TCREUR_Public/110719.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, July 19, 2011, Vol. 12, No. 141

                            Headlines



G E R M A N Y

IKB DEUTSCHE: Moody's Withdraws 'Ba2' Debt & Deposit Ratings
TITAN EUROPE: S&P Affirms 'D' Ratings on Four Classes of Notes


G R E E C E

HELLENIC TELECOMS: Fitch Says Ratings Not Hurt by Greek Downgrade
NAT'L BANK OF GREECE: Fitch Downgrades Long-Term IDR to 'B-'
NAT'L BANK OF GREECE: Fitch Cuts Rating on Covered Bonds to 'BB-'
* GREECE: Fitch Maintains RWN on 'Bsf'-Rated Tranches
* GREECE: Talks with Private Creditors in Progress


I R E L A N D

ALLIED IRISH: DBRS Downgrades Subordinated Debt Ratings to 'D'
ANGLO IRISH: Four Equity Firms Lead Bidding Race for US Loan Book
DIRECTROUTE: Moody's Cuts EUR241MM Secured Loan due 2040 to 'Ba3'
EUROPROP SA: S&P Lowers Rating on Class F Notes to 'B'
HOUSING FINANCE: Moody's Cuts EUR6BB Commercial Paper to NP

IRISH LIFE: Rebel Shareholders Seek to Halt Recapitalization
IRISH LIFE: DBRS Cuts Dated Subordinated Debt Rating to 'D'
* Moody's Cuts Rating of Five Banks' Gov't-Guaranteed Debt to Ba1
* IRELAND: Winding-Up Orders Down 9%, Annual Court Report Shows


N E T H E R L A N D S

CANDIDE FINANCING: Moody's Assigns 'Ba1' Rating to EUR150MM Notes
CANDIDE FINANCING: Fitch Assigns 'BBsf' Rating on Class B Notes
FORNAX BV: S&P Downgrades Rating on Class F Notes to 'B'
HAMLET I: Moody's Confirms 'Ba2' Rating of EUR78MM Class B Notes


P O R T U G A L

HIPOTOTTA NO. 5: S&P Affirms Rating on Class F Notes at 'CCC-'


R U S S I A

AK OJSC: S&P Assesses Stand-alone Credit Profile at 'b+'
TENEX-SERVICE: S&P Gives 'BB+/B' Counterparty Credit Ratings


S P A I N

BANCO FINANCIERO: Fitch Downgrades Long-term IDR to 'BB'
CM BANCAJA: S&P Lowers Rating on Class C Notes to 'B+'
IM PASTOR: S&P Puts 'B' Rating on Class D Notes on Watch Negative
SANTANDER EMPRESAS: S&P Affirms Rating on Class F Notes at 'D'


U N I T E D   K I N G D O M

ALL EUROPEAN: Goes Into Liquidation; Owes More Than GBP500,000
AMBAC FINANCIAL: Suit Against JPMorgan Reinstated on Appeal
CONSUMER UNSECURED: S&P Lowers Rating on Class E Notes to 'B'
DIVERSITY FUNDING: S&P Affirms BB- Ratings on Two Classes of Notes
FOCUS (DIY): Takeover Bid Failure Leaves Workers in Limbo

HOUSE OF FRASER: Moody's Rates GBP250MM Senior Notes at 'B3'
LARONGROVE LTD: OAP Savers Left Penniless After Firm Went Bust
LE SPA: Could Become Care Home After Appeal Victory
LLOYDS BANKING: Virgin, Co-operative Leading Bidders for Branches
ROYAL BANK: Risky Loan Wind-Down Losses Less Than Estimated

SOUTHERN CROSS: Faces Liquidation; NHP Seek New Owner for Homes
WHITE TOWER: S&P Lowers Rating on Class D Notes to 'B-'
YELL GROUP: Unveils Major Online Expansion Plan
* UK: Corporate Failures Could Rise in Some Sectors, PwC Warns
* UK: Number of Scottish Insolvencies Up 17% in Quarter Ended June

* SCOTLAND: High Streets Trading Difficulties Unlikely to Improve


X X X X X X X X

* EUROPE: Eight Banks Fail European Union Stress Tests
* Large Companies with Insolvent Balance Sheet




                            *********


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G E R M A N Y
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IKB DEUTSCHE: Moody's Withdraws 'Ba2' Debt & Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed and withdrawn the Ba2/non-
prime debt and deposit ratings of IKB Deutsche Industriebank.

RATINGS RATIONALE

Moody's Investors Service has withdrawn the credit rating for its
own business reasons. Please refer to Moody's Investors Service's
Withdrawal Policy, which can be found at http://www.moodys.com/

The bank's E bank financial strength rating (BFSR), the Caa2
senior subordinated debt ratings and the Ca/C(hyb) ratings for
hybrid capital instruments were also affirmed and withdrawn.
Before the rating withdrawal, the outlook was stable on the E BFSR
and on the subordinated debt and hybrid ratings and the outlook on
the Ba2 long-term debt and deposit ratings was negative.

THESE RATINGS WERE WITHDRAWN AT THE CURRENT RATING LEVEL:

   -- BFSR: E, stable

   -- Long-Term Bank Deposits: Ba2, negative

   -- Long-Term Senior Unsecured: Ba2, negative

   -- Short-Term Bank Deposits/ Commercial Paper: non-prime

   -- Senior Subordinated Debt: Caa2 stable

   -- Junior Subordinated Debt, including those issued by ProPart
      Funding Limited Partnership: C(hyb) stable

   -- Preferred Stock issued by IKB Funding Trust I and II, and by
      Capital Raising GmbH: Ca(hyb) stable

THESE RATINGS REMAINED UNAFFECTED:

   -- Backed long-term senior unsecured debt guaranteed by the
      German government: Aaa, stable.

WHAT COULD CHANGE THE RATING UP / DOWN

The rating agency notes that there is major (rating) transition
risk for bond holders at this point in time, given the bank's
fragile risk profile. This risk stems from (i) the bank's
dependence on liquidity support; (ii) weak underlying
profitability, as IKB continues to post losses (adjusted for
valuation gains on its own liabilities); and (iii) the persistent
high fragility and volatility in the credit markets.

Against this background, Moody's view on the outlook for IKB is
that for the next few quarters, a change in ownership would be the
main factor that could trigger a more favorable (rating)
assessment. Substantial comfort for investors could be provided
(i) if a strategic acquirer were to obtain majority or even full
ownership of the bank; and (ii) if the combination of financial
strength and the commitment of such a buyer towards IKB offers
credit enhancement.

In the absence of such a transaction, the risk for bondholders is
likely to rise in the course of 2012 and 2013. Notwithstanding the
progress made in restructuring and de-risking the bank, IKB's
ability to service its debt obligations could come under
increasing pressure from a combination of rising liquidity risks
and external factors, in particular the German government's
weakening preparedness to support systemically less relevant
banks.


TITAN EUROPE: S&P Affirms 'D' Ratings on Four Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-1 PLC's class A, X, B, C, and D notes, and
affirmed its ratings on the class E, F, G, and H notes. "At the
same time, we removed from CreditWatch negative our ratings on the
class A, X, B, C, and D notes," S&P related.

"The downgrades reflect our view of the deteriorating
creditworthiness of the class A, X, B, C, and D notes due to an
increased likelihood of losses associated primarily with the
Mangusta Portfolio and KQ Warehouse Portfolio loans, two specially
serviced loans, which comprise 57.9% of the remaining pool
balance," S&P added.

                   Mangusta Portfolio Loan

The Mangusta Portfolio loan is secured against a portfolio of 13
mixed-use, retail, industrial, and leisure properties in various
areas of Germany. Of these, the three largest are located in
Wuppertal, close to Dusseldorf. The current securitized balance is
EUR120.4 million (34.6% of the pool) and the B-note balance is
EUR17.1 million. The reported value for the properties as of
November 2009 was EUR86.5 million--a decrease of approximately
49.4% from the market value at issuance, after adjusting for the
sale of one property in 2009," S&P noted.

The loan has been with the special servicer, Hatfield Philips
International Ltd., since June 23, 2008 following a breach of the
financial information loan covenant. In February 2010, the court
appointed a preliminary insolvency administrator to the borrower.
In August 2010, at the creditor meeting, attendees approved the
sale of the properties on the open market. In November 2010, the
special servicer reported that the insolvency administrator had
signed an exclusivity agreement with one potential investor, and
that the special servicer had received a term sheet from the
investor's financing bank. These parties subsequently agreed a
sales and purchase agreement for the entire portfolio. Proceeds
from the sale of Wickuler Park (the Wuppertal properties) did not
materialize by the April 2011 interest payment date as previously
expected, because the purchaser was not able to procure financing
in time. The special servicer is now evaluating other options,
including remarketing the entire portfolio," S&P continued.

In the meantime, the loan continues to pay partial debt service
only, as there have been ongoing capital expenditures, including
renovations due to fire protection requirements, at the Wuppertal
properties, and defects in heating systems in various properties
in Heidelberg. The total unpaid interest amounts to EUR7.3
million. According to the Dec. 31, 2010 special servicing monthly
asset status report, the reported occupancy for the portfolio is
73%, down from 91% at issuance. Rental income for the first
quarter in 2011 was reported to be approximately EUR2.5 million
(EUR10.0 million annually), down from EUR11.1 million annually at
closing (after adjusting for the one property that was
sold in 2009). In light of these factors, we believe that the
likelihood of principal losses for this loan has increased since
our last review," S&P said.

                         KQ Warehouse Loan

The KQ Warehouse Portfolio loan is secured by two logistics
properties, one in Leipzig and one in Munich, and by a plot of
development land in Leipzig. The current securitized balance is
EUR81.2 million (23.3% of the pool) and the B-note balance is
EUR11.9 million.

The properties were leased to two tenants belonging to the
Arcandor group, which filed for insolvency in June 2009. The
tenant vacated the Leipzig property in February 2010. The Munich
property remained leased to a section of Karstadt, a subsidiary of
the Arcandor group, until a new tenant signed a lease in January
2011.

In February 2011, the special servicer, Hatfield Philips
International Ltd., and the borrowers agreed a one-year loan
standstill. The special servicer also split the loan such that the
borrower structure is no longer cross-collateralized. This allows
for the possibility that one borrower could enter insolvency while
the other does not. Hatfield Philips International has also
reallocated the debt amounts for the properties. The Leipzig
property and development land now account for 76% of the current
whole loan, compared with 90% at closing. "We have also received
reports that the special servicer is selling the Leipzig property
and development land as three parcels. Two parcels have already
been sold and the remaining parcel is reported to be in
negotiation for sale. Hatfield Philips International is also
marketing the Munich property," S&P related.

Total unpaid interest on the loan amounted to EUR4.5 million as of
the April 2011 interest payment date. "We believe that the value
of the properties has further declined and that there could be
significant principal losses on this loan," S&P said.

                              Other Loans

"The three other loans in the transaction are currently
performing. However, two of these are showing signs of stress in
our view: The Tiden Portfolio loan has a current securitized
balance of EUR72.8 million (21% of the pool) and a EUR15.3 million
B-note. It is scheduled to mature in 2013 but occupancy has
dropped to 88% as of the April 2011 interest payment date from 99%
at issuance. In addition, we estimate approximately 25% of the
current annual rent is set to expire by the end of 2011. In light
of these factors, we believe that the value of the properties has
declined since our last review," S&P related.

For the Steigenberger Hotel Portfolio loan, the servicer extended
the maturity date to October 2012 from October 2010. A January
2010 valuation reported the value of the underlying property to be
EUR50.6 million, which is equivalent to a 106% loan-to-value
ratio. We believe that the current financing environment may
affect the loan's ability to refinance in October 2012," S&P said.

"As a consequence of our assessment of the increase in likelihood
of principal losses associated with the Mangusta Portfolio and KQ
Warehouse Portfolio loans, and our view of the Tiden Portfolio and
Steigenberger Hotel Portfolio loans, we believe that the class D,
E, F, G, and H notes are exposed to principal losses. We have
therefore lowered our rating on the class D notes to 'B+ (sf)' and
affirmed our 'D (sf)' rating on the class E, F, G, and H notes.
Furthermore, should the class D, E, F, G, and H notes experience
principal losses, the subordination available to the class A, B,
and C notes will be adversely affected. Accordingly, we have also
lowered our ratings on the class A, B, and C notes," S&P stated.

"In light of these downgrades, we have also lowered our rating on
the class X notes to 'AA (sf)' in line with our 'Global
Methodology For Rating Interest-Only Securities,' published April
15, 2010. For interest-only securities that reference either the
entire asset pool of a transaction or an amortization schedule or
formula, we maintain their ratings until all principal -- and
interest-paying classes of notes rated 'AA-' or higher have
been retired or downgraded below that rating level, at which time
we will withdraw these interest-only ratings," S&P related.

"In December 2010, we placed our ratings on the class C and D
notes on CreditWatch negative as a result of indications that
ultimate recoveries on the Mangusta loan may fall below our
previous estimate. After our review, we have removed our ratings
from CreditWatch negative," S&P said.

"On Jan. 18, 2011, we placed on CreditWatch negative our ratings
on the class A, X, and B notes when our 2010 counterparty criteria
became effective. After our review, we have removed our ratings on
these notes from CreditWatch negative. Our analysis indicates,
based on the application of our 2010 counterparty criteria, that
the counterparties can support the current ratings," S&P said.

Titan Europe 2006-1 closed in March 2006 with notes totaling
EUR723.3 million. The notes have a legal final maturity in
January 2016. Of the 10 loans that originally backed the
transaction, five have repaid. The note balance has reduced to
EUR348.3 million.

                           Ratings List

Class             Rating
         To                   From

Titan Europe 2006-1 PLC
EUR723.303 Million Commercial Mortgage-Backed Floating-Rate and
Variable-Rate
Notes

Ratings Lowered and Removed From CreditWatch Negative

A        AA (sf)              AAA (sf)/Watch Neg
X        AA (sf)              AAA (sf)/Watch Neg
B        BBB-(sf)             AA (sf)/Watch Neg
C        BB- (sf)             A- (sf)/Watch Neg
D        B+ (sf)              BB- (sf)/Watch Neg

Ratings Affirmed

E        D (sf)
F        D (sf)
G        D (sf)
H        D (sf)


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


HELLENIC TELECOMS: Fitch Says Ratings Not Hurt by Greek Downgrade
-----------------------------------------------------------------
Fitch Ratings says that Hellenic Telecommunications Organization
S.A.'s (OTE) ratings are unchanged following Fitch's downgrade of
the Greek sovereign rating to 'CCC' from 'B+'.

Fitch previously guided on the level of constraint a euro zone
sovereign rating exerts on domestic corporates, which led to a
downgrade of OTE's Issuer Default Rating (IDR)and OTE PLC's senior
unsecured rating to 'BB' from 'BBB-' on May 23, 2011.

More specifically, Fitch indicated that should the sovereign
rating deteriorate to 'B' and below, the 'BB' rating would
represent a 'floor' of the direct influence of a sovereign rating
upon the rating of domestic corporates.

As a result, OTE's current ratings remain unchanged, reflecting
the de-coupling of the direct sovereign rating influence and the
transition to a more 'standalone' approach of OTE's credit
profile. In this context, while the Greek issuer's standalone
profile deteriorated in Q111, it is still within the boundaries of
Fitch's rating case, which allows for a 13% service revenue
decline for FY11. The agency is therefore of the view that OTE
still maintains a reasonable amount of headroom above its 'BB' IDR
level. More particularly, using conservative assumptions of OTE's
capacity to reduce capex and maintain a low level of dividends
payments, Fitch estimated that OTE's EBITDA would need to decline
by 54% for its standalone profile to weaken to below its current
constrained IDR of 'BB', taking its FFO adjusted leverage to 4.5x
and interest cover to 4.0x.

Fitch guides that further negative rating action could be
triggered should evidence emerge of a disorderly debt
restructuring at the sovereign level with either (i) direct knock-
on effects on operational performance beyond those identified in
Fitch's standalone stress case described above, or (ii) indirect
effects on the ability more generally of Greek corporates to
maintain efficient treasury functions in relation to their
external creditors.

Conversely, material developments in OTE's relationship with 30%
shareholder Deutsche Telekom AG (DT, 'BBB+'/Stable), which lead
Fitch to assume greater levels of formal support for OTE, or,
separately, a material reversal of the trajectory of recent rating
actions for the sovereign could result in positive rating
implications.


NAT'L BANK OF GREECE: Fitch Downgrades Long-Term IDR to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded National Bank of Greece's (NBG), Efg
Eurobank Ergasias' (Eurobank) Alpha Bank's (Alpha), Piraeus Bank's
(Piraeus) and Agricultural Bank of Greece's (ATEbank) Long-term
Issuer Default Ratings (IDR) to 'B-' from 'B+' and maintained them
on Rating Watch Negative (RWN). At the same time, Fitch has
downgraded their Support Ratings to '5' from '4' and revised the
Support Rating Floors (SRF) to 'B-' from 'B+' and placed them on
RWN. The banks' 'B' Short-term IDRs have also been placed on RWN.

The rating actions follow the downgrade of Greece's sovereign
rating to 'CCC' from 'B+'. The agency has also maintained T Bank's
'B-' Long-term IDR on RWN, affirmed its Support Rating at '5' and
revised its SRF to 'B-' from 'No Floor' and placed it on RWN.
State-guaranteed issues have been also downgraded to 'B-' from
'B+' and maintained on RWN.

The six Greek banks' Long-term IDRs are on their SRF and reflect
Fitch's assumption that international support from the IMF/EU/ECB
in respect of Greek banks' recapitalization and re-financing
continues to be available for the time being. The RWN on their
IDRs and SRFs reflect the risk of a downgrade if there is any
further downgrade of Greece's sovereign rating and/or there are
changes to the assumptions underpinning Fitch's judgment on
support to Greece and Greek banks.

The downgrade of NBG, Eurobank, Alpha, Piraeus and ATEbank's
Individual Ratings to 'E' from 'D/E' indicates Greek banks'
deteriorating creditworthiness and the agency's view that pressure
on banks' capital, funding and liquidity and asset quality is
escalating due to serious concerns about the Greek sovereign and
the economy. Greek banks' funding and liquidity profiles are
currently supported by extraordinary liquidity provided by the ECB
and remain at risk, given banks' little margin of manoeuvre
against continued deposit outflows and limited scope to build
liquidity buffers. Fitch also notes banks' vulnerable capital
position to Greek sovereign shocks.

T Bank's Individual Rating of 'E' has been affirmed, highlighting
the above risks and its merger plans with the state-owned bank IT
Hellenic Postbank S.A.

As a result of the above rating actions, the banks' debt issues
(including senior, subordinated and hybrid capital issues) have
been downgraded and placed on RWN. Recovery Ratings (RR) for the
banks' unsecured senior and subordinated debt issues have been
affirmed at 'RR4' and 'RR6', respectively.

