2   123048312.7
AIRTOURS PLC            AIR VX        -379721841.6    1817512774
AIRTOURS PLC            ATORF US      -379721841.6    1817512774
AIRTOURS PLC            AIR LN        -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 VX        -48862569.33   931527720.5
AMEY PLC                AMEYF US      -48862569.33   931527720.5
AMEY PLC                AMY LN        -48862569.33   931527720.5
AMEY PLC-ASSENT         AMYA LN       -48862569.33   931527720.5
AMEY PLC-NEW            AMYN LN       -48862569.33   931527720.5
ANKER PLC               DW14 GR       -21861359.81     115463159
ANKER PLC               ANK PO        -21861359.81     115463159
ANKER PLC               ANK LN        -21861359.81     115463159
ANKER PLC - ASSD        ANKB LN       -21861359.81     115463159
ANKER PLC - ASSD        ANKC LN       -21861359.81     115463159
ANKER PLC-ASSD          ANKA LN       -21861359.81     115463159
ATKINS (WS) PLC         ATK BQ        -128972861.1    1328162171
ATKINS (WS) PLC         ATKEUR EO     -128972861.1    1328162171
ATKINS (WS) PLC         ATK VX        -128972861.1    1328162171
ATKINS (WS) PLC         ATK NQ        -128972861.1    1328162171
ATKINS (WS) PLC         ATK QM        -128972861.1    1328162171
ATKINS (WS) PLC         ATK IX        -128972861.1    1328162171
ATKINS (WS) PLC         ATK LN        -128972861.1    1328162171
ATKINS (WS) PLC         ATK PO        -128972861.1    1328162171
ATKINS (WS) PLC         ATK EO        -128972861.1    1328162171
ATKINS (WS) PLC         ATKEUR EU     -128972861.1    1328162171
ATKINS (WS) PLC         ATKGBP EO     -128972861.1    1328162171
ATKINS (WS) PLC         ATK NR        -128972861.1    1328162171
ATKINS (WS) PLC         WATKF US      -128972861.1    1328162171
ATKINS (WS) PLC         ATK EB        -128972861.1    1328162171
ATKINS (WS) PLC         ATK PZ        -128972861.1    1328162171
ATKINS (WS) PLC         6W2 GR        -128972861.1    1328162171
ATKINS (WS) PLC         ATK EU        -128972861.1    1328162171
ATKINS (WS) PLC         WATKY US      -128972861.1    1328162171
ATKINS (WS) PLC         ATK TQ        -128972861.1    1328162171
BAYDONHILL PLC          BHL PZ        -3088436.068   106650689.4
BAYDONHILL PLC          FLG OF        -3088436.068   106650689.4
BAYDONHILL PLC          BHL LN        -3088436.068   106650689.4
BAYDONHILL PLC          BYH LN        -3088436.068   106650689.4
BAYDONHILL PLC          BHL PG        -3088436.068   106650689.4
BAYDONHILL PLC          BHL EU        -3088436.068   106650689.4
BAYDONHILL PLC          BHL IX        -3088436.068   106650689.4
BAYDONHILL PLC          BHL EO        -3088436.068   106650689.4
BLACK & EDGINGTO        BLE LN        -128538078.1     135158758
BNB RECRUITMENT         BNBRF US      -10242627.53     103637705
BNB RECRUITMENT         BNB IX        -10242627.53     103637705
BNB RECRUITMENT         BQX GR        -10242627.53     103637705
BNB RECRUITMENT         BNB LN        -10242627.53     103637705
BNB RECRUITMENT         BNB PO        -10242627.53     103637705
BOOKER PLC              BKERF US       -59832880.4    1298182549
BOOKER PLC              987188Q LN     -59832880.4    1298182549
BOOKER PLC              1330Q GR       -59832880.4    1298182549
BOOKER PLC-ADR          BKRUY US       -59832880.4    1298182549
BOOKER PLC-ADR          BOK$ LN        -59832880.4    1298182549
BRADSTOCK GROUP         BSKGF US      -1855444.443   268563822.5
BRADSTOCK GROUP         BDK LN        -1855444.443   268563822.5
BRIT ENERGY LTD         523362Q LN     -5822867501    4921095750
BRIT ENERGY PLC         BGYEF US       -5822867501    4921095750
BRIT ENERGY PLC         BHEGF US       -5822867501    4921095750
BRIT ENERGY PLC         555140Q VX     -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        BT/A VX        -3989195720   43568216595
BRIT TELECOM PLC        BTPWF US       -3989195720   43568216595
BRIT TELECOM PLC        BTPLF US       -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        BGYB AR        -5822867501    4921095750
BRITISH ENER-BLK        BGYNYB AR      -5822867501    4921095750
BRITISH ENER-C/E        BGYNYC AR      -5822867501    4921095750
BRITISH ENER-C/E        BGYC AR        -5822867501    4921095750
BRITISH ENER-CED        BGYNY AR       -5822867501    4921095750
BRITISH ENER-CED        BGY AR         -5822867501    4921095750
BRITISH ENERGY-A        BGYA PO        -5822867501    4921095750
BRITISH ENERGY-A        BGYGF US       -5822867501    4921095750
BRITISH ENERGY-A        BGYA VX        -5822867501    4921095750
BRITISH ENERGY-A        3012442Q LN    -5822867501    4921095750
BRITISH ENERGY-A        BHEAF 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 VX       -34575750.23    1311266070
BRITVIC PLC             BVIC TQ       -34575750.23    1311266070
BRITVIC PLC             BVICGBP EO    -34575750.23    1311266070
BRITVIC PLC             BVIC EB       -34575750.23    1311266070
BRITVIC PLC             BVICUSD EO    -34575750.23    1311266070
BRITVIC PLC             BVIC IX       -34575750.23    1311266070
BRITVIC PLC             BVIC LN       -34575750.23    1311266070
BRITVIC PLC             BVIC BQ       -34575750.23    1311266070