The rating actions are:

National Bank of Greece S.A.

   -- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained

   -- Short-term IDR 'B'; placed on RWN

   -- Individual Rating downgraded to 'E' from 'D/E'

   -- Support Rating downgraded to '5' from '4'; RWN removed

   -- Support Rating Floor revised to 'B-' from 'B+'; RWN
      maintained

   -- Senior notes downgraded to 'B-/RR4' from 'B+/RR4'; RWN
      maintained

   -- Hybrid capital downgraded to 'C' from 'CCC'; RWN removed

   -- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
      maintained

Efg Eurobank Ergasias S.A.

   -- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained

   -- Short-term IDR 'B'; placed on RWN

   -- Individual Rating downgraded to 'E' from 'D/E'

   -- Support Rating downgraded to '5' from '4'; RWN removed

   -- Support Rating Floor revised to 'B-' from 'B+'; RWN
      maintained

   -- Senior notes downgraded to 'B-'/'RR4' from 'B+/RR4'; RWN
      maintained

   -- Market-Linked Senior notes downgraded to 'B-emr'/'RR4' from
      'B+ emr/RR4'; RWN maintained

   -- Commercial paper at 'B'; placed on RWN

   -- Subordinated notes downgraded to 'C'/'RR6' from 'B-'/'RR6';
      RWN removed

   -- Hybrid capital downgraded to 'C' from 'CCC'; RWN removed

   -- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
      maintained

   -- Short-term state-guaranteed issues at 'B', placed on RWN

Alpha Bank S.A.

   -- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained

   -- Short-term IDR 'B'; placed on RWN

   -- Individual Rating downgraded to 'E' from 'D/E'

   -- Support Rating downgraded to '5' from '4'; RWN removed

   -- Support Rating Floor revised to 'B-' from 'B+'; RWN
      maintained

   -- Senior notes downgraded to 'B-/RR4' from 'B+'/'RR4'; RWN
      maintained

   -- Market-Linked Senior notes downgraded to 'B-emr'/'RR4' from
      'B+ emr/RR4'; RWN maintained

   -- Subordinated notes downgraded to 'C'/'RR6' from 'B-'/'RR6';
      RWN removed

   -- Junior subordinated notes downgraded to 'C' from 'CCC'; RWN
      removed

   -- Hybrid capital downgraded to 'C' from 'CCC'; RWN removed

   -- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
      maintained

   -- Short-term state-guaranteed issues at 'B', placed on RWN

Piraeus Bank S.A.

   -- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained

   -- Short-term IDR 'B'; placed on RWN

   -- Individual Rating downgraded to 'E' from 'D/E'

   -- Support Rating downgraded to '5' from '4'; RWN removed

   -- Support Rating Floor revised to 'B-' from 'B+'; RWN
      maintained

   -- Senior notes downgraded to 'B-'/'RR4' from 'B+'/'RR4'; RWN
      maintained

   -- Commercial paper at 'B'; placed on RWN

   -- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
      maintained

Agricultural Bank of Greece (ATEbank)

   -- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained

   -- Short-term IDR 'B'; placed on RWN

   -- Individual Rating downgraded to 'E' from 'D/E', RWN removed

   -- Support Rating downgraded to '5' from '4'; RWN removed

   -- Support Rating Floor revised to 'B-' from 'B+'; RWN
      maintained

   -- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
      maintained

T Bank

   -- Long-term IDR 'B-'; RWN maintained

   -- Short-term IDR 'B'; RWN maintained

   -- Individual Rating affirmed 'E'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor revised to 'B-' from 'No Floor'; placed
      on RWN

   -- Subordinated notes affirmed at 'C'

   -- Hybrid capital affirmed at 'C'

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


NAT'L BANK OF GREECE: Fitch Cuts Rating on Covered Bonds to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has downgraded the mortgage covered bonds issued by
Alpha Bank, Eurobank EFG, National Bank of Greece (NBG) and
Piraeus Bank in Greece. The mortgage covered bonds issued by
Marfin Popular Bank (Marfin) in Cyprus remain unaffected. All
programmes are maintained on Rating Watch Negative (RWN):

   -- Alpha Bank's covered bonds: downgraded to 'BBB-' from BBB';
      maintained on RWN

   -- Eurobank EFG's covered bonds: downgraded to 'BBB-' from
      'BBB'; maintained on RWN

   -- NBG's covered bonds (Programme I): downgraded to 'BB-' from
      'BB+'; maintained on RWN

   -- NBG's covered bonds (Programme II): downgraded to 'BBB-'
      from 'BBB'; maintained on RWN

   -- Piraeus Bank's covered bonds: downgraded to 'BBB-' from
      'BBB'; maintained on RWN

   -- Marfin's covered bonds: 'BBB/RWN' unaffected

On aggregate, the six programs represent EUR19 billion of rated
debt.

The rating actions follow the downgrade of Greece's sovereign
rating to 'CCC' from 'B+/RWN' on July 13, 2011, and subsequent
downgrades of Alpha's, Eurobank EFG's, NBG's and Piraeus' Long
Term Issuer Default Ratings (IDR) to 'B-/RWN' on July 14, 2011.

Alpha Bank's, Eurobank EFG's, NBG's Programme II and Piraeus's
covered bond programs are currently undergoing structural
amendments that will transform the existing liability profile from
soft-bullet (10-year extendible maturity) to partial pass-through
amortization. Under the soft-bullet redemption currently in place,
the programs are exposed to refinancing risk to the extent that,
in the event of an issuer default, a certain portion of the
mortgage cover pool will need to be liquidated after 10 years in
order to repay the covered bonds still outstanding at that time.
In contrast, a pass-through amortization will eliminate maturity
mismatches and effectively remove refinancing risk from the
associated covered bonds.

Pending these amendments to documentation, Fitch has downgraded
the four programs to 'BBB-' and maintained them on RWN. Fitch
expects the issuers to complete the amendments by July 29, 2011.
Covered bonds with adequate pass-through provisions by that date
will be maintained at their current rating, while programs that
have not implemented the planned amendments within this timeframe
will be downgraded to non-investment grade.

Unlike the four programs above, NBG's Programme I features a one-
year extendible maturity, which, in Fitch's view, critically
exposes the program to refinancing risk upon an issuer default. On
a probability of default (PD) basis, the covered bonds' rating is
therefore downgraded to 'B-' in line with NBG's IDR, while the
covered bonds benefit from an uplift to 'BB-' when factoring in
stressed recoveries from the cover pool given a default of the
bonds. The program's Discontinuity Factor (D-Factor) remains at
100%, while the maximum asset percentage (AP) committed by NBG for
its Programme I currently stands at 53%.

Marfin's covered bonds issued in Cyprus and secured by Greek
mortgage loans are unaffected at 'BBB'/RWN. The covered bonds'
rating on a PD basis is already at its floor, which is Marfin's
IDR at 'BBB-'. However, the bonds benefit from an uplift to 'BBB'
when factoring in stressed recoveries from the cover pool given a
default of the bonds. Similar to NBG's Programme I, Marfin's D-
Factor remains at 100%. The maximum AP committed by Marfin for its
covered bonds program currently stands at 95%.

In parallel, Fitch has applied its Covered Bonds Counterparty
Criteria, published 14 March 2011, on its rating universe of Greek
and Cypriot covered bond programs. All six programs benefit from a
commingling reserve, currently funded, which Fitch has found
sufficient to cover three months of interest payments on the
covered bonds. Additionally, NBG Programme I features an interest
rate swap with Deutsche Bank AG (rated 'AA-(RWN)'/'F1+'), whereby
interest collections on mortgage loans are exchanged against the
coupon payable on the bonds. Termination payments on this swap
rank pari passu with payments due on the covered bonds. However,
the potential strain this could put on liquidity bears no impact
on the program's D-Factor, which is already set at 100%. The
remaining five programs feature no swap arrangements, and
therefore, according to the criteria, no adjustment to their D-
Factor is warranted.

Overall, the RWN on all Greek and Cypriot covered bonds is a
reflection of the adverse economic conditions and heightened
uncertainty surrounding recent developments in Greece. The RWN on
the five programs issued out of Greece also mirrors the RWN
applied to the IDRs of the Greek banks. For Alpha Bank's, Eurobank
EFG's, NBG program II's and Piraeus Bank's covered bonds, and
until July 29, 2011, the RWN further addresses the ongoing
documentation amendments on the four programs.


* GREECE: Fitch Maintains RWN on 'Bsf'-Rated Tranches
-----------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on all
tranches rated 'Bsf' and above, of 16 Greek structured finance
transactions (three ABS, 13 RMBS). In addition, Fitch has
downgraded two credit-linked ABS tranches.

The rating actions follow Fitch's downgrade of Greece's Long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'CCC'.
Although the downgrade of the sovereign debt ratings implies that
a sovereign default is a real possibility, this does not have an
immediate impact on the ratings of structured finance ratings,
other than the two credit-linked ABS transactions. As previously
stated, a further downgrade, or even some form of sovereign
default, may not necessarily indicate an increase in the risk
associated with Greek structured finance transactions.

Additional negative rating action is more likely to be prompted by
performance deterioration. The maintained RWN on the notes that
have ratings 'Bsf' and above reflects the uncertainty over the
future performance of the underlying borrowers in the
transactions. In particular, Fitch believes that the
implementation of further austerity measures may negatively affect
the ability and willingness of borrowers to make their debt
payments. The agency notes that RMBS transactions are already
starting to show an increase in arrears and that reserve fund
draws have been reported on two Fitch-rated deals.

The RWN also reflects the transactions' increased exposure to
operational risks relating to their bank counterparties (including
technical insolvency and liquidity constraints), which may be
faced upon the default or further deterioration of the sovereign.
Finally, it addresses the potential for negative rating action on
RMBS transactions in light of Fitch's upcoming review of its
residential mortgage loss criteria assumptions for Greece.

Fitch will resolve the RWN once additional clarity is available
regarding the nature and conditions of the restructuring of
Greece's debt burden and its effect on the broader economy and,
specifically, the structured finance transactions under analysis.


* GREECE: Talks with Private Creditors in Progress
--------------------------------------------------
Matthew Saltmarsh at The New York Times reports that the group
representing Greece's private creditors said Sunday that progress
was being made in working out the involvement of international
banks in the next Greek bailout.

Charles H. Dallara, managing director of the Institute of
International Finance, an organization representing major global
financial companies, flew to Rome last week to attend meetings on
Thursday and Friday led by Vittorio Grilli, a senior official at
the Italian Treasury and the chairman of a European committee
working on the second Greek bailout, The New York Times relates.

According to The New York Times, Mr. Dallara, who is based in
Washington, said he would remain in Europe this week to coordinate
the effort, with conference calls and face-to-face meetings
planned among bankers and officials.

The New York Times says talks are to continue this week before a
meeting of European leaders in Brussels on Thursday, where they
are expected to reach agreement on a second bailout for Athens.
The amount could total around EUR90 billion, or US$127 billion,
and up to one-third of that is expected to be accounted for by
private creditors, mainly French and German banks, The New York
Times states.  The remainder would come from the European Union
and the International Monetary Fund, according to The New York
Times.

Questions remain about the scale of debt buybacks and exchanges
that will be employed, the duration of the bond maturities that
would be covered, the assessment of the rate of return on debt
rollovers, the amount of collateral that would be required for
Greek banks to participate, and the risk-free interest rate that
investors would seek as part of a plan, The New York Times states.

The emphasis of the talks is on "transforming the debt structure
over 10 years," meaning extending the life span of shorter
maturity bonds to 10 years, and on deciding which bonds would be
eligible for buyback schemes, The New York Times says, citing one
person involved in the discussions.

He added that the amount of Greek debt accounted for by the
private sector was around EUR150 billion, based on figures from
the Institute of International Finance, the International Monetary
Fund and the Greek debt office, The New York Times notes.


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


ALLIED IRISH: DBRS Downgrades Subordinated Debt Ratings to 'D'
--------------------------------------------------------------
DBRS Inc. has downgraded the ratings of the GBP 368.253 million
Dated Subordinated Debt due 2019 issued by Allied Irish Banks
p.l.c. to "D" from "C".  The downgrade follows the settlement of
the proceedings before the High Court of Ireland involving certain
holders of the Notes and the Minister for Finance.

In respect of the Notes, the High Court has declared that the
subordinated liabilities order issued by the High Court on 14
April 2011 under the Credit Institutions (Stabilisation) Act 2010
is effective as of April 22, 2011.  The SLO amends the terms of
the subordinated debt, including interest due, so that it is
payable only at the option of AIB; and the maturity date of the
Notes has been extended to June 2035.  Additionally, in accordance
with the amendments, AIB announced that no payment of interest
that would have been due to holders of the Notes on 25 June 2011
will be made by AIB.

The downgrade reflects the halting of interest payments on the
Notes by AIB and DBRS's expectation that the future interest
payments of these outstanding subordinated instruments will be
halted, as allowed by the High Court.  Further, the downgrade
considers the aforementioned extension of the final maturity date.
Given that bondholders are unlikely to receive interest as agreed
upon and that the expected maturity has been extended, DBRS views
these actions as disadvantageous to bondholders, which is
considered a default under DBRS policy.


ANGLO IRISH: Four Equity Firms Lead Bidding Race for US Loan Book
-----------------------------------------------------------------
Laura Noonan at Irish Independent reports that four private equity
consortiums are leading the race for Anglo Irish Bank's US$10
billion (EUR7 billion) US loan portfolio, while a shortlist of
"about 10" bidders has been drawn up for the lender's EUR500
million wealth management business.

The update on Anglo's sales comes as the collapsed bank and Irish
Nationwide, soon to be collectively known as 'IBRC', embark on a
10-year plan to sell off assets loans and shut their businesses,
Irish Independent relates.

According to Irish Independent, reports in the US on Thursday
reveal that Anglo's US$10 billion US loan book is being courted by
some of the biggest names in finance, including American
International Group (AIG), BlackRock, Blackstone, Deutsche Bank
and TPG.

The finance giants are grouped together in four consortiums who
may lodge first-round bids by August 9, Irish Independent says,
citing reports on Bloomberg.

The Irish Independent understands that several other parties are
also looking at the loan book, which features 248 commercial loans
stretching from Manhattan to Florida.

Anglo, Irish Independent says, is hoping to close the sale of the
US book in the third quarter, well ahead of the December 31
deadline the bank is officially working towards.

As reported by the Troubled Company Reporter-Europe on July 1,
2011, BreakingNews.ie related that The European Commission cleared
a bailout plan for Anglo Irish Bank and the Irish Nationwide
Building Society.  BreakingNews.ie disclosed that the proposal,
which was submitted for approval in January, provides for the
merger of the two troubled institutions and their winding down
over the next 10 years.  Anglo Irish and Irish Nationwide jointly
received EUR34.7 billion in capital injections from the State to
cover losses on property loans, BreakingNews.ie noted.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.


DIRECTROUTE: Moody's Cuts EUR241MM Secured Loan due 2040 to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
rating for the EUR143.5 million guaranteed secured loan due 2040
from Landale Asset Purchasing Company No 3 Limited (including a
EUR3 million standby loan), and the EUR97.6 million guaranteed
secured loan from the European Investment Bank both raised by
DirectRoute (Limerick) Finance Limited.  The rating outlook
remains negative.

RATINGS RATIONALE

The rating action follows Moody's recent downgrade of the
Government of Ireland to Ba1 from Baa3. The underlying rating of
the Loans is underpinned by the credit strength of the National
Roads Authority, as payer under the Concession Agreement.

The Issuer is a financing conduit that on-lends the proceeds of
the Loans to DirectRoute (Limerick) Limited, which is responsible
for financing, procuring, operating and maintaining the Limerick
Tunnel PPP Scheme.

The NRA provides a minimum traffic guarantee under the Concession
Agreement, and the actual Average Daily Traffic has to date been
less than the minimum traffic guarantee level. As a result,
payments are made under the minimum traffic guarantee and Moody's
is applying a two-notch differential between the rating of the
Loans and that of the Irish Government. This differential is
consistent with Moody's approach for availability-based projects,
as outlined in Moody's methodology for Operating Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects,
published in December 2007.

The Project's negative outlook reflects the negative outlook of
Ireland's Government bond rating as Moody's expects the rating of
the Loans to move with the Government bond rating. Ireland's
rating would not necessarily have acted as an absolute cap on the
rating if toll revenues had been sufficient to make the minimum
revenue guarantee a contingent rather than essential support.
However the lower than expected actual revenues now make the
Project reliant on the minimum traffic guarantee payments (which
have already started to flow), and in this scenario it is more
appropriate to impose the usual two-notch gap between offtaker
rating and project rating as outlined by the Operating Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
methodology.

The Loans benefit from an unconditional and irrevocable guarantee
of scheduled principal and interest under a financial guarantee
insurance policy issued by MBIA UK Insurance Limited (MBIA; rated
B3, negative outlook). However, as MBIA's rating is lower than the
underlying rating, the rating of the Loans is determined by the
underlying rating.

The Project involves a 10 km tolled dual carriageway bypass,
located to the southwest of the City of Limerick (situated in the
southwest of Ireland on the River Shannon). The Project consists
of a 675 meter immersed tube tunnel under the River Shannon and
other significant structures including bridges, underpasses and
culverts. The Project was opened to traffic on 27 July 2010.

The principal methodologies used in this rating were Operational
Toll Roads published in December 2006, and Operating Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007.

DirectRoute (Limerick) Limited is ultimately owned by Strabag
(20%), John Sisk & Sons (10%), Lagan Holdings Limited (10%),
Roadbridge Limited (10%), Allied Irish Banks PLC (25%) and
Meridiam Infrastructure Finance S.a.r.l (25%).


EUROPROP SA: S&P Lowers Rating on Class F Notes to 'B'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EuroProp (EMC VI) S.A.'s class A, B, C, D, and F notes. "At the
same time, we removed from CreditWatch negative our ratings on the
class A and B notes, and affirmed the rating on the class E
notes," S&P said.

"The downgrades reflect our view of expected losses for this
transaction," S&P said.

There are 18 loans in this transaction, 17 of which are secured
against 122 commercial and residential properties of secondary
quality, located in Germany. The eighteenth loan is secured by a
single office property in Paris.

Since 2010, three loans have suffered material declines in income
due to vacancies: The Sunrise II loan, the Signac loan, and the
Henderson 3 (Staple) loan. This led to our negative rating actions
on July 20, 2010 (see 'Ratings Lowered On EuroProp (EMC VI)'s
Class D, E, And F Notes Due To Deteriorating Credit Performance').

The current status of the Sunrise II loan, the Signac loan, and
the Henderson 3 (Staple) loan, is:

    Sunrise loan (23.6% of the pool): This loan matures this
    month. "We understand that the borrower has asked the servicer
    (Citibank International PLC) for an extension of the loan and
    provided a detailed business plan and budget proposal. We also
    understand that the servicer is in the process of reviewing
    the proposal. Given the time to note maturity in 2017, we
    believe it is likely that the request will be granted. Under
    our stressed scenarios, we do not expect losses for this
    loan," S&P said.

    Signac loan (10.51% of the pool): This loan also matures this
    month, but  according to its terms it may be extended twice by
    one year if there is no loan-default event. The loan is backed
    by a high quality multi-tenanted asset in a secondary
    location. "The weighted-average lease term (to first break) is
    2.3 years. We anticipate that this loan may be extended;
    however, we believe  there is a risk of losses on this loan
    given its lease maturity profile and the existence of an
    ongoing dispute with the principal tenant," S&P said.

    Henderson 3 (Staple) loan (8.8% of the pool): This loan
    matures in 2013.  "We continue to believe that there is
    heightened term risk for this loan, given material arrears
    following vacancies and the latest reported information that
    shows both the interest coverage ratio (ICR) and the debt
    service coverage ratio (DSCR) at 0.41%. We understand that
    none of the assets have been revalued since closing. Most of
    the properties are single-tenanted and the property cash flow
    has deteriorated since closing. Under our stressed scenarios,
    we anticipate losses for this loan," S&P related.

"Since our rating action in July 2010, two loans (EPIC Horse and
EPIC Rhino) went into special servicing following a default of
amortization payment obligations and accrued interest obligations.
The special servicer for these loans is Capita Asset Services (UK)
Ltd.," S&P said

              Epic Rhino Loan (7.10% Of The Pool)

The loan has been in default since July 2010, for breach of
amortization payment obligations that are due to portfolio
vacancies and non-recoverable expenses. The loan matures in 2013.

The loan is secured on eight residential properties in Western
Germany, which were built in the 1960s and 1970s. "We understand
that there has been limited borrower reporting on this loan, but
we understand that the borrowers' difficulties resulted from new
vacancies," S&P related.

A February 2011 valuation gave a EUR34.6 million value for the
properties (against a reported value of EUR47.2 million at
closing). "We have not had sight of this valuation. It resulted in
the calculation of an appraisal reduction amount of EUR1.316
million for this loan. We understand that the loan suffered
an interest shortfall on the April interest payment date of
EUR184,452. Despite this and the loan's default, we do not
consider that the rated notes are currently at risk of an interest
shortfall or a principal loss," S&P said.

               Epic Horse Loan (5.7% Of The Pool)

The loan has also been in default since July 2010, for breach of
amortization payment obligations. The loan matures in 2014.

The loan is secured on three residential portfolios (accounting
for 50% of the income) and two commercial properties (30% office,
17% retail, and 6% industrial) in Germany.

"We understand that a key tenant (Carus, 27% of the income) is
experiencing financial difficulties, and rent payments have
declined as a result. We understand that the servicer is in
discussion with the borrower and that conditions to a standstill
agreement are being considered, including: (a) That the borrower
provides full reporting; and (b) the borrower replaces the asset
management team and transfers the property management to a company
known to the servicer. We understand that the borrower is
preparing a business plan for submission to the servicer," S&P
said.

A February 2011 valuation gave a EUR26.9 million value for the
property (against a reported value of EUR34.3 million at closing).
An appraisal reduction amount of EUR2,142,978 has been calculated
as a result. "Despite this and the loan's default, we do not
consider that the rated notes are currently at risk of an
interest shortfall or a principal loss," S&P said.

"Performance of the remaining loans is stable, in our view.
Although there are a further six years to note maturity, given the
issues outlined above in relation to the loans, a degree of delay
in reporting, and the secondary quality of the portfolio, we have
made conservative assumptions and under our stressed scenarios we
anticipate losses for the three loans mentioned. We have taken the
rating actions in this context," S&P said.

                   Counterparty Analysis

"On Jan. 18, 2011, we placed our ratings on the class A and B
notes on CreditWatch negative when our 2010 counterparty criteria
became effective. After our review, we have removed our ratings on
these notes from CreditWatch negative," S&P related.

EuroProp (EMC VI), is a 2007-vintage commercial mortgage-backed
securities transaction. It is secured by commercial real estate
assets located in Germany and France. None of the eighteen loans
have fully repaid. The final maturity date of the notes is January
2017.

Ratings List

Class               Rating
            To                   From

EuroProp (EMC VI) S.A.
EUR489.775 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A           AA (sf)              AAA (sf)/Watch Neg
B           A (sf)               AA (sf)/Watch Neg

Ratings Lowered

C           BBB- (sf)            A (sf)
D           BB- (sf)             BB+ (sf)
F           B (sf)               B+ (sf)

Rating Affirmed

E           BB- (sf)


HOUSING FINANCE: Moody's Cuts EUR6BB Commercial Paper to NP
-----------------------------------------------------------
Moody's Investors Service downgraded the short-term debt rating of
Housing Finance Agency, p.l.c.'s EUR6.0 billion commercial paper
program to NP from P-3.

The rating announcement reflects Moody's downgrade on 12 July 2011
of the Republic of Ireland's, the guarantor of the commercial
paper program, government bond ratings to Ba1, negative outlook,
and short-term debt rating to NP.

RATINGS RATIONALE

HFA's commercial paper program is irrevocably and unconditionally
guaranteed by the Republic of Ireland. As a consequence, the
short-term debt rating on the CP program reflects the guarantor's
short-term rating.

While a rating upgrade is regarded as unlikely in the near term,
an upgrade of the guarantor's short-term rating would put upward
pressure on HFA's CP rating.

The principal methodology used in this rating was Government-
Related Issuers: Methodology Update published in July 2010.


IRISH LIFE: Rebel Shareholders Seek to Halt Recapitalization
------------------------------------------------------------
Simon Carswell at The Irish Times reports that the leader of a
group of rebel shareholders in Irish Life and Permanent has said
they will challenge the Minister for Finance if he seeks a High
Court order to proceed with the company's recapitalization and
takeover by the state.

The Irish Times relates that an offer from lawyers for eight
shareholders within the group to secure a settlement of 90% a
share from the government expired at a deadline set by the
shareholder group on Friday.

According to The Irish Times, the group, led by Malta-based
investment fund Scotchstone Capital, is seeking to halt the
EUR3.8 billion government recapitalization which will leave the
state with a 99% stake in the company, wiping out shareholder
interests.

The Irish Times says the shareholders have enough support to table
four resolutions at an extraordinary general meeting next
Wednesday to approve the recapitalization.  Piotr Skoczylas,
Scotchstone managing director, told The Irish Times the
shareholder group would "do what is in their power to oppose this
totally unjust and illegal expropriation by [the] back door".

Law firm Brown Rudnick, representing eight shareholders, wrote to
the Government on Thursday, seeking 90 cent for each share and
threatening legal action if no settlement was reached, The Irish
Times recounts.

Mr. Skoczylas, as cited by The Irish Times, said the offer was not
accepted by the deadline.

He stressed the offer from the law firm would be for the benefit
of a group of about 150 shareholders who were supporting him, The
Irish Times notes.

Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market.  Its business segments
include banking, which provides retail banking services; insurance
and investment, which includes individual and group life assurance
and investment contracts, pensions and annuity business written in
Irish Life Assurance plc and Irish Life International, and the
investment management business written in Irish Life Investment
Managers Limited; general insurance, which includes property and
casualty insurance carried out through its associate, Allianz-
Irish Life Holdings plc, and other, which includes a number of
small business units.  On June 30, 2008, it acquired the rest of
the 50% interest in Joint Mortgage Holdings No. 1 Limited (the
parent of Springboard Mortgages Limited), resulting in Springboard
Mortgages becoming a wholly owned subsidiary.  On December 23,
2008, it acquired an additional 23% of Cornmarket Group Financial
Services Ltd, bringing its interest to 98%.


IRISH LIFE: DBRS Cuts Dated Subordinated Debt Rating to 'D'
-----------------------------------------------------------
DBRS Inc. has downgraded the Dated Subordinated Debt rating of
Irish Life & Permanent plc to "D" from "C".  The downgrade follows
the execution of the Group's note tender offer.

The default status for the purchased and now-extinguished notes
reflects DBRS's view that bondholders were offered limited options
and that a distressed exchange has now occurred, which is
considered a default under DBRS policy, as discussed in DBRS's
press release dated June 8, 2011.

This rating action affects the following securities issued by IL&P
and rated by DBRS; Variable Rate Notes due March 2023 (ISIN
XS0165027664), Callable Subordinated Floating Rate Notes due 2015
(ISIN XS0226352713), Step-Up Floating Rate Notes due 10 August
2015 (ISIN XS0226430022), Floating Rate Notes due 2016 (ISIN
XS0274209583), Subordinated Callable Floating Rate Notes due 2017
(ISIN XS0295772189), Fixed/Floating Rate Step-Up Callable
Subordinated Notes due 2017 (ISIN XS0299987288), Floored CMS
Linked Notes due June 2018 (ISIN XS0369699623) and Subordinated
Callable Fixed Rate Notes due 2018 (ISIN XS0371760363).


* Moody's Cuts Rating of Five Banks' Gov't-Guaranteed Debt to Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 with a negative
outlook from Baa3 the government-guaranteed debt of five Irish
banks. This action follows Moody's downgrade of Ireland's
government's bond ratings to Ba1 with a negative outlook from
Baa3.

The government-guaranteed debt of these banks has been downgraded:

- Allied Irish Banks (AIB)

- Anglo Irish Bank (Anglo Irish)

- Bank of Ireland (BoI)

- EBS Ltd (EBS)

- Irish Life & Permanent (IL&P)

There is no impact on other ratings of banks in Ireland.

RATINGS RATIONALE

In line with the downgrade of the Irish government bond rating to
Ba1 (with a negative outlook), Moody's has downgraded to Ba1 (with
a negative outlook)/Not-Prime, from Baa3/Prime-3, the government-
backed senior debt of AIB, Anglo Irish, BoI, EBS and IL&P.

These five banks have all issued public debt under the Eligible
Liabilities Guarantee scheme. The assigned government-backed
Ba1/Not-Prime ratings are based on the unconditional and
irrevocable guarantee from the Irish government (see "Moody's to
assign backed-Aa1/Prime-1 ratings to debt securities covered by
the Irish government's new guarantee", 7 January 2010).

NO IMPACT ON BANK DEPOSIT RATINGS, SENIOR UNSECURED DEBT RATINGS
OR STAND-ALONE BFSRs

The other ratings of the five banks -- including the bank deposit
ratings, the senior unsecured debt ratings and the standalone bank
financial strength ratings (BFSRs) -- are unaffected by this
rating action. The downgrade of the government bond rating has not
affected the unguaranteed long-term senior unsecured debt ratings,
as Moody's does not incorporate any government support into these
ratings.

BoI's BFSR is D (mapping to Ba2 on the long-term scale), its
unguaranteed long-term senior unsecured debt rating is Ba2 and its
long-term bank deposit rating is Ba1, all with a negative outlook.
AIB, EBS and IL&P have BFSRs of D- (mapping to Ba3 on the long-
term scale), their unguaranteed long-term senior unsecured debt
ratings are Ba3 and their long-term bank deposit ratings are Ba2,
all with a negative outlook. Anglo Irish has a BFSR of E (mapping
to Caa1 on the long-term scale), its unguaranteed long-term senior
unsecured debt rating is Caa2 and its long-term bank deposit
rating is Caa1. The outlook on the debt and deposit ratings is
negative and the outlook on the E BFSR is stable.

Moody's continues to incorporate one notch of rating uplift into
the bank deposit ratings of AIB (including EBS), BoI (including
its subsidiary ICS Building Society) and IL&P, from the banks'
standalone ratings, reflecting the explicit support received by
the institutions and Moody's expectation that further support for
deposit holders would likely be forthcoming in the event of need.
This is based on the supportive attitude of the Irish government
towards depositors as illustrated recently by the transfer orders
to sell the deposits of Anglo Irish and Irish Nationwide Building
Society to Allied Irish and IL&P, respectively. As a result of the
high level of uncertainty around whether the Irish government
would extend further support to the banking sector if required
(beyond the EUR35 billion that has been committed to as part of
the EU/IMF support package) Moody's no longer incorporates
systemic support into the senior unsecured debt ratings and these
are placed at the same level as the standalone ratings of the
banks.

If the credit risk for unguaranteed senior unsecured debt was to
increase -- either because of further economic decline or because
of policy changes implying a greater willingness to impose losses
on bondholders -- then the banks' unguaranteed senior unsecured
debt ratings would likely face further downgrades. Moody's will
therefore continue to monitor the approach of the Irish government
to this debt class. Moody's sees little likelihood of upward
rating pressure emerging on the ratings due to the still very
challenging economic conditions in Ireland. Improvements in the
banks' funding profiles, permitting a substantial reduction in the
reliance on central bank funding, would be a prior condition for
any potential upgrade.

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.


* IRELAND: Winding-Up Orders Down 9%, Annual Court Report Shows
---------------------------------------------------------------
Carol Coulter at The Irish Times reports that the annual report of
the Courts Service shows an increase in bankruptcies, orders for
possession, judgments for recovery of debt and judgment mortgages.

However, according to The Irish Times, there has been a decline in
cases involving companies, with a 9% decrease in orders to wind up
companies, a 6% fall in applications to restrict directors and a
21% drop in new cases admitted to the Commercial Court list in the
High Court.

The Irish Times relates that Minister for Justice Alan Shatter
said it was clear the economy continued to have an impact on the
number of cases of a commercial nature coming before the courts.

Mr. Shatter accepted the report from the chairman of the board of
the Courts Service, the Chief Justice Mr. Justice John Murray, The
Irish Times notes.


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


CANDIDE FINANCING: Moody's Assigns 'Ba1' Rating to EUR150MM Notes
-----------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by Candide Financing 2011-1 B.V.:

   -- EUR1050M Senior Class A Mortgage-Backed Floating Rate Notes
      due 2051, Assigned Aaa (sf)

   -- EUR150M Mezzanine Class B Mortgage-Backed Floating Rate
      Notes due 2051, Assigned Ba1 (sf)

Moody's has not rated the EUR 34,000,000 Subordinated Class C
Mortgage-Backed Floating Rate Notes due 2051

RATINGS RATIONALE

The notes are backed by a pool of Dutch prime residential mortgage
loans originated by Bank of Scotland (Aa3 under review for
possible downgrade / P-1) acting through its Amsterdam Branch
("BOS NL"). This represents the sixth RMBS of BOS NL mortgage
loans in the Candide series.

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the portfolio expected loss of 1 per cent and MILAN Aaa Credit
Enhancement (CE) of 10.5% per cent, as well as the transaction
structure and any legal considerations as assessed in Moody's cash
flow analysis.

Portfolio expected loss of 1 per cent: This is higher than the
sector average of 0.56 per cent and is based on Moody's assessment
of the lifetime loss expectation for the pool taking into account
(i) the collateral performance of BOS NL originated loans to date,
as provided by the originator and observed in previous Candide
transactions. Moody's loss expectations for Candide 2006 were
recently revised upwards due to worse than expected collateral
performance resulting in a downgrade to the most junior rated note
on the structure. (ii) the current macroeconomic environment in
the Netherlands and (iii) the potential drift in asset quality
since up to approximately 20% of the closing pool can be
substituted with new mortgage loans within the first 3 years of
the transaction.

MILAN Aaa CE of 10.5 per cent: This is higher than the sector
average of 6.9 per cent and follows Moody's assessment of the
loan-by-loan information taking into account these key drivers (i)
the collateral performance of BOS NL originated loans to date as
described above (ii) the weighted average loan-to-foreclosure
value of 99.9 per which is higher than that typically seen in the
sector (ii) weighted average seasoning of 3.6 years (iv) although
no loans are in arrears at the pool cut-off date, approximately 20
per cent of loans have been in arrears since origination and (v)
potential drift in asset quality through substitutions as
described above.

The transaction benefits from a non-amortizing reserve fund sized
at 1.2% of the Class A and B notes at closing and is replenished
before interest payments on the unrated class C notes. The reserve
fund is available to cover any shortfalls in senior fees, interest
payments on the Class A and B notes and makes up for any principal
losses on the loans recognized via the principal deficiency ledger
(PDL). The transaction also benefits from a non-amortizing
liquidity reserve fund sized at 1.5% of the Class A and B notes at
closing and is available to cover any shortfalls in senior fees
and interest payments on the Class A and B notes. For class B the
liquidity reserve will be only available if there is no PDL
outstanding.

The ratings addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the Class A and B notes by the legal final maturity.
Moody's ratings only address the credit risk associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.

V-Score: The V-Score for this transaction is Low/Medium, in line
with the Dutch prime RMBS sector. V-Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating. High variability in key assumptions could
expose a rating to more likelihood of rating changes. The V-Score
has been assigned according to the report "V-Scores and Parameter
Sensitivities in the Major EMEA RMBS Sectors" published in
April 2009.

Moody's Parameter Sensitivities: If the Milan Aaa CE assumption
was increased to 12.6 per cent, the model output for Class A notes
would have reduced to a rating of Aa1 assuming all other factors
remained unchanged. Moody's Parameter Sensitivities provide a
quantitative/model-indicated calculation of the number of rating
notches that a Moody's structured finance security may vary if
certain input parameters used in the initial rating process
differed. The analysis assumes that the deal has not aged and is
not intended to measure how the rating of the security might
migrate over time, but rather how the initial rating of the
security might have differed if key rating input parameters were
varied. Parameter Sensitivities for the typical EMEA RMBS
transaction are calculated by stressing key variable inputs in
Moody's primary rating model.

The principal methodology used in this rating was 'Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa'
published in October 2009. The secondary methodologies used were
'Moody's Updated MILAN Methodology for Rating Dutch RMBS'
published in September 2009,' Cash Flow Analysis in EMEA RMBS:
Testing Structural Features with the MARCO Model (Moody's Analyser
of Residential Cash Flows)' published in January 2006 and 'Moody's
Updated Methodology for Set-Off in Dutch RMBS' published in
November 2009.


CANDIDE FINANCING: Fitch Assigns 'BBsf' Rating on Class B Notes
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to Candide Financing
2011-1 B.V.'s EUR1.2bn mortgage-backed notes, due 2051:

   -- EUR1,050,000,000 floating-rate Class A mortgage-backed
      notes: 'AAAsf'; Outlook Stable; Loss Severity Rating 'LS-1'

   -- EUR150,000,000 floating-rate Class B mortgage-backed notes:
      'BBsf'; Outlook Stable; Loss Severity Rating 'LS-3'

The notes are backed by mortgage loans originated in the
Netherlands and owned by Bank of Scotland, Amsterdam Branch (BOS
NL) which is a 100%-owned subsidiary of Lloyds Banking Group plc,
rated 'AA-'/Stable/'F1+'. The final ratings are based on the
agency's assessment of the underlying collateral, available credit
enhancement (CE), the origination and underwriting procedures used
by the originators, the servicing capabilities of BOS NL, the loan
substitution conditions and the transaction's financial and legal
structure.