BRITVIC PLC             BVIC EU       -34575750.23    1311266070
BRITVIC PLC             BVICEUR EU    -34575750.23    1311266070
BRITVIC PLC             BVIC EO       -34575750.23    1311266070
BRITVIC PLC             BVICUSD EU    -34575750.23    1311266070
BRITVIC PLC             BTVCF US      -34575750.23    1311266070
BRITVIC PLC             BVIC NR       -34575750.23    1311266070
BRITVIC PLC             BVIC QM       -34575750.23    1311266070
BRITVIC PLC             BVIC PZ       -34575750.23    1311266070
BRITVIC PLC             BVICEUR EO    -34575750.23    1311266070
BRITVIC PLC             BVIC NQ       -34575750.23    1311266070
BRITVIC PLC-ADR         BTVCY US      -34575750.23    1311266070
BT GROUP PLC            BT/A BQ        -3989195720   43568216595
BT GROUP PLC            BT/A EO        -3989195720   43568216595
BT GROUP PLC            BT/AGBP EO     -3989195720   43568216595
BT GROUP PLC            BT/A EU        -3989195720   43568216595
BT GROUP PLC            BT/A LN        -3989195720   43568216595
BT GROUP PLC            BTGOF US       -3989195720   43568216595
BT GROUP PLC            BT/A EB        -3989195720   43568216595
BT GROUP PLC            BT/A NQ        -3989195720   43568216595
BT GROUP PLC            BT/APEN EU     -3989195720   43568216595
BT GROUP PLC            BTQ TH         -3989195720   43568216595
BT GROUP PLC            BT/APEN EO     -3989195720   43568216595
BT GROUP PLC            BT/A TQ        -3989195720   43568216595
BT GROUP PLC            BT/ VX         -3989195720   43568216595
BT GROUP PLC            BT/AUSD EU     -3989195720   43568216595
BT GROUP PLC            BT/A PO        -3989195720   43568216595
BT GROUP PLC            BT/A QM        -3989195720   43568216595
BT GROUP PLC            BT/AUSD EO     -3989195720   43568216595
BT GROUP PLC            BT/AEUR EU     -3989195720   43568216595
BT GROUP PLC            BT PZ          -3989195720   43568216595
BT GROUP PLC            BT/AEUR EO     -3989195720   43568216595
BT GROUP PLC            BT/A NR        -3989195720   43568216595
BT GROUP PLC            BTEG IX        -3989195720   43568216595
BT GROUP PLC            BT IX          -3989195720   43568216595
BT GROUP PLC            BTQ GR         -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         BTY AR         -3989195720   43568216595
BT GROUP-CEDEAR         BT AR          -3989195720   43568216595
BT GROUP-SPON AD        BTYN MM        -3989195720   43568216595
BT GROUP-SPON AD        BTY US         -3989195720   43568216595
BT GROUP-SPON AD        BT MM          -3989195720   43568216595
BT GROUP-SPON AD        BT US          -3989195720   43568216595
CARLISLE GROUP          506819Q LN    -11904426.45     203548565
CATTLES PLC             CTT EB        -599615492.2    3880885246
CATTLES PLC             CTT NQ        -599615492.2    3880885246
CATTLES PLC             CHOXF US      -599615492.2    3880885246
CATTLES PLC             CZS GR        -599615492.2    3880885246
CATTLES PLC             CTT IX        -599615492.2    3880885246
CATTLES PLC             CTTEUR EO     -599615492.2    3880885246
CATTLES PLC             CTT EO        -599615492.2    3880885246
CATTLES PLC             CTTSEK EU     -599615492.2    3880885246
CATTLES PLC             CTTGBP EO     -599615492.2    3880885246
CATTLES PLC             CTT PZ        -599615492.2    3880885246
CATTLES PLC             CTTUSD EO     -599615492.2    3880885246
CATTLES PLC             CTT LN        -599615492.2    3880885246
CATTLES PLC             CTT EU        -599615492.2    3880885246
CATTLES PLC             CTTEUR EU     -599615492.2    3880885246
CATTLES PLC             CTT BQ        -599615492.2    3880885246
CATTLES PLC             CTTSEK EO     -599615492.2    3880885246
CATTLES PLC             CTT NR        -599615492.2    3880885246
CATTLES PLC             CTT QM        -599615492.2    3880885246
CATTLES PLC             CTT TQ        -599615492.2    3880885246
CATTLES PLC             CTT VX        -599615492.2    3880885246
CATTLES PLC             CTT PO        -599615492.2    3880885246
CATTLES PLC             CTTUSD EU     -599615492.2    3880885246
CATTLES PLC-ADR         CHOXY US      -599615492.2    3880885246
CATTLES PLC-FPR         CTTF PZ       -599615492.2    3880885246
CATTLES PLC-FPR         CTTF LN       -599615492.2    3880885246
CATTLES PLC-NPR         2843730Q EU   -599615492.2    3880885246
CATTLES PLC-NPR         CTTN PZ       -599615492.2    3880885246
CATTLES PLC-NPR         CTTN LN       -599615492.2    3880885246
CATTLES PLC-NPR         CTTN IX       -599615492.2    3880885246
CATTLES PLC-NPR         2843734Q EO   -599615492.2    3880885246
CATTLES PLC-NPR         CCTN PZ       -599615492.2    3880885246
CATTLES PLC-NPR         2843726Q EO   -599615492.2    3880885246
CATTLES PLC-RFD         CTTR PZ       -599615492.2    3880885246
CATTLES PLC-RFD         CTTR IX       -599615492.2    3880885246
CATTLES PLC-RFD         CTTR LN       -599615492.2    3880885246
CHRYSALIS GROUP         CHS PZ        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS EO        -7404166.369   111800785.4