At closing, CE for the class A notes was 13.7%, provided by the
subordination of the class B notes (12.5%) and the reserve account
(1.2%). The transaction benefits from a fully funded non-
amortizing reserve account equating to 1.2% of the initial note
balance and a non-amortizing liquidity reserve equal to 1.5% of
the initial note balance. Under the interest rate swap agreement,
the issuer will pay the weighted average interest rate scheduled
on the mortgage loans. The swap counterparty will pay three-month
Euribor plus 100bps on the non-deficient note balance.

To analyze the CE levels, Fitch evaluated the collateral using its
default model. The agency assessed the transaction cash flows
using default and loss severity assumptions indicated by the
default model under various structural stresses including
prepayment speeds and interest rate scenarios. The cash flow tests
showed that each class of notes could withstand loan losses at a
level corresponding to the related stress scenario without
incurring any principal loss or interest shortfall and can retire
principal by the legal final maturity.

BOS NL provided Fitch with a loan-by-loan data template which was
of good quality. The collateral review of the mortgage portfolio
involves reviewing vintage performance data which Fitch uses to
validate the frequency of foreclosure assumptions used within its
analysis. BOS NL provided cumulative default data by vintage for
both NHG and non-NHG loans and three-month plus arrears data split
by product type, origination year and NHG vs non NHG. This data
was found to be in line with Fitch's performance assumptions for
the Dutch market and consequently no additional adjustments to the
standard assumptions were made.


FORNAX BV: S&P Downgrades Rating on Class F Notes to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
FORNAX (ECLIPSE 2006-2) B.V.'s notes. "We have also removed our
ratings on the class A, B, C and X notes from CreditWatch negative
and corrected an error in the rating on the class X notes," S&P
said.

"The actions follow a transaction review and reflect our view that
losses are likely to affect the class C, D, E, F, and G notes and
that counterparty risk constrains the ratings to 'AA+ (sf)' after
applying the counterparty criteria," S&P related.

                        Credit Analysis

This transaction was initially backed by 19 loans securing
EUR545,134,000 of note issuance. Eight loans remain in the pool,
secured on properties in Belgium, Germany, France, Austria, and
Italy and the current note balance is EUR238,239,000. The loan
maturity profile is shown in the table below and the legal final
maturity date of the notes is in 2019.

In this transaction, loan performance is currently stable.
However:

    Two of the eight loans are on the servicer's watch list (the
    Cassina Plaza and Bielefield/Berlin Portfolio loans);

    Four loans are exposed to single tenant risk; and

    Some of the assets (the ATU assets and Burger King assets in
    the Kingbu loan) are highly specialized.

"To account for these factors we have made conservative
assumptions in our credit analysis. Our analysis indicates that
four of the loans may experience losses: The Cassina Plaza loan
(which represents 20.48% of the pool balance), the
Bielefield/Berlin loan (which represents 13% of the pool balance),
and the ATU Germany and ATU Austria loans (together representing
24.91% of the pool balance)," S&P related.

"Our analysis took into account the generous time to maturity,
with the notes maturing only in 2019," S&P said.

"In view of our loss expectations, we have lowered the ratings by
one notch on the classes C to F notes and affirmed the rating on
the class G notes," S&P said.

Loan     Country  Sector    Current    Current    Scheduled
name                        loan       whole      securitized
                            maturity   loan       loan
                            date       balance    maturity
                                      (A and B)   balance

Century  Belgium  Shopping  10-Feb-13  42,644,000  40,845,000
Center            Centre

Cassina  Italy    Office    10-Nov-13  39,888,550  39,888,550
Plaza

ATU      Germany  Car       25-Jan-13  29,893,968  28,875,010
Germany           service
                  workshops

Biele-   Germany  Mixed use 25-Jan-16  25,321,000  23,386,000
field/Berlin
portfolio

Netto    Germany  Super-    25-Jul-12  20,362,500  19,500,000
portfolio         markets

Kingbu   Germany  Mixed use 25-Oct-12  18,713,775  17,265,775
portfolio

ATU      Austria  Car       25-Jan-13  13,715,552  13,250,000
Austria           service
                  workshops

Toulouse France   Retail    10-Feb-12   4,200,000   4,200,000
2

                      Error Correction

The class X notes rank junior to the class C notes in this
transaction. "Accordingly, when we last lowered the ratings in
this transaction in November 2009, we should have lowered the
rating on the class X notes to 'AA+ (sf)' from 'AAA (sf)' (see
'S&P's Ratings List For European CMBS Transactions -
Nov. 27, 2009 Review')," S&P said.

"On discovery of this error, we have corrected the rating. As a
result, the rating action on the class X moves the rating to 'AA
(sf)' from 'AA+ (sf)' rather than from 'AAA (sf)'," S&P said.

                     Counterparty Analysis

"On Jan. 18, 2011, we placed our ratings on the class A, B, C, and
X notes on CreditWatch negative in line with our 2010 counterparty
criteria," S&P related.

"Our review indicated that the standby replacement language does
not fully comply with our criteria. As a result, we have lowered
our ratings on the class A and B notes to 'AA+ (sf)' to reflect
our view that the highest rating the liquidity provider can
support is 'AA+'. The downgrades to the class C and X notes for
credit reasons take the ratings on these classes to below this
cap," S&P said.

"Having applied the counterparty criteria, we have removed our
ratings on the class A, B, C, and X notes from CreditWatch
negative," S&P noted.

                           Ratings List

Class               Rating
            To                   From

FORNAX (ECLIPSE 2006-2) PLC
EUR545.134 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A           AA+ (sf)             AAA (sf)/Watch Neg
B           AA+ (sf)             AAA (sf)/Watch Neg
C           AA (sf)              AA+ (sf)/Watch Neg
X(1)        AA (sf)              AA+ (sf)/Watch Neg

Ratings Lowered
D           A (sf)               A+ (sf)
E           BB- (sf)             BB (sf)
F           B (sf)               B+ (sf)

Rating Affirmed
G           B- (sf)

(1)The existing rating on the class X notes is incorrectly stated
on RatingsDirect and other information products as 'AAA (sf)/Watch
Neg' rather than 'AA+ (sf)/Watch Neg'.


HAMLET I: Moody's Confirms 'Ba2' Rating of EUR78MM Class B Notes
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on the
notes issued by Hamlet I Leveraged Loan Fund B.V.

Issuer: Hamlet I Leveraged Loan Fund B.V.

   -- EUR222M Class A Senior Secured Floating Rate Notes due 2020,
      Upgraded to Aaa (sf); previously on Jun 22, 2011 Aa1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR78M (initial amount, with current rated balance of
      EUR68M) Class B Subordinated Notes due 2020, Confirmed at
      Ba2 (sf); previously on Jun 22, 2011 Ba2 (sf) Placed Under
      Review for Possible Upgrade

The Class B notes is exposed to the first losses in the portfolio
and benefits from the excess spread available in the CLO
structure. The rating of the notes addresses the ultimate
repayment of the Rated Balance in respect of Class B notes on or
before the legal maturity (in 2020), where the "Rated Balance" is
equal, at any time, to the principal amount of such notes on the
issue date (EUR 78m) minus the aggregate of all payments made from
the issue date to such date, either through interest or principal
payments. The rating on class B notes is not an opinion about the
ability of the issuer to pay interest.

RATINGS RATIONALE

Hamlet I Leveraged Loan Fund B.V., issued in March 2005, is a
single currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European senior secured loans with
a small amount of bonds (7.11%). The portfolio is managed by
Alcentra Limited. The reinvestment period ended on 15 May 2010 and
all accumulated excess spread is now paying down the Class B notes
until the principal amount outstanding of Class B notes is reduced
to EUR 1000.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011. The actions also reflect
consideration of an increase in the transaction's
overcollateralization ratios due to deleveraging of the notes
since the rating action in February 2011.

The actions reflect key changes to the modelling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modelling framework. Additional changes to the
modelling assumptions include (1) standardizing the modelling of
collateral amortization profile, (2) changing certain credit
estimate stresses aimed at addressing time lags in receiving
information required for credit estimate updates, and (3)
adjustments to the equity cash-flows haircuts applicable to the
equity rated balance tranche.

Moody's notes that the Class A and Class B notes have been paid
down by approximately 19% or EUR 42.5million, 4.2% or EUR
3.3million, respectively, since the rating action in February
2011. As a result of the deleveraging, the overcollateralization
ratios have increased since the rating action. As of the latest
trustee report dated June 6, 2011, the Class A
overcollateralization ratio is reported at 153.15%, versus
February 2011 (with reporting date January 2011) level of 141.12%.
However, Moody's also took into consideration that a significant
portion of the portfolio is made up of Caa1 or below rated assets,
which represent approximately 13.7% of the pool.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 259 million,
a weighted average default probability of 24.92% (consistent with
a WARF of 3375), a weighted average recovery rate upon default of
49.29%, and a diversity score of 29, and no defaulted par
(currently no defaults in the pool).

The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating, Moody's
assumed that 92.89% of the portfolio exposed to senior secured
corporate loans would recover 50% upon default, while the
remainder senior secured corporate bond assets would recover 40%.
In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. These default and recovery properties of the
collateral pool are incorporated in cash flow model analysis where
they are subject to stresses as a function of the target rating of
each CLO liability being reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance. CDO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

   1) Delevering: The main source of uncertainty in this
      transaction is whether deleveraging from unscheduled
      principal proceeds will continue and at what pace.
      Deleveraging may accelerate due to high prepayment levels in
      the loan market and/or collateral sales by the manager,
      which may have significant impact on the notes' ratings.

   2) Weighted Average Spread: Moody's analyzed the impact of
      assuming weighted average spread levels consistent with the
      midpoint between reported and covenanted values. As part of
      the base case, Moody's considered spread and coupon levels
      higher than the covenant levels due to the large difference
      between the reported and covenant levels.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011. The cash flow model used for
this transaction, whose description can be found in the
methodology listed above, is Moody's EMEA Cash-Flow model.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.

Moody's also notes that around 47.27% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.


===============
P O R T U G A L
===============


HIPOTOTTA NO. 5: S&P Affirms Rating on Class F Notes at 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in six of Banco Santander Totta S.A.'s Portuguese
residential mortgage-backed securities (RMBS) transactions:
HipoTotta No. 1 PLC, HipoTotta No. 4 PLC, HipoTotta No. 5 PLC,
HipoTotta No. 7 Ltd., and TAGUS - Sociedade de Titularizacao de
Creditos, S.A.'s HipoTotta No.11 and HipoTotta No.12 transactions.

Specifically, S&P has

    Affirmed and removed from CreditWatch negative its ratings on
    HipoTotta 1's class A, B, and C notes for credit reasons and
    also on the class A and B notes for counterparty reasons.

    Lowered its rating on HipoTotta 4's class A notes for
    counterparty reasons and also removed the rating from
    CreditWatch negative for credit and counterparty reasons.

    Affirmed and removed from CreditWatch negative its ratings on
    HipoTotta 5's class A2, B, C, D, E, and F notes for credit
    reasons and also on the class A and B notes for counterparty
    reasons.

    "Affirmed and removed from CreditWatch negative our ratings on
    HipoTotta 7's class A2, B, C, D, E, and F notes for credit
    reasons and also on the class A2 notes for counterparty\
    reasons," S&P said.

    "Affirmed and removed from CreditWatch negative our ratings on
    HipoTotta 11's class A and B notes for credit reasons and also
    on the class A notes for counterparty reasons," S&P said.

    "Affirmed and removed from CreditWatch negative our rating on
    HipoTotta 12's class A notes for credit reasons," S&P added.

"The rating actions follow an analysis of the most recent loan
data that we have received, the application of our 2010
counterparty criteria, and the rating floor as a result of our
revised assessment of Portuguese country risk. Following our
analysis, we consider the ratings to be appropriate on all classes
of notes except HipoTotta 4's class A notes, which we have
downgraded for counterparty reasons," S&P related.

                            Credit Analysis

"In our review of credit risk we analyzed the most recent loan
data that we have received. In March 2011, we placed on
CreditWatch negative our ratings in these six HipoTotta
transactions as our analysis indicated that some of the
transactions had liens outside of a pool that rank in a higher or
lower priority to those in the pool. Banco Santander Totta, the
originator, has since repurchased the lower ranking liens.
Consequently, there are no longer any liens outside of a pool
that rank in a higher or lower priority to those in the pool," S&P
related.

"We have therefore affirmed and removed from CreditWatch negative
all classes of notes in these transactions for credit reasons,
except HipoTotta 4's class A notes, which we have downgraded for
counterparty reasons and removed from CreditWatch negative for
both credit and counterparty reasons," S&P noted.

                Application of Counterparty Criteria

"On Jan. 18, 2011, we placed our ratings on the senior notes in
these transactions on CreditWatch negative when our 2010
counterparty criteria became effective," S&P related.

"We consider that the swap transaction documents for HipoTotta 1,
4, 5, and 7 reflect replacement language in line with our prior
counterparty criteria. Therefore, as per our updated criteria, the
highest potential rating on the notes in these transactions is one
notch above the issuer credit rating on the swap counterparty,"
S&P said.

The swap counterparty for HipoTotta 1, 4, 5, and 7 is Banco
Santander S.A. (AA/Negative/A-1+). "Therefore, as per our updated
criteria, the highest potential rating on the notes for these
transactions is 'AA+ (sf)'," S&P related.

"For HipoTotta 11 and 12, we consider the swap documents to be in
line with our 2010 counterparty criteria," S&P added.

"For HipoTotta 1, 5, 7, 11, and 12, we consider the transaction
documents relating to the bank account to be in line with our 2010
counterparty criteria. Therefore, as per our updated criteria, the
ratings on these senior notes can be maintained and we have
therefore affirmed and removed from CreditWatch negative our
ratings on these notes," S&P noted.

"In HipoTotta 4, we do not consider the transaction documents
relating to the bank account to be in line with our 2010
counterparty criteria. In addition, the documents do not reflect
replacement language in line with prior counterparty criteria.
Therefore, as per our updated criteria, we have lowered and
removed from CreditWatch negative the rating on the class A notes
to a ratings floor that is equal to the issuer credit rating on
the account bank, Deutsche Bank AG (A+/Stable/A-1)," S&P stated.

                      Portuguese Country Risk

"Our ratings also reflect Portuguese country risk. On March 24,
2011, we lowered the long-term sovereign credit rating on Portugal
to 'BBB' and then on March 29 we lowered the rating further to
'BBB-'. We subsequently revised our assessment of Portuguese
country risk and how it might affect the notes in securitizations
backed by Portuguese assets that we rate," S&P stated.

"We concluded that ratings on securitization notes backed by
Portuguese assets should be no higher than 'AA-'. Consequently, on
April 1, 2011 we lowered to 'AA-' our ratings on all Portuguese
asset-backed securities (ABS) and RMBS notes rated 'AA', 'AA+', or
'AAA', with the exception of notes that are guaranteed by the
European Investment Fund (AAA/Stable/A-1+)," S&P related.

Therefore, the highest potential rating on all of the notes is
'AA-'.

These six Portuguese RMBS transactions securitize loans originated
by Banco Santander Totta. HipoTotta 1, 4, 5, 7, 11, and 12 closed
in July 2003, September 2005, March 2007, March 2008, July 2010,
and February 2011.

Ratings List

Class               Rating
            To                From

HipoTotta No. 1 PLC
EUR1.1 Billion Mortgage-Backed Floating-Rate Notes

Ratings Affirmed And Removed From CreditWatch Negative

A           AA- (sf)          AA- (sf)/Watch Neg
B           AA- (sf)          AA- (sf)/Watch Neg
C           A (sf)            A (sf)/Watch Neg

HipoTotta No. 4 PLC
EUR2.491 Billion Mortgage-Backed Floating-Rate Notes

Rating Lowered and Removed From CreditWatch Negative

A           A+ (sf)           AA- (sf)/Watch Neg

HipoTotta No. 5 PLC
EUR2.01 Billion Mortgage-Backed Floating-Rate Notes

Ratings Affirmed And Removed From CreditWatch Negative

A2          AA- (sf)          AA- (sf)/Watch Neg
B           AA- (sf)          AA- (sf)/Watch Neg
C           A (sf)            A (sf)/Watch Neg
D           BBB(sf)           BBB (sf)/Watch Neg
E           BB (sf)           BB (sf)/Watch Neg
F           CCC- (sf)         CCC- (sf)/Watch Neg

HipoTotta No. 7 PLC
EUR2.02 Billion Mortgage-Backed Floating-Rate Notes

Ratings Affirmed and Removed From CreditWatch Negative

A2          AA- (sf)         AA- (sf)/Watch Neg
B           A (sf)           A (sf)/Watch Neg
C           BBB (sf)         BBB (sf)/Watch Neg
D           BB(sf)           BB (sf)/Watch Neg
E           B (sf)           B (sf)/Watch Neg
F           CCC- (sf)        CCC- (sf)/Watch Neg

TAGUS - Sociedade de Titularizacao de Creditos, S.A.
EUR2.04 Billion Mortgage-Backed Floating-Rate Notes (HipoTotta No.
11)

Rating Affirmed and Removed From CreditWatch Negative

A           AA- (sf)          AA- (sf)/Watch Neg
B           BBB+(sf)          BBB+(sf)/Watch Neg

TAGUS - Sociedade de Titularizacao de Creditos, S.A.
EUR1.34 Billion Mortgage-Backed Floating-Rate Notes (HipoTotta No.
12)

Rating Affirmed and Removed From CreditWatch Negative

A           AA- (sf)          AA- (sf)/Watch Neg


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


AK OJSC: S&P Assesses Stand-alone Credit Profile at 'b+'
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term
corporate credit rating and 'ruAAA' Russia national scale rating
on Russian refined oil product pipeline operator OJSC AK
Transnefteproduct. "We subsequently withdrew the ratings at
the company's request. At the time of the withdrawal, the outlook
was stable," S&P related.

"The ratings reflected our view of the increasing integration of
Transnefteproduct's finances and operations into those of its 100%
parent OAO AK Transneft (BBB/Stable/--) and that all of the
group's debt is currently at the parent company level. Our
assessment of Transnefteproduct's stand-alone credit profile at
'b+' reflected our view that the company faced key risks, such as
competition with alternative transportation routes, high and
increasing maintenance capital expenditures, and potential swings
in capacity utilization. The key supports to our assessment at
that time were robust profitability and healthy credit metrics,"
S&P related.


TENEX-SERVICE: S&P Gives 'BB+/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+/B' long- and
short-term counterparty credit ratings and 'ruAA+' Russia national
scale rating to Russia-based leasing company TENEX-Service. The
outlook is stable.