CHRYSALIS GROUP         CLYSF US      -7404166.369   111800785.4
CHRYSALIS GROUP         CHS VX        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSGBP EO     -7404166.369   111800785.4
CHRYSALIS GROUP         5CY GR        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS IX        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSUSD EU     -7404166.369   111800785.4
CHRYSALIS GROUP         CHSUSD EO     -7404166.369   111800785.4
CHRYSALIS GROUP         CHSEUR EU     -7404166.369   111800785.4
CHRYSALIS GROUP         HR4 GR        -7404166.369   111800785.4
CHRYSALIS GROUP         CHS PO        -7404166.369   111800785.4
CHRYSALIS GROUP         CYGUF US      -7404166.369   111800785.4
CHRYSALIS GROUP         CHS LN        -7404166.369   111800785.4
CHRYSALIS GROUP         CHSEUR EO     -7404166.369   111800785.4
CHRYSALIS GROUP         CHS EU        -7404166.369   111800785.4
CLIPPER WINDPOWE        C2W GR          -337139008     354437024
CLIPPER WINDPOWE        CWP EO          -337139008     354437024
CLIPPER WINDPOWE        CWP PG          -337139008     354437024
CLIPPER WINDPOWE        CWP EU          -337139008     354437024
CLIPPER WINDPOWE        CWP IX          -337139008     354437024
CLIPPER WINDPOWE        CWP LN          -337139008     354437024
CLIPPER WINDPOWE        CWPA LN         -337139008     354437024
CLIPPER WINDPOWE        CRPWF US        -337139008     354437024
CLIPPER WINDPOWE        3470635Q LN     -337139008     354437024
CLIPPER WINDPOWE        CWP PZ          -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           COST LN        -6136239.91   692749189.9
COSTAIN GROUP           COSTUSD EU     -6136239.91   692749189.9
COSTAIN GROUP           COST EO        -6136239.91   692749189.9
COSTAIN GROUP           COST EU        -6136239.91   692749189.9
COSTAIN GROUP           COSTEUR EU     -6136239.91   692749189.9
COSTAIN GROUP           CSGFF US       -6136239.91   692749189.9
COSTAIN GROUP           COSTUSD EO     -6136239.91   692749189.9
COSTAIN GROUP           COST PZ        -6136239.91   692749189.9
COSTAIN GROUP           COSTEUR EO     -6136239.91   692749189.9
COSTAIN GROUP           COST IX        -6136239.91   692749189.9
COSTAIN GROUP           COST VX        -6136239.91   692749189.9
COSTAIN GROUP           COSTGBP EO     -6136239.91   692749189.9
COSTAIN GROUP           COST PO        -6136239.91   692749189.9
COSTAIN GROU-RTS        COSF LN        -6136239.91   692749189.9
COSTAIN GROU-RTS        COSN LN        -6136239.91   692749189.9
CPP GROUP PLC           4CV GR        -69442858.18   225437367.4
CPP GROUP PLC           CPP BQ        -69442858.18   225437367.4
CPP GROUP PLC           CPP IX        -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 EB        -69442858.18   225437367.4
CPP GROUP PLC           CPP LN        -69442858.18   225437367.4
CPP GROUP PLC           CPP TQ        -69442858.18   225437367.4
DANKA BUS SYSTEM        DNK IX          -497127008     121439000
DANKA BUS SYSTEM        DNK PZ          -497127008     121439000
DANKA BUS SYSTEM        DNK PO          -497127008     121439000
DANKA BUS SYSTEM        DANKF US        -497127008     121439000
DANKA BUS SYSTEM        3205283Q EO     -497127008     121439000
DANKA BUS SYSTEM        DNK LN          -497127008     121439000
DANKA BUS SYSTEM        3205287Q EU     -497127008     121439000
DANKA BUS SYSTEM        DNK VX          -497127008     121439000
DANKA BUS SYSTEM        3205291Q EO     -497127008     121439000
DANKA BUS-$US CE        DANKD AR        -497127008     121439000
DANKA BUS-ADR           AP39 LI         -497127008     121439000
DANKA BUS-ADR           DB6 GR          -497127008     121439000
DANKA BUS-ADR           DANKY US        -497127008     121439000
DANKA BUS-ADR           DANKE 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
DONCASTERS PLC          2248Z LN      -317308195.4    1941958348
DONCASTERS-ADR          295664Q US    -317308195.4    1941958348
EASYNET GROUP           ESY LN        -60380609.34   334049332.2
EASYNET GROUP           EAY GR        -60380609.34   334049332.2
EASYNET GROUP           ESY PO        -60380609.34   334049332.2
EASYNET GROUP           EZNGF US      -60380609.34   334049332.2
EASYNET GROUP           ESY VX        -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 VX         -2265916257    2950021937
EMI GROUP PLC           EMI PO         -2265916257    2950021937
EMI GROUP PLC           3020138Q GR    -2265916257    2950021937
EMI GROUP PLC           EMI IX         -2265916257    2950021937
EMI GROUP PLC-B         1019425Q LN    -2265916257    2950021937
EMI GROUP-ADR           38IS LN        -2265916257    2950021937
EMI GROUP-ADR           EMIPY US       -2265916257    2950021937
EMI GROUP-ADR           EMI$ LN        -2265916257    2950021937
EUROPEAN HOME           EHR PO        -14328735.16   110864081.4
EUROPEAN HOME           EHR VX        -14328735.16   110864081.4
EUROPEAN HOME           EHR EO        -14328735.16   110864081.4
EUROPEAN HOME           EHR LN        -14328735.16   110864081.4
EUROPEAN HOME           EHREUR EU     -14328735.16   110864081.4
EUROPEAN HOME           EHRGBP EO     -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 PZ        -14328735.16   110864081.4
EUROPEAN HOME           FPAKF US      -14328735.16   110864081.4
EUROPEAN HOME           EHR EU        -14328735.16   110864081.4
FAREPAK PLC             FPK LN        -14328735.16   110864081.4
GALA CORAL GROUP        19374Z LN      -1328160550    7259667191
GALIFORM PLC            GLFMF US      -75193921.28   522873560.7
GALIFORM PLC            GFRM TQ       -75193921.28   522873560.7
GALIFORM PLC            MFI PO        -75193921.28   522873560.7
GALIFORM PLC            MFI IX        -75193921.28   522873560.7
GALIFORM PLC            GFRM EO       -75193921.28   522873560.7
GALIFORM PLC            GFRMEUR EO    -75193921.28   522873560.7
GALIFORM PLC            GFRMGBP EO    -75193921.28   522873560.7
GALIFORM PLC            GFRM EU       -75193921.28   522873560.7
GALIFORM PLC            GFRM PZ       -75193921.28   522873560.7
GALIFORM PLC            GFRM EB       -75193921.28   522873560.7
GALIFORM PLC            GFRMEUR EU    -75193921.28   522873560.7
GALIFORM PLC            GFRMNOK EO    -75193921.28   522873560.7
GALIFORM PLC            GFRM BQ       -75193921.28   522873560.7
GALIFORM PLC            GFRM NR       -75193921.28   522873560.7
GALIFORM PLC            GFRM NQ       -75193921.28   522873560.7
GALIFORM PLC            GFRMNOK EU    -75193921.28   522873560.7
GALIFORM PLC            GFRM QM       -75193921.28   522873560.7
GALIFORM PLC            GFRM LN       -75193921.28   522873560.7
GALIFORM PLC            GFRM PO       -75193921.28   522873560.7
GALIFORM PLC            GFRM VX       -75193921.28   522873560.7
GALIFORM PLC            MFIFF US      -75193921.28   522873560.7
GALIFORM PLC            GFRM IX       -75193921.28   522873560.7
GALIFORM PLC            MFI VX        -75193921.28   522873560.7
GARTLAND WHALLEY        GWB LN        -10986769.42   145352034.5
GO-AHEAD GRO-ADR        GHGUY US      -44415250.72    1780324810
GO-AHEAD GROUP          GOG PO        -44415250.72    1780324810
GO-AHEAD GROUP          GOG BQ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG IX        -44415250.72    1780324810
GO-AHEAD GROUP          GOG PZ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG NQ        -44415250.72    1780324810
GO-AHEAD GROUP          G9X GR        -44415250.72    1780324810
GO-AHEAD GROUP          GOG QM        -44415250.72    1780324810
GO-AHEAD GROUP          GOG TQ        -44415250.72    1780324810
GO-AHEAD GROUP          GOG LN        -44415250.72    1780324810
GO-AHEAD GROUP          GOGEUR EU     -44415250.72    1780324810
GO-AHEAD GROUP          GOG EU        -44415250.72    1780324810
GO-AHEAD GROUP          GHGUF US      -44415250.72    1780324810
GO-AHEAD GROUP          GOGEUR EO     -44415250.72    1780324810
GO-AHEAD GROUP          GOGGBP EO     -44415250.72    1780324810
GO-AHEAD GROUP          GOG EB        -44415250.72    1780324810
GO-AHEAD GROUP          GOG NR        -44415250.72    1780324810
GO-AHEAD GROUP          GOG VX        -44415250.72    1780324810
GO-AHEAD GROUP          GOG EO        -44415250.72    1780324810
GREEN (E) & PART        GEP LN        -35008863.49   305242409.9
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              JRVSEUR EU    -64739862.73     130951086
JARVIS PLC              JVSPF US      -64739862.73     130951086
JARVIS PLC              JVR GR        -64739862.73     130951086
JARVIS PLC              JRVSGBP EO    -64739862.73     130951086
JARVIS PLC              JRVS PZ       -64739862.73     130951086
JARVIS PLC              JRVS IX       -64739862.73     130951086
JARVIS PLC              JRVS VX       -64739862.73     130951086
JARVIS PLC              JRVS EU       -64739862.73     130951086
JARVIS PLC              JRVS LN       -64739862.73     130951086
JARVIS PLC              JRVSEUR EO    -64739862.73     130951086
JARVIS PLC              JRVS EO       -64739862.73     130951086
JARVIS PLC              JRVS PO       -64739862.73     130951086
JESSOPS PLC             JSPGBP EO      -42702021.2   112964060.4
JESSOPS PLC             JSPEUR EU      -42702021.2   112964060.4
JESSOPS PLC             JS4 GR         -42702021.2   112964060.4
JESSOPS PLC             JSP IX         -42702021.2   112964060.4
JESSOPS PLC             JSP EO         -42702021.2   112964060.4
JESSOPS PLC             JSP PO         -42702021.2   112964060.4
JESSOPS PLC             JSP EU         -42702021.2   112964060.4
JESSOPS PLC             JSPEUR EO      -42702021.2   112964060.4
JESSOPS PLC             JSP PZ         -42702021.2   112964060.4
JESSOPS PLC             JSP LN         -42702021.2   112964060.4
JESSOPS PLC             JSP VX         -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           LADNZD EO     -97533918.57    1748505414
LADBROKES PLC           LAD NR        -97533918.57    1748505414
LADBROKES PLC           LAD PO        -97533918.57    1748505414
LADBROKES PLC           LADEUR EO     -97533918.57    1748505414
LADBROKES PLC           LAD EU        -97533918.57    1748505414
LADBROKES PLC           LADGBP EO     -97533918.57    1748505414
LADBROKES PLC           LAD IX        -97533918.57    1748505414