The ratings reflect the risky operating environment in Russia,
TENEX-Service's limited business franchise, owing to a very high
concentration of business with its parent and group companies, as
well as low profitability and capitalization. "These negative
factors are somewhat mitigated by our view of the company as a
strategically important subsidiary of state-owned Atomic Energy
Power Corporation (AtomEnergoProm; BBB-/Stable/A-3) and our
expectation of a high likelihood of extraordinary support from
AtomEnergoProm, if required. In addition, the ratings take into
account TENEX-Service's protected market position, good asset
quality derived almost entirely from the AtomEnergoProm group, and
predictable and adequate liquidity," S&P said.

TENEX-Service is a fully owned subsidiary of AtomEnergoProm and
the only leasing company in Russia that has a legal right to
possess nuclear equipment (according to the President's Act No.
556). Its assets totaled RUB6.8 billion (about US$226 million) as
of Dec. 31, 2010, and 53% of its portfolio is dedicated to this
protected equipment segment. The company mainly provides leasing
services to subsidiaries of AtomEnergoProm, which together
represent the bulk of Russia's nuclear sector.

Standard & Poor's classifies TENEX-Service as a "strategically
important" subsidiary of AtomEnergoProm, given its very close
strategic and operational integration with its parent, as well as
the parent's commitment to the company. "We also view TENEX-
Service as a government-related entity, but with a 'limited' link
to and role for the government. We think that external support
for TENEX-Service is likely to come from the parent, rather than
the government. Nevertheless, because the parent AtomEnergoProm is
a state-owned entity, we think that the government would likely
support TENEX-Service through AtomEnergoProm. We assess TENEX-
Service's stand-alone credit profile (SACP) at 'b+', which is one
notch below that of AtomEnergoProm, and add three notches of
support for its strategically important status," S&P said.

"TENEX-Service's leasing portfolio is performing well and shows no
overdue lease payments, but lease agreements with various group
companies pose very high concentration risks, in our view. These
risks are mitigated by TENEX-Service's good knowledge of the
lessees and its ability to influence their payment decisions
through the parent AtomEnergoProm," S&P related.

"In our view, liquidity risks are limited because TENEX-Service
typically matches all of its liabilities with assets," S&P said.

"TENEX-Service's capitalization is low, in our view, although we
note that in June 2011, AtomEnergoProm injected RUB900 million
(about US$30 million) of additional capital into TENEX-Service. We
understand that the parent is committed to TENEX-Service
maintaining an equity-to-assets ratio of no less than 5% over the
medium term," S&P said.

"The outlook is stable because we expect TENEX-Service to remain
strategically important to its parent AtomEnergoProm, without
significant negative changes to its business focus or the quality
of its lease portfolio," S&P noted.

"We might lower the ratings if we saw that the company's ties to
its parent or to the government were weakening or if the credit
risk in the portfolio were to rise significantly through
diversification outside the nuclear sector, without the necessary
risk management controls and processes in place. A negative rating
action could also follow if the structure of TENEX-Service's
liabilities were to show a higher reliance on wholesale market
funding that does not match the asset base," S&P related.

"We might consider a positive rating action if AtomEnergoProm's
creditworthiness were to improve, leading to an improvement of
TENEX-Service's SACP. This is owing to the high reliance of TENEX-
Service's asset quality and funding on the parent and its group of
subsidiary companies. A positive rating action could also follow
if TENEX-Service were able to diversify its leasing portfolio to
include high-quality Russian companies, which should lead to
higher profitability and consequently enhance internally generated
capitalization," S&P added.


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


BANCO FINANCIERO: Fitch Downgrades Long-term IDR to 'BB'
--------------------------------------------------------
Fitch Ratings has assigned Bankia S.A.U. (Bankia) a Long-term
Issuer Default Rating (IDR) of 'A-'. At the same time the agency
has downgraded Banco Financiero de Ahorros S.A.'s (BFA) Long-term
IDR to 'BB' from 'A-'.

Bankia's rating is driven by potential support from the Spanish
state ('AA+'/Negative). BFA has become a holding company and the
downgrade of its IDR is a direct result of the change in Fitch's
view of future government support likely to be available to BFA.

Both Bankia's and BFA's Long-term IDRs are at their Support Rating
Floors. Fitch believes that there is an extremely high probability
that the Spanish authorities would support Bankia given its
systemic importance. There is only a moderate chance that the
Spanish authorities would support BFA to prevent contagion and
reputational risk from spreading to Bankia. Bankia has a
nationwide presence in Spain and controls a 12% deposit market
share.

Bankia and BFA's Individual Ratings are 'D'. Bankia's Individual
Rating takes into account its high risk concentration to Spain's
troubled property sector, weak asset quality and the correlation
of Bankia's activities with Spain's weak economy, which will
continue to affect profitability. It also considers that Bankia is
highly reliant on the wholesale funding markets, faces sizeable
refinancing needs in the medium term and access to the capital
markets remains extremely difficult for Spanish banks.

BFA's Individual Rating reflects exposure to land (either
foreclosed or in the form of non- performing and substandard
loans) and Fitch's uncertainties regarding the income and cash
flow generation at BFA level, given that it is reliant on
dividends being upstreamed from Bankia.

The agency has also withdrawn the ratings of BFA Group and of
several cajas forming part of the BFA Group following the
completion of the transferral of the cajas' assets and liabilities
to BFA at end-May 2011. All Fitch-rated debt issues have been
transferred either to Bankia or BFA.

BFA currently controls 100% of Bankia, but plans to reduce this to
around 50%. Bankia is attempting to increase its capital via an
IPO in order to comply with stricter regulatory core capital
standards imposed by the Spanish regulator. Between 49.97% and
47.59% of its shares will be listed. Despite the listing, BFA will
maintain majority control of Bankia. Bankia's and BFA's regulatory
core capital ratios were 7.8% and 7.3%, respectively, at end-Q111.
If successful, the IPO will reinforce both BFA's and Bankia's
regulatory core capital levels to nearly 10%.

Fitch's base case is that the IPO will successfully attract the
minimum required amount of private sector investors. BFA's Support
Rating is based on this assumption. Should this not be the case,
and the Spanish state, via the FROB, be forced to recapitalise the
group, Fitch understands that the capital injection would be made
at the BFA level. In this event, BFA's Support Rating may be
reviewed. This may also have implications for BFA's Support Rating
Floor, IDRs and debt ratings.

BFA will continue to be supervised by the Bank of Spain on a
consolidated basis and regulatory capital levels are only required
at the group level. On a consolidated basis, BFA will be Spain's
third-largest financial institution, with about EUR328bn of
assets.

The rating actions are:

BFA Group:

   -- Long-term IDR affirmed at 'A-', Stable Outlook, rating
      withdrawn

   -- Short-term IDR affirmed at 'F2', rating withdrawn

   -- Individual Rating affirmed at 'D', rating withdrawn

   -- Support Rating affirmed at '1', rating withdrawn

   -- Support Rating Floor affirmed at 'A-', rating withdrawn

BFA:

   -- Long-term IDR downgraded to 'BB' from 'A-' removed from RWN,
      Outlook Stable

   -- Short-term IDR downgraded to 'B ' from 'F2', removed from
      RWN

   -- Individual Rating assigned at 'D'

   -- Support Rating downgraded to '3' from '1', removed from RWN

   -- Support Rating Floor revised to 'BB' from 'A-' removed
      from RWN

Bankia S.A.U.:

   -- Long-term IDR assigned at 'A-', Stable Outlook

   -- Short-term IDR assigned at 'F2',

   -- Individual Rating assigned at 'D'

   -- Support Rating assigned at '1'

   -- Support Rating Floor assigned at 'A-'

Caja Madrid:

   -- Long-term IDR affirmed at 'A-', Stable Outlook, rating
      withdrawn

   -- Short-term IDR affirmed at 'F2', rating withdrawn

   -- Short-term debt and commercial paper affirmed at 'F2',
      rating withdrawn

   -- Senior unsecured debt affirmed at 'A-', transferred to
      Bankia

   -- Market linked securities affirmed at 'A-emr', transferred to
      Bankia

   -- Subordinated debt downgraded to 'BB-' from 'BBB+' removed
      from RWN; transferred to BFA

   -- Preference shares of 'B-' removed from RWN and affirmed;
      transferred to BFA

   -- Government-guaranteed debt affirmed at 'AA+', transferred to
      Bankia or BFA

Bancaja:

   -- Long-term IDR affirmed at 'A-', Stable Outlook, rating
      withdrawn

   -- Short-term IDR affirmed at 'F2', rating withdrawn

   -- Senior unsecured debt of 'A-' affirmed, transferred to
      Bankia

   -- Subordinated debt downgraded to 'BB-' from 'BBB+' removed
      from RWN; transferred to BFA

   -- Upper Tier 2 of 'B' removed from RWN and affirmed;
      transferred to BFA

   -- Preference shares of 'B-' removed from RWN and affirmed;
      transferred to BFA

   -- Government-guaranteed debt affirmed at 'AA+', transferred to
      Bankia or BFA

Caixa Laietana:

   -- Long-term IDR affirmed at 'A-', Stable Outlook, rating
      withdrawn

   -- Short-term IDR affirmed at 'F2', rating withdrawn

   -- Preference shares of 'B-' removed from RWN and affirmed,
      transferred to BFA

   -- Government-guaranteed debt affirmed at 'AA+', transferred to
      Bankia or BFA

Caja de Ahorros y Monte de Piedad de Avila and Caja de Ahorros y
Monte de Piedad de Segovia:

   -- Government-guaranteed debt affirmed at 'AA+', transferred to
      Bankia or BFA


CM BANCAJA: S&P Lowers Rating on Class C Notes to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on CM Bancaja 1, Fondo de
Titulizacion de Activos's class B and C notes. "We also affirmed
and removed from CreditWatch negative our ratings on the class A
and D notes," S&P related.

"These downgrades reflect our assessment of issues related to
borrower concentration risk," S&P said.

As of the last investor report, the transaction is backed by 62
loans granted to Spanish corporate entities. The largest loan
accounts for 12.07% of the current balance, and the top 10 loans
represent 47.07% of the pool. This compares with 4.89% and 32.27%
at closing. Three quarters of the pool is concentrated in the 30
largest loans.

The current outstanding balance of the pool backing the deal is
19% of the original balance, equal to EUR103 million. The cash
reserve has been used for a small amount and is today 99.5% of its
required level, providing 12.62% of credit support to the whole
capital structure. In our view, the transaction reports very good
performance, with only two loans currently in arrears for more
than 90 days, equal to a delinquency rate of 0.75%. Only four
loans have defaulted since closing, and the transaction recovered
almost half of the defaulted amount. Cumulative defaults net of
recoveries are 0.64% of the original balance.

"Although CM Bancaja 1 shows a relatively better performance than
the average performance of Spanish small and midsize enterprise
(SME) transactions, in our opinion, the current credit support
provided to the class B and C notes is no longer commensurate with
the current rating levels, due to the borrower concentration. We
have therefore lowered and removed from CreditWatch negative
our ratings on the class B and C notes. The lowest-rated tranche
(class D) already has a rating in line with the actual estimated
risk. As a result, we have affirmed our rating on class D," S&P
said.

On June 2, 2011, Banco Santander (AA/Negative/A-1+) replaced Banco
Popular (A-/Negative/A-2) as bank account provider and swap
counterparty. "Our revised counterparty analysis confirmed that
the support provided by Banco Santander is sufficient to maintain
the new ratings, in line with our 2010 counterparty criteria. As a
result, we have affirmed our rating on class A," S&P related.

CM Bancaja 1 is backed by a pool of 62 loans granted to Spanish
corporate entities and originated by Caja de Ahorro de Valencia,
Castellon y Alicante.

Ratings List

Class               Rating
            To                 From

CM Bancaja 1, Fondo de Titulizacion de Activos
EUR556.2 Million Floating-Rate Notes

Ratings Lowered and Removed From Creditwatch Negative

B           BB (sf)            BBB- (sf)/Watch Neg
C           B+ (sf)            BB- (sf)/Watch Neg

Ratings Affirmed And Removed From Creditwatch Negative

A           AA+ (sf)           AA+ (sf)/Watch Neg
D           B- (sf)            B- (sf)/Watch Neg


IM PASTOR: S&P Puts 'B' Rating on Class D Notes on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in two Spanish residential mortgage-backed securities
(RMBS) transactions: IM PASTOR 3, Fondo de Titulizacion
Hipotecaria and IM PASTOR 4, Fondo de Titulizacion de Activos.

Specifically, S&P has:

-- Lowered its rating on IM PASTOR 4's class A notes for
    counterparty reasons;

-- Affirmed its rating on IM PASTOR 3's class A notes for
    counterparty reasons;

-- Kept the ratings on both classes of A notes on CreditWatch
    negative; they are no longer on CreditWatch negative for
    counterparty reasons but are now on for credit reasons; and

-- Placed on CreditWatch negative its ratings on the class B, C,
    and D notes in both transactions for credit reasons.

"The rating actions reflect the application of our 2010
counterparty criteria for structured finance transactions (see
'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010) and recent credit
developments that we have observed following our credit
analysis of both transactions," S&P related.

                Application of Counterparty Criteria

"On Jan. 18, 2011, we placed on CreditWatch negative our rating on
IM PASTOR 4's class A notes when our 2010 counterparty criteria
became effective," S&P related.

"Then, in March 2011, we placed on CreditWatch negative our rating
on IM PASTOR 3's class A notes following the downgrade of
Confederacion Espanola de Cajas de Ahorros -- the swap
counterparty in the transaction," S&P related.

"We have lowered our rating on IM PASTOR 4's class A notes because
the transaction documents do not fully reflect our 2010
counterparty criteria, but reflect our prior counterparty
criteria. Therefore, as per our updated criteria, we have lowered
the rating to the issuer credit rating (ICR) on the lowest-rated
supporting counterparty," S&P stated.

"We have affirmed our rating on IM PASTOR 3's class A notes
because the transaction documents reflect our 2008 counterparty
criteria," S&P added.

                           Performance Analysis

"We have also conducted a performance analysis of IM PASTOR 3 and
4, where we have observed rising cumulative default rates during
the last year. In addition, the reserve funds are completely
depleted because available excess spread has not fully covered
defaults," S&P related.

Both transactions require full provisioning for defaulted loans
(defined as loans in arrears for more than 12 months) and
available excess spread has not fully covered these defaults,
depleting the reserve funds. Consequently, the balance of the
performing assets is lower than the outstanding balance of the
mortgage-backed notes. This difference could be reduced by
recoveries from the defaulted assets or by nonperforming assets
becoming current again.

"Taking all of the factors into account, we have therefore placed
on CreditWatch negative our ratings on IM PASTOR 3 and 4's class
B, C, and D notes due to deteriorating collateral performance,"
S&P said.

"We have kept on CreditWatch negative our ratings on the class A
notes in both transactions for credit reasons. The notes are
therefore no longer on CreditWatch negative for counterparty
reasons," S&P noted.

IM PASTOR 3 and IM PASTOR 4 were issued in June 2005 and June
2006. Both transactions securitize portfolios of Spanish RMBS
originated by Banco Pastor. The portfolios comprise mortgages
granted to individuals to purchase residential properties.

Ratings List

Class                 Rating
          To                        From

IM PASTOR 3, Fondo de Titulizacion Hipotecaria
EUR1,000 Million Mortgage-Backed Floating-Rate Notes

Rating Affirmed and Remaining on CreditWatch Negative

A         AA (sf)/Watch Neg         AA (sf)/Watch Neg

Ratings Placed on CreditWatch Negative

B         BBB-(sf)/Watch Neg        BBB- (sf)
C         BB(sf)/Watch Neg          BB (sf)
D         BB-(sf)/Watch Neg         BB-(sf)

IM PASTOR 4, Fondo de Titulizacion de Activos
EUR920 Million Mortgage-Backed Floating-Rate Notes

Rating Lowered and Remaining on CreditWatch Negative

A         A-(sf)/Watch Neg          AA (sf)/Watch Neg

Ratings Placed on CreditWatch Negative

B         BBB (sf)/Watch Neg        BBB (sf)
C         BB- (sf)/Watch Neg        BB- (sf)
D         B (sf)/Watch Neg          B (sf)


SANTANDER EMPRESAS: S&P Affirms Rating on Class F Notes at 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on three Santander transactions: Santander Empresas 1
Fondo de Titulizacion de Activos; Fondo de Titulizacion de Activos
Santander Empresas 2; and Fondo de Titulizacion de Activos FTPYME
Santander 2.

Specifically:

    "In Santander Empresas 1, we have affirmed and removed from
    CreditWatch negative our rating on the class A2 notes and
    affirmed our ratings on the class B and C notes. We have also
    lowered our rating on the class D notes," S&P related.

    "In Santander Empresas 2, we have affirmed and removed from
    CreditWatch negative our rating on the class A2 notes and
    affirmed our ratings on the class B, C, D, E, and F notes,"
    S&P noted.

    "In FTPYME Santander 2, we have affirmed and removed from
    CreditWatch negative our ratings on the class A and B(G)
    notes, and affirmed our ratings on the class C, D, and E
    notes," S&P related.

"In our analysis, we applied our 2010 counterparty criteria, which
became effective on Jan. 18, 2011. Following our review of the
counterparty ratings and the terms of the counterparty agreements
for these three transactions, we have affirmed certain ratings, in
line with our criteria. We have also taken into account
developments regarding the credit quality of the assets backing
these transactions and the structural features for each
transaction. These include the significant seasoning of the
underlying portfolios, the trends in delinquency rates and the
cumulative default rates, the lack of recovery data reported by
the trustee, and the obligor and sector concentration affecting
each transaction," S&P stated.

                        Santander Empresas 1

In Santander Empresas 1, which closed in October 2005, loans are
now mainly secured by mortgages: 74% of the pool is now secured
loans, versus 30% at closing.

The portfolio shows some obligor concentration, with the top
obligor accounting for 4.18% of the current portfolio and the top
10 and top 20 obligors being 19% and 25% of the outstanding
portfolio. The underlying portfolio is highly seasoned and has a
low pool factor of 16%, compared with the portfolio balance at
closing. S&P's analysis took into account, among other things:

    Class A2 is now the most senior outstanding class since the
    amortization of class A1 in 2008.

    As of the most recent payment date in May 2011, the reported
    ratios of delinquencies of more than 90 days and of defaults
    over the outstanding balance of the assets were increasing,
    and are above the level of defaults and delinquencies
    experienced by the transaction in 2010. The reserve fund was
    at 100% of its required level.

    The level of defaults, including the properties repossessed by
    the fund, is 1.32% of the outstanding portfolio balance.

    "Although the current credit enhancement levels in this
    transaction have increased since closing and the level of
    delinquencies and defaults are within our surveillance
    assumptions, the level of recoveries in the transaction is
    below our initial expectations," S&P related.

    The credit enhancement levels for all the outstanding classes
    have increased since closing, due to the amortization features
    of the transaction.  "However, given the high level of obligor
    concentration that will likely  increase as the portfolio
    amortizes, we have lowered to 'B (sf)' from 'BBB (sf)' our
    rating on the class D notes, in light of the current credit
    enhancement available to this class and the current levels of
    obligor concentration," S&P related.

    "Applying our 2010 counterparty criteria and taking into
    account the amendments made to the transaction documents to
    reflect those criteria, we consider that as a result of these
    amendments the class A2 notes should remain at their current
    rating. We have therefore affirmed and removed from
    CreditWatch negative the 'AAA (sf)' rating on this class of
    notes," S&P said.

    "Taking into account the above points, we have also affirmed
    our ratings on the class B and C notes," S&P said.

                       Santander Empresas 2

In Santander Empresas 2, which closed in December 2006, the pool
composition is a mix of secured and unsecured loans. Loans secured
by mortgages represent 48% of the current portfolio, and the
average loan-to-value (LTV) ratio associated with the secured part
of the portfolio is 65%. At closing, secured loans were 19% of the
portfolio.

As in Santander Empresas 1, the underlying portfolio of Santander
Empresas 2 shows some obligor concentration, with the top obligor
accounting for 6.11% of the current portfolio and the top 10 and
top 20 obligors being 26.71% and 35.00% of the outstanding
portfolio. The underlying portfolio is highly seasoned and has a
low pool factor of 17%, compared with the portfolio balance at
closing. S&P's analysis took into account, among other things:

    Class A2 is now the most senior outstanding class since the
    amortization of class A1 in 2008.

    As of the most recent payment date in May 2011, the reported
    ratios of delinquencies of more than 90 days and of defaults
    over the outstanding balance of the assets were stabilizing,
    after having increased sharply in 2010. The reserve fund was
    at 80% of its required level.

    The level of cumulative defaults, including the properties
    repossessed by the fund, is 4.78% of the outstanding portfolio
    balance.

    "Although the current credit enhancement levels in this
    transaction have increased since closing and the levels of
    delinquencies and defaults are within our surveillance
    assumptions, the level of recoveries in the transaction is\
    below our initial expectations," S&P said.

"The credit enhancement levels for all the outstanding classes
have increased since closing, due to the amortization features of
the transaction, and in our view they currently mitigate the
obligor concentration in Santander Empresas 2. As the pool
continues to amortize, these obligor concentration levels will
likely increase -- but in our view the ratings on the notes are
currently commensurate with this increase in concentration risk.
We have therefore affirmed our ratings on the class B, C, D, and E
notes. In December 2006, we lowered our rating to 'D (sf)' on the
class F notes, following an interest payment failure by the fund
in respect of the interest due on the class F notes. We have
affirmed the 'D (sf)' rating on the class F notes. We rated this
class 'CCC- (sf)' at closing, and it was used to fund the reserve
feature to provide credit enhancement to the structure and
to cure defaults in the deal," S&P stated.

"Applying our 2010 counterparty criteria and taking into account
the amendments made to the transaction documents to reflect those
criteria, we consider that as a result of these amendments the
class A2 notes should remain at their current rating, and we have
therefore affirmed and removed from CreditWatch negative the 'AAA
(sf)' rating on this class of notes," S&P added.

                          Ftpyme Santander 2

In FTPYME Santander 2, which closed in October 2004, the pool
factor is 24.9% as of the April 2011 payment date. The pool
comprises 98% of assets secured by mortgages with an average LTV
ratio lower than 40% (versus 53% at closing). Loans are
distributed among all the Spanish regions, and the main industry
represented in the portfolio is the real estate and construction
sector. "In our view, there are no concerns in terms of obligor
concentration for FTPYME Santander 2," S&P said. S&P's analysis
took into account, among other things:

    Classes A and B(G) have partially amortized and today
    represent 43% and 13% of the outstanding balance of the notes.
    "Applying our 2010 counterparty criteria and taking into
    account the amendments made to the transaction documents to
    reflect those criteria, we consider that as a result of these
    amendments the class A and B(G) notes should remain at their
    current  ratings. We have therefore affirmed and removed from
    CreditWatch negative the 'AAA (sf)' ratings on these notes,"
    S&P related.

    "The class B(G) notes benefit from a guarantee by the Kingdom
    of Spain, but we do not give credit to the guarantee in our
    analysis, as it does not meet our criteria," S&P said.

    As of the most recent payment date in April 2011, the combined
    level of 90+ day delinquencies and contentious loans in the
    portfolio was reported as 0.89% of the outstanding portfolio.
    The level of cumulative defaults (defined in this transaction
    as assets being delinquent for more than 12 months) is 0.79%
    of the closing portfolio. "In the defaults calculation, we
    also take into account repossessions of properties by the
    fund, with the current level  of repossessions being 0.85% of
    the current portfolio. In addition, the reserve fund was at
    100% of its required level," S&P said.

    "We have affirmed our ratings on the class C, D, and E notes.
    Although the current credit enhancement levels for these
    classes have increased since closing and the level of
    delinquencies and defaults are within our surveillance
    assumptions, the level of recoveries in the transaction is
    below our initial expectations. We also note that
    concentration issues often arise  in Spanish small and midsize
    enterprise (SME) transactions as the portfolios amortize. For
    these reasons, we did not upgrade the ratings on these notes
    at this stage," S&P related.

The portfolios, which Santander originated, comprise secured and
unsecured loans granted to SMEs in their normal course of
business, mainly concentrated in the regions of Madrid, Andalucia,
and Catalonia.

For FTPYME Santander 2, the loans were originated from 2002 to
2004, with a weighted-average seasoning of 13 months when the
transaction closed in October 2004.

For Santander Empresas 1, the loans were originated between 1993
and 2005, with a weighted-average seasoning of 19.5 months when
the transaction closed in October 2005.

Santander Empresas 2 closed the most recently. The underlying
collateral comprises loans originated between 1994 and 2006, and
the weighted-average seasoning was 18 months in December 2006,
when the transaction closed.

Ratings List

Class              Rating
           To                   From

Santander Empresas 1, Fondo de Titulizacion de Activos
EUR3.1 Billion Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

A2         AAA (sf)            AAA (sf)/Watch Neg

Ratings Affirmed

B          AA (sf)
C          A- (sf)

Rating Lowered

D          B (sf)               BBB (sf)

Santander Empresas 2, Fondo de Titulizacion de Activos
EUR2.954 Billion Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

A2         AAA (sf)             AAA (sf)/Watch Neg

Ratings Affirmed

B          AA (sf)
C          A (sf)
D          BBB (sf)
E          BB- (sf)
F          D (sf)

Fondo de Titulizacion de Activos, FTPYME Santander 2
EUR1.8 Billion Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

A          AAA (sf)             AAA (sf)/Watch Neg
B(G)       AAA (sf)             AAA (sf)/Watch Neg

Ratings Affirmed

C          AA (sf)
D          A (sf)
E          BBB- (sf)


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


ALL EUROPEAN: Goes Into Liquidation; Owes More Than GBP500,000
--------------------------------------------------------------
Meetpie.com reports that inbound UK tour operator All European
Travel Ltd (AET) has gone into liquidation owing more than
GBP500,000.

Meetpie.com says just GBP34,000 was recovered from the company's
assets and nothing was paid to unsecured creditors, owed a total
of GBP530,000.

The last accounts filed at Companies House show two years of
losses, with a loss before tax of GBP49,000 in 2006 and GBP65,000
in 2007, Meetpie.com discloses.

The liquidation was carried out by Pearl Assurance after creditors
applied for the company to by wound up in 2009.  The final
creditors meeting took place on June 13, the report notes.

North London-based All European Travel Ltd offered a corporate
venue and hotel booking service, incentive tours and event
management for conferences and events.


AMBAC FINANCIAL: Suit Against JPMorgan Reinstated on Appeal
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a US$1 billion lawsuit against JPMorgan Chase
Investment Management Inc. was reinstated July 14 by a New York
State appellate court in Manhattan.

The plaintiff, Ambac Assurance UK Ltd., alleged in its complaint
that JPMorgan, serving as investment adviser, continued investing
in subprime mortgages when the bank's senior management had said
publicly that it was "mostly exiting the business of securitizing
subprime mortgages."  Ambac insured bonds backed by mortgages
selected by JPMorgan.  The agreement called for the bank to pick
investments "to obtain reasonable income while providing a high
level of safety and quality."  Ambac alleged that the
$1.65 billion of investments selected by JPMorgan lost $1 billion
in value in "just 30 months."

The appellate court said it was an error for the trial court to
dismiss the suit last year.  Dismissal was based on Ambac's
admission that New York-based JPMorgan didn't invest in any class
of assets beyond what was permitted under the investment advisory
agreement.  The five judges on the Appellate Division, First
Department, said that JPMorgan "continued to invest in securities
which it knew were entirely incompatible with plaintiff's
investment objective and stated goal."  Consequently, the
complaint sufficiently alleged that the bank's conduct amounted to
"gross negligence or willful misconduct."

The case is Ambac Assurance UK Ltd. v. JPMorgan Chase Investment
Management Inc., 2011-05942, New York State Supreme Court,
Appellate Division First Department (Manhattan).

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.  Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed US$30.05 billion in total assets,
US$31.47 billion in total liabilities, and a US$1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of (US$394.5 million) and total liabilities of
US$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.

Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP, serve as the Debtor's
bankruptcy counsel.  The Blackstone Group LP is the Debtor's
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and notice agent.  KPMG LLP is tax consultant to the Debtor.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors.  Lazard Freres
& Co. LLC is the Committee's financial advisor.


CONSUMER UNSECURED: S&P Lowers Rating on Class E Notes to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Consumer Unsecured Reperforming Loans (CURL) PLC's class D and E
notes.

The transaction was the first securitization of reperforming
assets in the U.K. (i.e., the borrowers have either approached
Lloyds TSB Bank to request refinancing, or the borrowers had
already been in arrears and have agreed to a refinancing scheme).
Before being refinanced, the loans backing this transaction were
overdrafts, credit card receivables, and personal unsecured
loans.

The total issue amount at closing was GBP147 million, whereas the
underlying portfolio amount totaled GBP225.4 million. The total
balance of the rated notes currently outstanding is GBP45,728,850,
and is backed by collateral of GBP70,935,465--representing
overcollateralization of 36%.

"The upgrades reflect our view of the improved performance of the
underlying collateral and deleveraging of the transaction," S&P
said.

Total delinquencies have reduced to 10.6% as of June 2011, from a
peak of 19.52% in September 2009.

"Cumulative gross losses have reached 26.43%. As a result, we have
revised our base case assumption to 21.55% for the remaining life
of the transaction," S&P related.

"Given the asset type -- unsecured reperforming loans -- we
acknowledge that the credit quality of the borrowers in the pool
is low as a result the transaction remains sensitive to increases
in unemployment rates and the potential of rising interest rates.
We also considered this in our analysis," S&P said.

Ratings List

Class              Rating
            To                From

Consumer Unsecured Reperforming Loans (CURL) PLC
GBP147.36 Million, Asset-Backed Floating Rate Notes

Ratings Raised

D           BB+ (sf)          B+ (sf)
E           B (sf)            B- (sf)


DIVERSITY FUNDING: S&P Affirms BB- Ratings on Two Classes of Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Diversity Funding No. 1
Ltd.'s notes, following S&P's receipt of information on the
transfer of legal title in the security interests that back this
transaction.

Diversity Funding No. 1 is a true sale transaction secured by a
portfolio of small commercial real estate loans originated by
Northern Rock, which in turn are secured on commercial properties
located throughout the U.K.

"After we undertook a full transaction review in March, we lowered
the ratings on all classes to reflect our view that the
creditworthiness of the portfolio had deteriorated. At the same
time, we also kept the ratings on CreditWatch negative pending the
resolution of the security matter," S&P related.

At closing, the mortgages trustee (Diversity Mortgages Trustee No.
1 Ltd.) held the beneficial interest in the portfolio's security,
and the legal title in the security remained with the seller
(Lehman Commercial Mortgage Conduit Ltd.). The seller granted the
mortgages trustee power of attorney to enable it to transfer legal
title in the security to itself (from the seller) if the seller
became insolvent. A reserve fund was put in place to cover, among
other things, senior expenses such as fees associated with the
transfers.

Following the insolvency of Lehman entities in 2008, the
transaction parties implemented arrangements to effect the
transfers. The transfers were carried out by a number of different
entities and the process has recently been transferred to the
servicer (Crown Mortgage Management Ltd.), which envisages the
task being completed in 2011. "We understand that the task that
lies ahead is an administrative one, and accordingly we have
removed from CreditWatch negative our ratings on these notes," S&P
said.

Ratings List

Class               Rating
            To                From

Diversity Funding No. 1 Ltd.
GBP1.145 Billion Variable Reference Rate Notes

Ratings Affirmed and Removed From Creditwatch Negative

A           AA- (sf)          AA- (sf)/Watch Neg
B           BBB+ (sf)         BBB+ (sf)/Watch Neg
C           BB (sf)           BB (sf)/Watch Neg
D           B (sf)            B (sf)/Watch Neg
E           B- (sf)           B- (sf)/Watch Neg
F           B- (sf)           B- (sf)/Watch Neg


FOCUS (DIY): Takeover Bid Failure Leaves Workers in Limbo
---------------------------------------------------------
Harry Hogger at DorsetECHO reports that the future of fifteen
staff at Dorchester's Focus DIY store remains uncertain after it
missed out on a takeover by another national chain.

As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that they
are looking for a buyer for the company's stores, which continue
to trade as normal, according to H&V News.

The Dorchester branch is due to cease trading on July 17.

However, it was one of 31 Focus stores subject to a bid from
Kingfisher plc -- the parent company of B&Q, according to
DorsetECHO.

The report says that following an investigation by the Office for
Fair Trading, Kingfisher is proceeding with the acquisition of 30
of the stores but has pulled out of the purchase of the Dorchester
branch, a move which would have safeguarded the future of its 15
staff members, according to DorsetECHO.

The OFT said Kingfisher withdrew from the Dorchester store after
evidence in its preliminary review suggested there could be a
rival national DIY purchaser interested in the outlet, the report
notes.

DorsetECHO says that the Dorchester store will now be released
back to administrators Ernst and Young so it can be marketed to
other interested parties.

Project Director for the Dorchester BID (Business Improvement
District) Phil Gordon said he hoped the suggestion that another
buyer was in the frame was proved to be correct, DorsetECHO adds.

Focus (DIY) was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England.  The company now has 178
stores in England, Scotland, and Wales, and employs more than
3,900 staff.


HOUSE OF FRASER: Moody's Rates GBP250MM Senior Notes at 'B3'
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating and
Loss Given Default assessment of LGD4 to the GBP250 million 8.875%
senior secured notes due 2018 issued at House of Fraser (Funding)
PLC, a wholly-owned subsidiary of Highland Group Holdings Ltd.,
which has a B2 corporate family rating and probability of default
rating, and which guarantees the notes on a senior secured basis
together with subsidiaries accounting for the majority of group
assets and EBITDA.

RATINGS RATIONALE

Moody's definitive rating assignments on these debt obligations
are in line with the provisional ratings assigned on 19 May 2011.
Moody's rating rationale was set out in a press release issued on
that date. The final terms of the notes are in line with the
drafts reviewed for the provisional ratings assignments.

The notes proceeds have been used mainly to refinance the
company's previously-existing GBP215 million drawn senior and
mezzanine debt, as well as to increase the cash balance for
general corporate purposes. The transaction was completed on 31
May 2011.

The company's liquidity post refinancing is expected to remain
solid, based on the pro forma cash balance of c.GBP78 million as
of FYE2011 and reflecting the notes issuance, and availability
under the RCF. The notes contain covenants for debt incurrence,
while the RCF contains maintenance covenants for leverage and a
fixed charge coverage ratio. Moody's stable outlook assumes that
strong headroom will be maintained under these covenants at all
times.

House of Fraser's ratings are supported by the group's excellent
name recognition in its markets and unique business model under
which a significant portion of its sales are generated through
concession contracts with over 350 suppliers of premium brand
names. Moody's believes that this model mitigates the volatility
in earnings from one year to the next. The company has reported
continued earnings growth in recent years, which has contributed
to deleveraging in those years. At the same time, the ratings
factor in the company's relatively small scale - with turnover
(excluding revenues retained by concession partners) of GBP669.2
million in FY2011 (to January), and with 61 stores in the UK and
Ireland. Moody's further believes that the premium segment in
general is highly exposed to discretionary spending, which has
been reflected in House of Fraser's own comparable sales in recent
years. Finally, the ratings are constrained by the company's high
adjusted leverage, which reflects in particular Moody's adjustment
for long-term leases, as its store portfolio is entirely leased.

The CFR is assigned at Highland Group Holdings Ltd., which is the
reporting entity and the ultimate parent holding company of the
group. The notes are issued at House of Fraser (Funding) plc, a
finance subsidiary of Highland Acquisitions Limited, which is also
the owner of the operating subsidiaries, while the RCF will be
borrowed at the level of the operating subsidiaries. The RCF and
notes are secured on substantially all assets of the issuer and
the guarantors, which must at all times represent at least 85% of
group assets and EBITDA. Under the terms of an intercreditor
agreement, in case of an enforcement of the collateral, this
security will be applied first to the full repayment of the RCF
and then to the notes. On the basis of the structural
subordination to the RCF and to other non-debt liabilities within
the capital structure, the notes are rated B3 (LGD4), one notch
below the CFR.

The stable outlook reflects Moody's view that in spite of the
group's exposure to discretionary spending in a difficult trading
environment, its earnings have proven resilient in recent years
and have benefited from its concession model, which Moody's
believes will continue to shelter it somewhat from volatility in
market demand. For the current rating and stable outlook, Moody's
would expect the EBITA/interest cover to be maintained over time
at least at 1.2x, with continued free cash flow generation and a
strong liquidity profile. In this regard, Moody's believes that
the company will have limited flexibility in the B2 category. A
deviation from operating performance expectations, resulting in a
lower interest cover metric, negative free cash flow or a weakened
liquidity profile could lead to downward pressure on the rating.
Conversely upward pressure on the rating could result from a
strengthening in interest cover to a level approaching 1.75x,
coupled with operating performance exceeding expectations on a
sustainable basis.

The principal methodology used in rating House Of Fraser (Funding)
plc was the Global Retail Industry Methodology, published in June
2011. Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

House of Fraser is a UK-based department store chain focusing on
premium range products and catering to the more affluent client
base. In FY2011 (to January) it reported gross transaction value
(ie including revenues from concession sales) and net turnover
(excluding revenues retained by concession partners) of GBP1.1
billion and GBP669 million, respectively, and adjusted EBITDA of
GBP69.7 million.