LADBROKES PLC           LAD LN        -97533918.57    1748505414
LADBROKES PLC           LDBKF US      -97533918.57    1748505414
LADBROKES PLC           LAD EB        -97533918.57    1748505414
LADBROKES PLC           LAD NQ        -97533918.57    1748505414
LADBROKES PLC           LAD QM        -97533918.57    1748505414
LADBROKES PLC           LAD EO        -97533918.57    1748505414
LADBROKES PLC           LAD GR        -97533918.57    1748505414
LADBROKES PLC           LADUSD EO     -97533918.57    1748505414
LADBROKES PLC           LAD BQ        -97533918.57    1748505414
LADBROKES PLC           LADNZD EU     -97533918.57    1748505414
LADBROKES PLC           LAD TQ        -97533918.57    1748505414
LADBROKES PLC           LAD VX        -97533918.57    1748505414
LADBROKES PLC           LADEUR EU     -97533918.57    1748505414
LADBROKES PLC           HG/ VX        -97533918.57    1748505414
LADBROKES PLC           LAD PZ        -97533918.57    1748505414
LADBROKES PLC-AD        LDBKY US      -97533918.57    1748505414
LADBROKES PLC-AD        LDBKY LN      -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        LUFC LN        -73166148.8   143762193.7
LEEDS UNITED PLC        LDSUF US       -73166148.8   143762193.7
LONDON TOWN PLC         LTW PZ        -21897636.36   175672299.2
LONDON TOWN PLC         LTWR LN       -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         LTW LN        -21897636.36   175672299.2
LONDON TOWN PLC         LTWX LN       -21897636.36   175672299.2
LONDON TOWN PLC         LTW PO        -21897636.36   175672299.2
LONDON TOWN PLC         LTW IX        -21897636.36   175672299.2
LONDON TOWN PLC         LOU GR        -21897636.36   175672299.2
LONDON TOWN PLC         LTW EO        -21897636.36   175672299.2
M 2003 PLC              MTWOF US       -2203513803    7204891602
M 2003 PLC              203055Q LN     -2203513803    7204891602
M 2003 PLC-ADR          MTWOE US       -2203513803    7204891602
M 2003 PLC-ADR          MTWOY US       -2203513803    7204891602
MARCONI PLC             MRCQF US       -2203513803    7204891602
MARCONI PLC             MNI BB         -2203513803    7204891602
MARCONI PLC             MONI BB        -2203513803    7204891602
MARCONI PLC             MY2 GR         -2203513803    7204891602
MARCONI PLC             MNI LN         -2203513803    7204891602
MARCONI PLC             203083Q VX     -2203513803    7204891602
MARCONI PLC-ADR         MONIY US       -2203513803    7204891602
MARCONI PLC-ADR         MY2A GR        -2203513803    7204891602
MARCONI PLC-ADR         MRCQY US       -2203513803    7204891602
MARCONI PLC-ADR         MONIE US       -2203513803    7204891602
MARCONI PLC-ADR         MCBA GR        -2203513803    7204891602
MARCONI PLC-ADR         MONI US        -2203513803    7204891602
MARCONI PLC-ADR         QUQMON AU      -2203513803    7204891602
MARCONI PLC-ADR         MCONY US       -2203513803    7204891602
MFI FURNITURE GR        MFI LN        -75193921.28   522873560.7
MYTRAVEL GROUP          MT/S VX       -379721841.6    1817512774
MYTRAVEL GROUP          ARO2 GR       -379721841.6    1817512774
MYTRAVEL GROUP          MYTPF US      -379721841.6    1817512774
MYTRAVEL GROUP          MT/S PO       -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        MT/ VX        -379721841.6    1817512774
MYTRAVEL GROUP P        1018144Q GR   -379721841.6    1817512774
MYTRAVEL GROUP-A        2281919Q GR   -379721841.6    1817512774
MYTRAVEL GROUP-A        MYTVF US      -379721841.6    1817512774
NEW STAR ASSET          3226435Q EO     -397718038   292972732.1
NEW STAR ASSET          NWSAF US        -397718038   292972732.1
NEW STAR ASSET          3226447Q EO     -397718038   292972732.1
NEW STAR ASSET          NSAM TQ         -397718038   292972732.1
NEW STAR ASSET          3226443Q EO     -397718038   292972732.1
NEW STAR ASSET          N6S GR          -397718038   292972732.1
NEW STAR ASSET          NSAM PZ         -397718038   292972732.1
NEW STAR ASSET          NSAM PO         -397718038   292972732.1
NEW STAR ASSET          NSAA LN         -397718038   292972732.1
NEW STAR ASSET          3226439Q EU     -397718038   292972732.1
NEW STAR ASSET          NSAM LN         -397718038   292972732.1
NEW STAR ASSET          3226431Q EU     -397718038   292972732.1
NEW STAR ASSET          NSAM IX         -397718038   292972732.1
NORTHERN FOODS          NFDSUSD EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDSGBP EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDS TQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS PO       -30711069.58   891077074.3
NORTHERN FOODS          NFDS EB       -30711069.58   891077074.3
NORTHERN FOODS          NFO GR        -30711069.58   891077074.3
NORTHERN FOODS          NFDSEUR EO    -30711069.58   891077074.3
NORTHERN FOODS          NFDSUSD EU    -30711069.58   891077074.3
NORTHERN FOODS          NFDS PZ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS LN       -30711069.58   891077074.3
NORTHERN FOODS          NFDS BQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS NQ       -30711069.58   891077074.3
NORTHERN FOODS          NFDS NR       -30711069.58   891077074.3