LARONGROVE LTD: OAP Savers Left Penniless After Firm Went Bust
--------------------------------------------------------------
Greig Box-Turnbull at Daily Mirror reports that vulnerable
pensioners have seen GBP55,000 of their savings vanish after their
care home went bust.

The money was paid into a business account by bosses instead of a
separate savings account, according Daily Mirror.

Daily Mirror notes when the company went into administration in
2009 the cash was lost and savers left penniless.

Now relatives are fighting to get the cash back from Larongrove
Ltd, which ran Abbey Grange care home in Sheffield, the report
discloses.

But fraud officers said there is no law stating savings must be
kept in separate accounts, Daily Mirror adds.


LE SPA: Could Become Care Home After Appeal Victory
---------------------------------------------------
Gloucestershire Echo reports that new life could be breathed back
into the site of a health club in the Cotswolds forced to close
over money problems.

Cirencester's Le Spa shut its doors last week after it went into
administration, according to Gloucestershire Echo.

However, Gloucestershire Echo notes, Director Linda Lloyd, who
argued the club was financially struggling due to falling
membership, has now won her appeal to convert it into a 60-bed
care home at Stratton Place.

Ms. Lloyd had challenged Cotswold District Council's refusal to
grant planning permission, Gloucestershire Echo notes.

However, the report says, in a split decision, appeal planning
inspector Neil Pope, has rejected the second half of the scheme
for 23 new houses which would help pay for the old people's
facility.

The proposed homes sparked huge opposition from residents who said
the development would ruin the grounds, Gloucestershire Echo adds.


LLOYDS BANKING: Virgin, Co-operative Leading Bidders for Branches
-----------------------------------------------------------------
Patrick Jenkins and Paul Davies at The Financial Times report that
Virgin Money and Co-operative Bank are shaping up for a head-to-
head tussle to buy the portfolio of 632 branches being sold by
Lloyds Banking Group.

According to the FT, along with NBNK, the bidding shell headed by
outgoing Lloyd's of London chairman Lord Levene, Virgin and the
Co-op were the only bidders who submitted concrete offers for the
branches within the deadline -- all believed to be towards the
lower end of a GBP2 billion-GBP3 billion range.

A further three approaches came in from other parties, but were
vaguer, the FT notes.

These comprised NAB, the Australian bank that owns Yorkshire and
Clydesdale in the UK, an unidentified private equity firm, and
Clive Cowdery, the insurance entrepreneur, the FT discloses.

Lloyds, the FT says, is expected to whittle down the bids by the
end of July.  It remains to be seen whether the bank can finalize
a sale before the middle of September, when Sir John Vickers, head
of the government-appointed Independent Commission on Banking is
set to publish his full report on the structure of the UK market,
the FT notes.

An interim report from the Vickers Commission in April recommended
that Lloyds should be made to substantially "enhance" the scope of
the branch sale, ordered by European Union state aid authorities
as a penalty for the bank's bail-out by the UK government, the FT
discloses.

The shape of bidding could diminish the value that Lloyds extracts
from the sale, the FT states.

                 About Lloyds Banking Group PLC

Lloyds Banking Group plc -- http://www.lloydsbankinggroup.com/--
is a financial services group providing a range of banking and
financial services, primarily in the United Kingdom, to personal
and corporate customers.  The Company operates in four segments:
Retail, Wholesale, Wealth and International, and Insurance. Its
main business activities are retail, commercial and corporate
banking, general insurance, and life, pensions and investment
provision.  It also operates an international banking business
with a global footprint in over 30 countries.  Services are
offered through a number of brand, including Lloyds TSB, Halifax,
Bank of Scotland, Scottish Widows, Clerical Medical and Cheltenham
& Gloucester, and a range of distribution channels.  In March
2010, Capita Group Plc acquired Ramesys (Holdings) Ltd from Lloyds
Banking Group plc's Lloyds Bank.  In April 2011, Lloyds Banking
Group plc's LDC bought gas and chemicals business, A-Gas, and a
stake in UK2 Group, a Web hosting company.


ROYAL BANK: Risky Loan Wind-Down Losses Less Than Estimated
-----------------------------------------------------------
Patrick Jenkins at The Financial Times reports that losses
incurred in the wind-down of Royal Bank of Scotland's most risky
loans covered by the government-run Asset Protection Scheme,
should peak at GBP45 billion -- 20% less than estimated a year ago
-- the administrators of the APS have concluded.

According to the FT, the number, down from the GBP57 billion
forecast in 2010, is comfortably below the GBP60 billion first-
loss threshold above which the insurance cover would pay out.
Even in a "stressed scenario" -- involving severe macro-economic
trouble in Ireland and Spain, to which RBS has substantial
exposure -- the expected losses would still come under GBP60
billion, the FT notes.

The bank's diminishing reliance on the APS should help pave the
way for the process of reprivatizing RBS to begin, the FT says.
The bank remains 83%-owned by the government after a GBP45 billion
bail-out, the FT states.

With the APS now highly unlikely to pay out, despite a minimum
insurance premium to be paid by the second half of next year
totaling GBP2.5 billion, some analysts have questioned its worth,
the FT says.

Talks have taken place over a period of several months over how
the APS might be wound down early, or replaced with a commercial
bad bank, the FT relates.

But according to Treasury officials briefed on the APA report,
some quantifiable financial benefit has come from the scheme, too,
despite the expected lack of any pay-out, the FT notes.

According to the FT, an estimated GBP400 million of cash benefits
have resulted from the APA's involvement in managing the sale of
about GBP2 billion of loan portfolios,

The pool of APS assets has fallen to GBP182 billion, as at the end
of March, compared with an initial GBP286 billion, the FT
discloses.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.


SOUTHERN CROSS: Faces Liquidation; NHP Seek New Owner for Homes
---------------------------------------------------------------
Simon Mundy at The Financial Times reports that Southern Cross is
set to be wound up after announcing Monday last week that all 80
of its landlords wanted to transfer their homes to other
operators.

The company had spent months trying to stay afloat, after
revealing in March that it was set to breach its banking
covenants, the FT relates.  Its revenues had been hit by cuts to
local authority care fees, while it was locked into annual rent
increases of 2.5%, the FT notes.

According to the FT, the company conceded defeat when NHP, owner
of a third of its homes, said it wanted to find new management for
them.  It had been hoping that NHP would be the "anchor" landlord
for a revamped Southern Cross, operating about 400 homes, the FT
states.

Southern Cross, the FT says, will cease to operate care homes by
the end of this year.  The FT relates that people close to the
situation said it will almost certainly cease to exist as a public
company although it is possible that some of its back office
services will be used by other operators.

The future of the homes is not yet clear, the FT notes.  Eighty-
five homes owned by Four Seasons and Bondcare, two rival
operators, will be taken over by those companies, the FT
discloses.

According to the FT, industry figures said tat NHP is likely to
establish an operating division or help to set up a separate
operating company to run its homes.  The company and its landlords
have guaranteed that no homes would close between now and October,
although some may shut after that, the FT states.

Southern Cross Healthcare provides residential and nursing care to
more than 31,000 residents cared for by 45,000 staff in 750
locations.  It also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.


WHITE TOWER: S&P Lowers Rating on Class D Notes to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on White Tower Europe 2007-1 PLC, following loan
prepayments.

Specifically, S&P has:

   -- Raised its rating on the class A notes;

   -- Lowered its ratings on the class C and D notes; and

   -- Affirmed its ratings on the class B and E notes.

"On Dec. 22, 2009, we lowered our ratings on the class A, B, C, D,
and E notes due to market value declines of properties securing
the then-remaining loans backing this transaction, and due to
increased risk in principal losses due to the Heron City loan.
Since then, the borrower has fully repaid the Castor
& Pollux loan, the Sebastopol loan, and the Crown loan (in
aggregate, about 55% of the pre-amortization note principal
balance). Also, on June 30, 2011, we received notice that the
Heron City loan was going to be specially serviced by Societe
Generale (the originator of this transaction). We do not expect
any losses for the remaining two loans (DB Hannover and DB
Nuremberg)," S&P stated.

"The rating actions follow our analysis of the implications of
these events and a review of the three loans that will remain in
this transaction following the repayments: The DB Hannover loan
(12.6% of principal balance), the DB Nuremberg loan (14.4% of
principal balance), and the Heron City loan (72.8% of principal
balance). Furthermore, in addition to our credit analysis, we
analyzed the ratings in this transaction taking into account our
revised criteria for counterparty and supporting obligations (see
'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010)," S&P said.

                           Credit Analysis

"In view of our assessment of the recoverable proceeds of the
remaining loans and of improved credit characteristics of the
notes at the top of the capital structure following loan
repayments, we have raised our rating on the class A notes and
affirmed our rating on the class B notes," S&P said.

The allocation to the notes of the Crown, Sebastopol, and Castor &
Pollux loan repayments, in aggregate, increased the credit
enhancement to the class A to D notes. However, the remaining pool
is now highly concentrated with three loans. The DB Nuremberg and
DB Hannover loans are both secured by properties entirely or
principally let to entities that are part of Deutsche Bahn AG
(AA/Stable/A-1+). They have experienced stable reported annual
rental income since closing. "We do not expect either loan to
experience a payment default during the loan term. The weighted-
average lease length (about six years) and tenant quality of the
assets backing the DB Nuremberg loan and the DB Hannover loan
further mitigate the risk of principal losses arising from these
loans by note maturity, in our view," S&P said.

In contrast, the Heron City loan, accounting for almost three
quarters of the total portfolio balance, is currently in special
servicing for breach of its loan-to-value ratio covenant
(currently reported at 128%). It matures in December 2011 and is
secured by a leisure and retail property close to Barcelona.
"Although rent arrears have reduced to about 2% of income from
almost 20% since December 2009, we believe that pressures on the
leisure sector in Spain may increase the risk of a term default in
the loan. We also believe that this loan will not fully repay at
maturity in December 2011. Although there is a potential four-year
work-out period before the legal final maturity of the notes, we
believe that the property's performance and its value could
deteriorate further given indications that Spanish leisure
operating businesses are weakening due to the general
macroeconomic environment in Spain. As a result, our loss
estimates for this specially serviced loan have risen," S&P said.

"We have affirmed our rating on the class E notes, and lowered our
ratings on the class C and D notes, to reflect our view that these
are increasingly likely to suffer from principal losses from the
Heron City loan," S&P noted.

                       Counterparty Analysis

"Our review of the counterparty documents (account bank, liquidity
facility, and swap documents) indicates that, apart from the
account bank agreement, they do not fully comply with our 2010
criteria for counterparty and supporting obligations. The maximum
rating achievable in the transaction is constrained by the lowest
long-term rating on a counterparty in this transaction, namely the
liquidity provider Lloyds TSB Bank PLC ('A+')," S&P said.

At closing, White Tower Europe 2007-1 acquired six loans secured
by 15 commercial properties in Germany, France, and Spain. Since
closing, three of these loans have repaid in full and the
outstanding note balance is EUR147.2 million as of the April 2011
interest payment date.

Ratings List

Class            Rating
          To               From

White Tower Europe 2007-1 PLC
EUR349.55 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes

Rating Raised

A         A+ (sf)          A (sf)

Ratings Lowered

C         B (sf)           BB (sf)
D         B- (sf)          B (sf)

Ratings Affirmed

B         BBB (sf)
E         B- (sf)


YELL GROUP: Unveils Major Online Expansion Plan
-----------------------------------------------
Tommy Stubbington at The Wall Street Journal reports that shares
in Yell Group PLC tumbled Thursday after the company announced a
major online expansion, as investors learned they will have to
wait until 2015 for a return to revenue and profit growth.

According to the Journal, the U.K.-based directories group said it
plans to expand beyond classified advertising to provide marketing
and e-commerce services, as part of a new strategy to become a
predominantly online business.

Still, investors were unimpressed by the strategy, sending Yell's
shares down 18% at 9.02 pence in London on Thursday, the Journal
relates.

Yell, as cited by the Journal, said it will likely return to
growth in revenue, earnings and cash flow by 2015.

The heavily indebted company, which narrowly dodged insolvency in
2009, last week announced a series of tie-ups to overhaul its
digital strategy as it aims to reduce its reliance on the
declining market for print directories, the Journal recounts.

                        About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the twelve
months ended March 31, 2008, was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on May 25,
2011, Moody's Investors Service downgraded Yell Group Plc's
corporate family rating (CFR) to Caa1 from B3 and its probability-
of-default rating (PDR) to Caa2 from Caa1.  Moody's said the
outlook on the ratings is negative.


* UK: Corporate Failures Could Rise in Some Sectors, PwC Warns
--------------------------------------------------------------
Robin Wigglesworth at The Financial Times reports that the number
of UK company insolvencies fell in the second quarter of the year
but PwC, the accounting firm, warned that corporate failures could
rise in some sectors as consumer spending remains weak and public
spending cuts begin to bite.

In total, 3,531 UK companies became insolvent in the second
quarter, a 16 per cent decline from the 4,216 failures in the
first three months of the year, the FT says, citing an analysis by
PwC.

According to the FT, PwC noted that low interest rates, leniency
from the tax collecting authorities, and lenders anxious to avoid
realizing losses have helped many struggling companies to stay
solvent.

Yet the number of corporate insolvencies edged up 2% from the same
period last year, and Mike Jervis, a partner in PwC's business
recovery services practice, cautioned that the UK economy -- and
companies -- are "by no means out of the woods yet", the FT notes.

"There is a high risk of increased insolvencies in the retail,
hospitality and leisure sectors over the next 12 months," the FT
quotes Mr. Jervis as saying.

According to the FT, PWC noted that the quarterly rent check due
on June 24 may have tripped up several companies in the retail
sector.  There were 41 retailers with assets of more than GBP1
million entering insolvency in the quarter, more than three times
the amount in the first three months of 2011 and nearly seven
times more than in the same quarter last year, the FT discloses.

The rate of defaults in the manufacturing sector dipped markedly
both quarter-on-quarter and against the same period last year, but
construction and related niches such as home improvement companies
continue to struggle, the FT states.


* UK: Number of Scottish Insolvencies Up 17% in Quarter Ended June
------------------------------------------------------------------
Herald Scotland reports that the number of firms going bust in
Scotland surged by 17% between April and the end of June, compared
with the first quarter of the year, the latest research shows --
with smaller companies really suffering.

Herald Scotland, citing figures released by accounting firm KPMG,
discloses that there were 329 Scottish corporate insolvencies
during the second quarter of 2011, compared with 282 in the
earlier three-month period of the year.

The statistics also show that the number of administrations and
receivership appointments, which usually affect larger businesses,
fell by 19% between April and June, compared with the previous
quarter, according to Herald Scotland.


* SCOTLAND: High Streets Trading Difficulties Unlikely to Improve
-----------------------------------------------------------------
The Herald reports that Scotland's high streets are battling a
"perfect storm" of trading difficulties, with experts warning
conditions are not likely to improve for at least another year.

A string of big brands has either folded or taken steps to shrink
operations in recent weeks to meet the challenging economic
climate, according to The Herald.

The Herald notes that former high-street stalwarts such as
furniture retailer Habitat, discount store TJ Hughes and fashion
chain Jane Norman have collapsed into administration, while others
including Thorntons, HMV and Mothercare have announced plans to
close down significant numbers of stores.

Last week all of the iconic delicatessen shops of Scottish brand
Peckham's were put up for sale, the report relates.


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


* EUROPE: Eight Banks Fail European Union Stress Tests
------------------------------------------------------
Ben Moshinsky and Gavin Finch at Bloomberg News report that eight
banks failed the European Union stress tests after regulators on
Friday said they had a combined capital shortfall of EUR2.5
billion (US$3.5 billion), less than predicted by analysts and
investors.

According to Bloomberg, Greece's EFG Eurobank Ergasias SA and
Agricultural Bank of Greece SA, Austria's Oesterreichische
Volksbanken AG and Spain's Banco Pastor SA, Caja de Ahorros del
Mediterraneo, Banco Grupo Caja3, CatalunyaCaixa and Unnim failed.
Bloomberg relates that the European Banking Authority said as many
as 16 more lenders will need to bolster capital after scraping
through.  All banks examined in Italy, Germany, France, the U.K.
and Ireland passed, Bloomberg discloses.

The EBA's attempt to bolster confidence in the industry has been
criticized by analysts for excluding a Greek default, Bloomberg
notes.

EBA, as cited by Bloomberg, said the failures were found to have
insufficient reserves to maintain a core Tier 1 capital ratio of
5% in the event of an economic slowdown.

A further 16 banks, including seven in Spain, barely passed with a
core Tier capital 1 ratio of between 5% and 6%, Bloomberg states.
Those lenders included Banco Comercial Portugues SA, Espirito
Santo Financial Group SA, Germany's HSH Nordbank AG and
Norddeutsche Landesbank, Bloomberg discloses.