NORTHERN FOODS          NFDS QM       -30711069.58   891077074.3
NORTHERN FOODS          NFDS VX       -30711069.58   891077074.3
NORTHERN FOODS          NFDSEUR EU    -30711069.58   891077074.3
NORTHERN FOODS          NFDS EO       -30711069.58   891077074.3
NORTHERN FOODS          NFDS EU       -30711069.58   891077074.3
NORTHERN FOODS          NFDS IX       -30711069.58   891077074.3
NORTHERN FOODS          NTFOF US      -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
OCADO GROUP PLC         OCDO EB       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO EO       -53016960.71   225261865.5
OCADO GROUP PLC         0OC GR        -53016960.71   225261865.5
OCADO GROUP PLC         OCDO IX       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO PZ       -53016960.71   225261865.5
OCADO GROUP PLC         OCDO LN       -53016960.71   225261865.5
ORANGE PLC              1460Q GR        -593935051    2902299502
ORANGE PLC              ORNGF US        -593935051    2902299502
ORANGE PLC              951641Q LN      -593935051    2902299502
ORANGE PLC-ADR          ONG GR          -593935051    2902299502
ORANGE PLC-ADR          ORNGY US        -593935051    2902299502
ORANGE PLC-ADR          ORA$ LN         -593935051    2902299502
ORBIS PLC               OBS IX        -4168498.479   127701679.5
ORBIS PLC               OBS LN        -4168498.479   127701679.5
ORBIS PLC               OBG PO        -4168498.479   127701679.5
ORBIS PLC               OBS PO        -4168498.479   127701679.5
ORBIS PLC               ORBSF US      -4168498.479   127701679.5
ORBIS PLC               RLP GR        -4168498.479   127701679.5
ORBIS PLC               OBS PZ        -4168498.479   127701679.5
PATIENTLINE PLC         PTL PZ        -54677284.64   124948245.8
PATIENTLINE PLC         2928907Q EO   -54677284.64   124948245.8
PATIENTLINE PLC         PTL IX        -54677284.64   124948245.8
PATIENTLINE PLC         PTL PO        -54677284.64   124948245.8
PATIENTLINE PLC         2928899Q EO   -54677284.64   124948245.8
PATIENTLINE PLC         PTL VX        -54677284.64   124948245.8
PATIENTLINE PLC         PTL LN        -54677284.64   124948245.8
PATIENTLINE PLC         2928903Q EU   -54677284.64   124948245.8
PROSTRAKAN GROUP        PSKEUR EO      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK IX         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK LN         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSKEUR EU      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK EU         -8881399.87   126115878.2
PROSTRAKAN GROUP        PKNGF US       -8881399.87   126115878.2
PROSTRAKAN GROUP        PSKGBP EO      -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK PZ         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK EO         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK PO         -8881399.87   126115878.2
PROSTRAKAN GROUP        PSK VX         -8881399.87   126115878.2
REAL ESTATE OP-O        REA GR        -145048365.8    2933767507
REAL ESTATE OP-O        REO VX        -145048365.8    2933767507
REAL ESTATE OP-O        REOGBP EO     -145048365.8    2933767507
REAL ESTATE OP-O        REO EU        -145048365.8    2933767507
REAL ESTATE OP-O        REO LN        -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 IX        -145048365.8    2933767507
REAL ESTATE OP-O        REO EO        -145048365.8    2933767507
REGUS LTD               273187Q LN    -46111835.37     367181111
REGUS PLC               REGSF US      -46111835.37     367181111
REGUS PLC               273195Q VX    -46111835.37     367181111
REGUS PLC               RGU GR        -46111835.37     367181111
REGUS PLC               2296Z LN      -46111835.37     367181111
REGUS PLC-ADS           REGSY US      -46111835.37     367181111
REGUS PLC-ADS           REGS US       -46111835.37     367181111
REGUS PLC-ADS           RGUA GR       -46111835.37     367181111
REGUS PLC-ADS           REGSV US      -46111835.37     367181111
RENTOKIL INITIAL        RTO PO        -242381476.4    3231214649
RENTOKIL INITIAL        RTOEUR EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTO NR        -242381476.4    3231214649
RENTOKIL INITIAL        RTO EB        -242381476.4    3231214649
RENTOKIL INITIAL        RTO1 GR       -242381476.4    3231214649
RENTOKIL INITIAL        RTO QM        -242381476.4    3231214649
RENTOKIL INITIAL        RTO VX        -242381476.4    3231214649
RENTOKIL INITIAL        RTO TQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTO PZ        -242381476.4    3231214649
RENTOKIL INITIAL        RTO GR        -242381476.4    3231214649
RENTOKIL INITIAL        RTO IX        -242381476.4    3231214649
RENTOKIL INITIAL        RTO LN        -242381476.4    3231214649
RENTOKIL INITIAL        RTO NQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTOKF US      -242381476.4    3231214649
RENTOKIL INITIAL        RTOGBP EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTOEUR EU     -242381476.4    3231214649
RENTOKIL INITIAL        RTOG IX       -242381476.4    3231214649
RENTOKIL INITIAL        RKLIF US      -242381476.4    3231214649
RENTOKIL INITIAL        RTO EO        -242381476.4    3231214649
RENTOKIL INITIAL        RTOUSD EO     -242381476.4    3231214649
RENTOKIL INITIAL        RTO EU        -242381476.4    3231214649
RENTOKIL INITIAL        RTO BQ        -242381476.4    3231214649
RENTOKIL INITIAL        RTOUSD EU     -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        SSATF US      -119260804.2   705060824.5
SAATCHI & SAATCH        SSI LN        -119260804.2   705060824.5
SAATCHI & SAATCH        188190Q GR    -119260804.2   705060824.5
SCOTTISH MEDIA          SSMR LN       -51512119.25     207340304
SCOTTISH MEDIA          1442Q GR      -51512119.25     207340304
SCOTTISH MEDIA          SSM LN        -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          SKPEUR EO     -128538078.1     135158758
SKYEPHARMA PLC          SK8A GR       -128538078.1     135158758
SKYEPHARMA PLC          SKP EU        -128538078.1     135158758
SKYEPHARMA PLC          SKP VX        -128538078.1     135158758
SKYEPHARMA PLC          SKP LN        -128538078.1     135158758
SKYEPHARMA PLC          SKP TQ        -128538078.1     135158758
SKYEPHARMA PLC          SKP EO        -128538078.1     135158758
SKYEPHARMA PLC          SKP PO        -128538078.1     135158758
SKYEPHARMA PLC          SKPGBP EO     -128538078.1     135158758
SKYEPHARMA PLC          SKP BQ        -128538078.1     135158758
SKYEPHARMA PLC          SKP IX        -128538078.1     135158758
SKYEPHARMA PLC          SK8C GR       -128538078.1     135158758
SKYEPHARMA PLC          SKP1 VX       -128538078.1     135158758
SKYEPHARMA PLC          SKPEUR EU     -128538078.1     135158758
SKYEPHARMA PLC          SKYEF US      -128538078.1     135158758
SKYEPHARMA PLC          SKP PZ        -128538078.1     135158758
SKYEPHARMA -SUB         2976665Z LN   -128538078.1     135158758
SKYEPHARMA-ADR          SKYEY US      -128538078.1     135158758
SKYEPHARMA-ADR          SKYPY US      -128538078.1     135158758
SKYEPHARMA-ADR          SK8 GR        -128538078.1     135158758
SKYEPHARMA-ADR          SK8N GR       -128538078.1     135158758
SKYEPHARMA-ADR          AP80 LI       -128538078.1     135158758
SKYEPHARMA-ADR          SKYE US       -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 LN       -128538078.1     135158758
SKYEPHAR-RTS N/P        SKPN VX       -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         NWS2GBP EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS VX         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS PZ         -99944882.2   279114366.1
SMITHS NEWS PLC         SMWPF US       -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 TQ        -99944882.2   279114366.1
SMITHS NEWS PLC         SMWPY US       -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 BQ        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 EO        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS LN         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS PO         -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2EUR EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1GBP EO     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2EUR EU     -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 EO        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS1 EU        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS2 EU        -99944882.2   279114366.1
SMITHS NEWS PLC         NWS IX         -99944882.2   279114366.1
STV GROUP PLC           STVG VX       -51512119.25     207340304
STV GROUP PLC           SMG PZ        -51512119.25     207340304
STV GROUP PLC           STVG EU       -51512119.25     207340304
STV GROUP PLC           SMG VX        -51512119.25     207340304
STV GROUP PLC           STVG LN       -51512119.25     207340304
STV GROUP PLC           SMG IX        -51512119.25     207340304
STV GROUP PLC           SMGPF US      -51512119.25     207340304
STV GROUP PLC           STVG EO       -51512119.25     207340304
STV GROUP PLC           STVGEUR EU    -51512119.25     207340304
STV GROUP PLC           STVGGBP EO    -51512119.25     207340304
STV GROUP PLC           STVGEUR EO    -51512119.25     207340304
TELEWEST COM-ADR        TWSTD US       -3702234581    7581020925
TELEWEST COM-ADR        940767Q GR     -3702234581    7581020925
TELEWEST COM-ADR        TWT$ LN        -3702234581    7581020925
TELEWEST COM-ADR        TWSTY US       -3702234581    7581020925
TELEWEST COMM           TWSTF US       -3702234581    7581020925
TELEWEST COMM           604296Q GR     -3702234581    7581020925
TELEWEST COMM           TWT VX         -3702234581    7581020925
TELEWEST COMM           715382Q LN     -3702234581    7581020925
THORN EMI PLC           THNE FP        -2265916257    2950021937
THORN EMI-ADR           THN$ LN        -2265916257    2950021937
THORN EMI-ADR           TORNY US       -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 TQ        -49423537.13   155303750.4
TOPPS TILES PLC         TPT IX        -49423537.13   155303750.4
TOPPS TILES PLC         TPT PZ        -49423537.13   155303750.4
TOPPS TILES PLC         TPTJF US      -49423537.13   155303750.4
TOPPS TILES PLC         TPTEUR EO     -49423537.13   155303750.4
TOPPS TILES PLC         TPTJY US      -49423537.13   155303750.4
TOPPS TILES PLC         TPT VX        -49423537.13   155303750.4
TOPPS TILES PLC         TPT PO        -49423537.13   155303750.4
TOPPS TILES PLC         TPT EO        -49423537.13   155303750.4
TOPPS TILES PLC         TPTGBP EO     -49423537.13   155303750.4
TOPPS TILES PLC         TPT BQ        -49423537.13   155303750.4
TOPPS TILES PLC         TPT EU        -49423537.13   155303750.4
TOPPS TILES PLC         TPT LN        -49423537.13   155303750.4
TOPPS TILES PLC         TPTEUR EU     -49423537.13   155303750.4
TOPPS TILES-NEW         TPTN LN       -49423537.13   155303750.4
UNIGATE PLC             UNGAF US      -24544959.64   626057950.8
UNIGATE PLC             UNGPF US      -24544959.64   626057950.8
UNIGATE PLC             1577Q GR      -24544959.64   626057950.8
UNIGATE PLC             UNIG LN       -24544959.64   626057950.8
UNIGATE PLC-ADR         UNGAY US      -24544959.64   626057950.8
UNIQ PLC                UNIQ EU       -24544959.64   626057950.8
UNIQ PLC                UNIQGBP EO    -24544959.64   626057950.8
UNIQ PLC                UNQPF US      -24544959.64   626057950.8
UNIQ PLC                UNIQ EO       -24544959.64   626057950.8
UNIQ PLC                UNIQ IX       -24544959.64   626057950.8
UNIQ PLC                UNIQ VX       -24544959.64   626057950.8
UNIQ PLC                UNIQEUR EO    -24544959.64   626057950.8
UNIQ PLC                UNIQ PO       -24544959.64   626057950.8
UNIQ PLC                UNIQ LN       -24544959.64   626057950.8
UNIQ PLC                UNIQF US      -24544959.64   626057950.8
UNIQ PLC                UNIQEUR EU    -24544959.64   626057950.8
UNIQ PLC                UGE GR        -24544959.64   626057950.8
UNIQ PLC                UNIQ PZ       -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           VGMHF US      -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
WARNER ESTATE           WNER PZ       -6076459.885   426871306.9
WARNER ESTATE           WNEHF US      -6076459.885   426871306.9
WARNER ESTATE           WNER EU       -6076459.885   426871306.9
WARNER ESTATE           WNER LN       -6076459.885   426871306.9
WARNER ESTATE           WNER PO       -6076459.885   426871306.9
WARNER ESTATE           WNER EO       -6076459.885   426871306.9
WARNER ESTATE           WNER IX       -6076459.885   426871306.9
WARNER ESTATE           WRL GR        -6076459.885   426871306.9
WARNER ESTATE           WNER VX       -6076459.885   426871306.9
WARNER ESTATE           WNERGBP EO    -6076459.885   426871306.9
WATSON & PHILIP         WTSN LN         -120493900   252232072.9
WHITE YOUNG GREE        WHYEUR EU     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY EU        -35008863.49   305242409.9
WHITE YOUNG GREE        WHYGBP EO     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY PZ        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY PO        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY VX        -35008863.49   305242409.9
WHITE YOUNG GREE        WHY EO        -35008863.49   305242409.9
WHITE YOUNG GREE        WHYEUR EO     -35008863.49   305242409.9
WHITE YOUNG GREE        WHY LN        -35008863.49   305242409.9
WHITE YOUNG-NEW         WHYN LN       -35008863.49   305242409.9
WINCANTON PL-ADR        WNCNY US      -151911497.1    1420828184
WINCANTON PLC           WIN1 NQ       -151911497.1    1420828184
WINCANTON PLC           WIN1 QM       -151911497.1    1420828184
WINCANTON PLC           WIN PZ        -151911497.1    1420828184
WINCANTON PLC           WIN1EUR EO    -151911497.1    1420828184
WINCANTON PLC           WIN1 EB       -151911497.1    1420828184
WINCANTON PLC           WIN IX        -151911497.1    1420828184
WINCANTON PLC           WIN1 BQ       -151911497.1    1420828184
WINCANTON PLC           WIN LN        -151911497.1    1420828184
WINCANTON PLC           WIN PO        -151911497.1    1420828184
WINCANTON PLC           WIN1USD EU    -151911497.1    1420828184
WINCANTON PLC           WIN1 TQ       -151911497.1    1420828184
WINCANTON PLC           WIN1 EU       -151911497.1    1420828184
WINCANTON PLC           WIN1EUR EU    -151911497.1    1420828184
WINCANTON PLC           WIN1USD EO    -151911497.1    1420828184
WINCANTON PLC           WNCNF US      -151911497.1    1420828184
WINCANTON PLC           WIN1GBP EO    -151911497.1    1420828184
WINCANTON PLC           WIN1 EO       -151911497.1    1420828184
WINCANTON PLC           WIN VX        -151911497.1    1420828184
WYG PLC                 WYGGBP EO     -35008863.49   305242409.9
WYG PLC                 WYG EO        -35008863.49   305242409.9
WYG PLC                 WYG LN        -35008863.49   305242409.9
WYG PLC                 WHY IX        -35008863.49   305242409.9
WYG PLC                 WYG PZ        -35008863.49   305242409.9
WYG PLC                 WYGEUR EU     -35008863.49   305242409.9
WYG PLC                 WYGEUR EO     -35008863.49   305242409.9
WYG PLC                 WYG EU        -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.

                            *********


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.


                 * * * End of Transmission * * *