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

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

AUSTRIA
-------
CHRIST WATER TEC          CWT PZ   -5754285.054  165995618.1
CHRIST WATER TEC          CWT EU   -5754285.054  165995618.1
CHRIST WATER TEC          CWT EO   -5754285.054  165995618.1
CHRIST WATER TEC          CWT AV   -5754285.054  165995618.1
CHRIST WATER TEC        CRSWF US   -5754285.054  165995618.1
CHRIST WATER TEC     8131204Q GR   -5754285.054  165995618.1
CHRIST WATER TEC         CWTE IX   -5754285.054  165995618.1
CHRIST WATER-ADR        CRSWY US   -5754285.054  165995618.1
KA FINANZ AG            3730Z AV   -359597349.9  30679270533

BELGIUM
-------
ANTWERP GATEWAY       496769Z BB   -32782691.86  277992457.9
BALTA SARL           3679528Z BB   -213655263.9  956320938.3
BNP PARIBAS PERS     3746820Z BB   -772235.6749   1849392464
CARGILL OIL PACK     3726474Z BB   -7488366.268    169328054
COMPAGIMMOBDU BR     3727538Z BB   -5867835.156  164809982.4
EON BELGIUM NV       3730258Z BB   -8101077.851  251156828.9
ESKO-GRAPHICS NV     4787937Z BB   -6715619.333    185307390
EXPLORER NV          4289181Z BB   -11594573.86  281605390.1
FINANCIETOREN NV     3729210Z BB   -51909129.52  888377024.7
IRUS ZWEIBRUCKEN     3738979Z BB   -17020632.96  106188034.9
KIA MOTORS BELGI     3729658Z BB   -84207043.53  162372182.7
KOREAN MOTOR CO      4161341Z BB   -6368236.209  149093852.6
LE FOYER BRUXELL     3729226Z BB   -2010007.275  146190935.1
PETROPLUS REFINI     3431339Z BB   -4108700.351  123751460.5
SAPPI EUROPE SA      3732894Z BB   -134605597.7    160456915
SCARLET BELGIUM      4171157Z BB   -28951978.94  137456538.4
SCARLETT BUSINES     3724850Z BB   -71847152.77    130053838
SOCIETE NATIONAL     3726762Z BB   -39045394.16  506987115.6
ST GOBAIN SEKURI     3737571Z BB   -5584181.048  111065610.4
TI GROUP AUTOMOT     3903298Z BB   -42078648.86  140322030.3
UNIVERSAL MUSIC      3738307Z BB   -12191533.66  143700285.8

CYPRUS
------
LIBRA HOLIDA-RTS          LBR CY   -39648682.41  209021322.6
LIBRA HOLIDA-RTS         LGWR CY   -39648682.41  209021322.6
LIBRA HOLIDAY-RT     3167808Z CY   -39648682.41  209021322.6
LIBRA HOLIDAYS           LHGR CY   -39648682.41  209021322.6
LIBRA HOLIDAYS         LHGCYP EO   -39648682.41  209021322.6
LIBRA HOLIDAYS         LHGCYP EU   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG CY   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG PZ   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG EU   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG EO   -39648682.41  209021322.6
LIBRA HOLIDAYS-P         LBHG PZ   -39648682.41  209021322.6
LIBRA HOLIDAYS-P         LBHG CY   -39648682.41  209021322.6

CZECH REPUBLIC
--------------
CKD PRAHA HLDG            CDP EX   -89435858.16    192305153
CKD PRAHA HLDG           CKDH CP   -89435858.16    192305153
CKD PRAHA HLDG        297687Q GR   -89435858.16    192305153
CKD PRAHA HLDG           CKDH US   -89435858.16    192305153
CKD PRAHA HLDG          CKDPF US   -89435858.16    192305153
CSA AS                  1000Z CP   -127978073.4    432492914

DENMARK
-------
AB-B NEW                 ABBN DC   -101428498.9  298588010.2
AKADEMISK BOLDK           ABB DC   -101428498.9  298588010.2
BRIGHTPOINT EURO     4506883Z DC   -18616347.98  189113937.7
CARLSBERG IT A/S     4503891Z DC   -47250912.74  105417004.1
GREEN WIND ENERG         G7W1 GR   -11320362.72  176234029.6
GREEN WIND ENERG        GWEUR EU   -11320362.72  176234029.6
GREEN WIND ENERG           GW EU   -11320362.72  176234029.6
GREEN WIND ENERG        GWEUR EO   -11320362.72  176234029.6
GREEN WIND ENERG           GW BY   -11320362.72  176234029.6
GREEN WIND ENERG           GW EO   -11320362.72  176234029.6
GREEN WIND ENERG           GW DC   -11320362.72  176234029.6
GREEN WIND ENERG           GW PZ   -11320362.72  176234029.6
GREEN WIND ENERG          G7W GR   -11320362.72  176234029.6
HOLDINGSELSKABET         BOHC IX   -11320362.72  176234029.6
HOLDINGSELSKABET        BODIL DC   -11320362.72  176234029.6
ISS GLOBAL A/S        241863Z DC   -9544026.554   7765217403
LAURITZEN TANKER     3979732Z DC   -4428758.299  209128194.8
NATURGAS FYN DIS     3984844Z DC   -2862743.662    194651527
NESTLE DANMARK A     3896690Z DC   -31272771.75    160779148
OBTEC                     OBT DC   -17033505.31  153701216.6
OBTEC                   OBTEC DC   -17033505.31  153701216.6
OBTEC-NEW SHARES       OBTECN DC   -17033505.31  153701216.6
OBTEC-OLD                OBTN DC   -17033505.31  153701216.6
ORESUNDSBRO KONS        1015Z SS   -583944155.3   3614975702
OSTERFALLEDPARKE     3985676Z DC   -26063679.19  302533679.4
OW SUPPLY & TRAD     3986892Z DC     -4299263.6  165798948.6
REITAN SERVICEHA     3984284Z DC   -1371178.576    127192706
ROSKILDE BANK            ROSK EU   -532868840.9   7876687324
ROSKILDE BANK            ROSK EO   -532868840.9   7876687324
ROSKILDE BANK            ROSK DC   -532868840.9   7876687324
ROSKILDE BANK           ROSKF US   -532868840.9   7876687324
ROSKILDE BANK           ROSBF US   -532868840.9   7876687324
ROSKILDE BANK             RKI GR   -532868840.9   7876687324
ROSKILDE BANK            RSKC IX   -532868840.9   7876687324
ROSKILDE BANK            ROSK PZ   -532868840.9   7876687324
ROSKILDE BANK-RT      916603Q DC   -532868840.9   7876687324
ROSKILDE BAN-NEW        ROSKN DC   -532868840.9   7876687324
ROSKILDE BAN-RTS        ROSKT DC   -532868840.9   7876687324
SCANDINAVIAN BRA         SBS1 EU   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBS1 BY   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBSD PZ   -17033505.31  153701216.6
SCANDINAVIAN BRA      SBS1EUR EU   -17033505.31  153701216.6
SCANDINAVIAN BRA      SBS1EUR EO   -17033505.31  153701216.6
SCANDINAVIAN BRA          SBS DC   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBSC IX   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBS1 EO   -17033505.31  153701216.6
SCHAUMANN PROP          SCHAU EO   -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EU   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP EU   -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EO   -101428498.9  298588010.2
SCHAUMANN PROP          SCHAU BY   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP DC   -101428498.9  298588010.2
SCHAUMANN PROP          SCHAU EU   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP PZ   -101428498.9  298588010.2
THOMAS COOK AIRL     3898802Z DC   -7865159.883  245287857.5

FRANCE
------
3 SUISSES FRANCE     4724713Z FP   -151969329.6    262408720
ACERINOX FRANCE      4748633Z FP   -4970414.587  106673210.6
AIR COMMAND SYST     4470055Z FP   -6291815.312  178932425.9
AIRCELLE               61830Q FP   -482411082.6   1055907987
AKERYS SERVICES      4685937Z FP   -8561729.525  141611798.1
ALCATEL-LUCENT E     3642975Z FP   -46648079.19  510672247.2
ALCATEL-LUCENT F     3647063Z FP   -566942548.5   4810123614
AL-KHATTIYA LEAS     4783713Z FP    -8522159.06  132815959.7
ALUMINIUM PECHIN     3650903Z FP   -555865265.6   1121216347
ARIANESPACE           211530Z FP   -51743991.45   3354710780
ARVINMERITOR CVS     4783681Z FP   -37407842.42  114987020.9
ATARI                    IFOE PZ   -10078799.92    116178599
ATARI EUROPE SAS     4503835Z FP   -98950211.55  135876466.5
ATARI SA                ATANV FP   -10078799.92    116178599
ATARI SA                  ATA EB   -10078799.92    116178599
ATARI SA                  ATA TQ   -10078799.92    116178599
ATARI SA                 IFGA TH   -10078799.92    116178599
ATARI SA                  ATA QM   -10078799.92    116178599
ATARI SA                  ATA EO   -10078799.92    116178599
ATARI SA                  ATA EU   -10078799.92    116178599
ATARI SA                  ATA FP   -10078799.92    116178599
ATARI SA                  ATA S1   -10078799.92    116178599
ATARI SA                  ATA PZ   -10078799.92    116178599
ATARI SA                 IFGA GR   -10078799.92    116178599
ATARI SA                  ATA BQ   -10078799.92    116178599
ATARI-NEW            3715502Q FP   -10078799.92    116178599
AUTOMOBILES CITR     3648863Z FP   -298695778.9   1879542934
BELVEDERE - RTS       554451Q FP   -242409144.5  831869150.8
BELVEDERE - RTS       702036Q FP   -242409144.5  831869150.8
BELVEDERE SA              BED GR   -242409144.5  831869150.8
BELVEDERE SA            BVDRF US   -242409144.5  831869150.8
BELVEDERE SA              BVD EU   -242409144.5  831869150.8
BELVEDERE SA             BELV NM   -242409144.5  831869150.8
BELVEDERE SA             BELV FP   -242409144.5  831869150.8
BELVEDERE SA              BVD PZ   -242409144.5  831869150.8
BELVEDERE SA              BVD S1   -242409144.5  831869150.8
BELVEDERE SA             BEVD IX   -242409144.5  831869150.8
BELVEDERE SA              BVD FP   -242409144.5  831869150.8
BELVEDERE SA              BED TH   -242409144.5  831869150.8
BELVEDERE SA              BVD EO   -242409144.5  831869150.8
BELVEDERE SA-NEW        BVDNV FP   -242409144.5  831869150.8
BELVEDERE SA-NEW      946529Q FP   -242409144.5  831869150.8
BELVEDERE SA-NEW     8198283Q FP   -242409144.5  831869150.8
BELVEDERE SA-RTS        BVDDS FP   -242409144.5  831869150.8
BLUESTAR SILICON     4684089Z FP   -44931214.32  388699826.4
CADES                 211430Z FP      -1.32E+11   9983888303
CARREFOUR HYPERM     3897338Z FP     -419813693   4772178623
CARREFOUR IMPORT     4519455Z FP   -41015523.06  355888577.4
CARRERE GROUP            CARF PZ   -9829531.944    279906700
CARRERE GROUP             CAR FP   -9829531.944    279906700
CARRERE GROUP            CAR2 EO   -9829531.944    279906700
CARRERE GROUP             XRR GR   -9829531.944    279906700
CARRERE GROUP           CRRHF US   -9829531.944    279906700
CARRERE GROUP            CARG FP   -9829531.944    279906700
CARRERE GROUP            CRGP IX   -9829531.944    279906700
CARRERE GROUP            CAR2 EU   -9829531.944    279906700
CDISCOUNT            4690913Z FP   -92485.81144  331210839.3
CELINE SA            3636031Z FP   -6546413.145    108306445
CMA CGM AGENCES      4746849Z FP   -7380117.985  187789703.7
CO PETROCHIMIQUE     4682369Z FP   -79561628.19  444321642.5
COMPAGNIE IMMOBI         CIMB S1   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB EU   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB EO   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB FP   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB PZ   -18851260.64  237751743.8
CONSTRUCTIONS ME     4513671Z FP   -52488041.58  342215596.8
CSF                  3635887Z FP   -66127486.72   3311857250
EADS SECA            4706441Z FP   -38679556.91  142045208.8
EDENRED                 EDNMF US    -1395452285   5596512266
EDENRED                  EDEN S1    -1395452285   5596512266
EDENRED                  EDEN IX    -1395452285   5596512266
EDENRED                  EDEN EO    -1395452285   5596512266
EDENRED                  EDEN QM    -1395452285   5596512266
EDENRED                   QSV TH    -1395452285   5596512266
EDENRED                  EDEN TQ    -1395452285   5596512266
EDENRED                  EDEN EU    -1395452285   5596512266
EDENRED                  EDEN BQ    -1395452285   5596512266
EDENRED               EDENUSD EU    -1395452285   5596512266
EDENRED               EDENUSD EO    -1395452285   5596512266
EDENRED                   QSV GR    -1395452285   5596512266
EDENRED                  EDEN PZ    -1395452285   5596512266
EDENRED                  EDEN EB    -1395452285   5596512266
EDENRED                  EDEN FP    -1395452285   5596512266
EDF EN FRANCE        4686529Z FP   -4085423.459  508820792.6
EMPAIN GRAHAM DV         EMGD FP   -18851260.64  237751743.8
FAURECIA SIEGES      4516727Z FP     -107383922  418368440.6
FRANFINANCE LOCA     4689993Z FP   -69780982.12   1638852912
GCE CAR LEASE        4702065Z FP   -15076730.52  127403745.1
GROUPE PROGRES S     4734137Z FP   -165060841.9  123458910.5
HP ENTREPRISE SE     4698081Z FP   -97546439.37  116383810.4
HUREL-DUBOIS             HDUN FP   -482411082.6   1055907987
I BASE                757542Z FP   -11937366.64  400192956.6
INFOGRAMES - REG          IFG EU   -10078799.92    116178599
INFOGRAMES - REG          IFG FP   -10078799.92    116178599
INFOGRAMES - REG          IFG TQ   -10078799.92    116178599
INFOGRAMES - REG          IFG EO   -10078799.92    116178599
INFOGRAMES - REG         IFOE IX   -10078799.92    116178599
INFOGRAMES E-NEW         IFGN FP   -10078799.92    116178599
INFOGRAMES ENT          IFGNR FP   -10078799.92    116178599
INFOGRAMES ENT       2986980Q EU   -10078799.92    116178599
INFOGRAMES ENT            IFG GR   -10078799.92    116178599
INFOGRAMES ENT       2986984Q EO   -10078799.92    116178599
INFOGRAMES ENT          IFGEF US   -10078799.92    116178599
INFOGRAMES ENT            IFG PZ   -10078799.92    116178599
INFOGRAMES ENT           IFOY IX   -10078799.92    116178599
INFOGRAMES ENTMT        IFGRF US   -10078799.92    116178599
INFOGRAMES ENTMT          IFG VX   -10078799.92    116178599
INFOGRAMES- RTS         IFGDS FP   -10078799.92    116178599
INFOGRAMES-NEW          IFGNV FP   -10078799.92    116178599
INFOGRAMES-RTS       3133246Q FP   -10078799.92    116178599
ING LEASE FRANCE     4699881Z FP   -37113844.73  449284947.7
ISOCHEM SA           3540732Z FP   -9354435.203  103629611.4
ITM REGION PARIS     4681817Z FP   -55189016.54  164350503.2
JACQUOT ET CO        4721473Z FP   -25605144.44  101591294.6
JTEKT AUTOMOTIVE     4504595Z FP   -3346144.849  163732017.6
JTEKT AUTOMOTIVE     4505819Z FP   -14610384.74    211911630
JUNGHEINRICH FIN     4635025Z FP   -25640222.02  213268780.2
KEOLIS LYON          4745585Z FP   -38514248.01  123798829.1
LABORDE GESTION      4518583Z FP   -29334260.26  113954857.8
LENOVO FRANCE SA     4710049Z FP   -1944677.438  137134536.2
MECACORP             3248019Z FP   -11233087.25    215393216
MILLIMAGES           8131905Q FP   -1006050.249  113454378.9
MILLIMAGES                MG6 GR   -1006050.249  113454378.9
MILLIMAGES                MIL FP   -1006050.249  113454378.9
MILLIMAGES                MIL S1   -1006050.249  113454378.9
MILLIMAGES               MIL1 PZ   -1006050.249  113454378.9
MILLIMAGES               MILI FP   -1006050.249  113454378.9
MILLIMAGES               MIL1 EU   -1006050.249  113454378.9
MILLIMAGES              MLIGF US   -1006050.249  113454378.9
MILLIMAGES               MLMG IX   -1006050.249  113454378.9
MILLIMAGES               MIL1 EO   -1006050.249  113454378.9
MILLIMAGES               MILF PZ   -1006050.249  113454378.9
MILLIMAGES - RTS        MILDS FP   -1006050.249  113454378.9
MILLIMAGES-RTS        760037Q FP   -1006050.249  113454378.9
MVCI HOLIDAYS FR     4524959Z FP   -112193151.3  233381369.4
NESTLE WATERS SU     3634887Z FP     -100198554  212766860.3
NESTLE WATERS SU     3634879Z FP   -166540192.4  357871830.8
NEXANS COPPER FR     4744809Z FP   -17792261.14  230912236.6
NORDEX FRANCE SA     4521679Z FP   -6460150.538  206115454.1
NOVELIS FOIL FRA     4678593Z FP   -7951381.035  121719315.4
NOVEXEL SA            504169Z FP   -362303.7226  107272250.4
NRJ 12               4681713Z FP   -26021206.57  110030743.5
OROSDI                   OROS FP   -35006822.54  151870593.9
OROSDI                   OROS S1   -35006822.54  151870593.9
OROSDI                   OROS EU   -35006822.54  151870593.9
OROSDI                   OROS PZ   -35006822.54  151870593.9
OROSDI                   OROS EO   -35006822.54  151870593.9
OROSDI-BACK              BACK IX   -35006822.54  151870593.9
OROSDI-BACK              ORBA FP   -35006822.54  151870593.9
PAGESJAUNES GRP           PAJ TQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ LI    -2879375517   1159140984
PAGESJAUNES GRP           QS3 TH    -2879375517   1159140984
PAGESJAUNES GRP           PAJ IX    -2879375517   1159140984
PAGESJAUNES GRP           PAJ NQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ VX    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EO    -2879375517   1159140984
PAGESJAUNES GRP        PAJUSD EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ S1    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBX EO    -2879375517   1159140984
PAGESJAUNES GRP           PAJ PZ    -2879375517   1159140984
PAGESJAUNES GRP          PAJP IX    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBX EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ BQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EB    -2879375517   1159140984
PAGESJAUNES GRP           PAJ FP    -2879375517   1159140984
PAGESJAUNES GRP           PAJ QM    -2879375517   1159140984
PAGESJAUNES GRP           PAJ GK    -2879375517   1159140984
PAGESJAUNES GRP           QS3 GR    -2879375517   1159140984
PAGESJAUNES GRP        PAJUSD EO    -2879375517   1159140984
PAGESJAUNES GRP         PGJUF US    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBP EO    -2879375517   1159140984
PEUGEOT CITROEN      3637183Z FP   -268215289.1  319403481.8
PITNEY BOWES         4634633Z FP   -11785422.82  184422748.8
REGICOM SAS          4507595Z FP   -6588558.571  118746498.2
REGIONAL COMPAGN     3635823Z FP   -11262048.65  587139828.4
RESEAU FERRE FRA      224063Z FP    -1967529685  70147358617
RHODIA SA              RHAGBP EO   -381974407.2   6805245174
RHODIA SA                 RHA QM   -381974407.2   6805245174
RHODIA SA                 RHA TQ   -381974407.2   6805245174
RHODIA SA                 RHA PZ   -381974407.2   6805245174
RHODIA SA              RHAUSD EU   -381974407.2   6805245174
RHODIA SA                 RHA GK   -381974407.2   6805245174
RHODIA SA                 RHA BQ   -381974407.2   6805245174
RHODIA SA                 RHA EU   -381974407.2   6805245174
RHODIA SA            2324011Q EU   -381974407.2   6805245174
RHODIA SA                RHDI TH   -381974407.2   6805245174
RHODIA SA               RHANR PZ   -381974407.2   6805245174
RHODIA SA            2324015Q EO   -381974407.2   6805245174
RHODIA SA                 RHA S1   -381974407.2   6805245174
RHODIA SA               RHADF US   -381974407.2   6805245174
RHODIA SA                 RHA EB   -381974407.2   6805245174
RHODIA SA                 RHA FP   -381974407.2   6805245174
RHODIA SA                 RHD GR   -381974407.2   6805245174
RHODIA SA              RHAUSD EO   -381974407.2   6805245174
RHODIA SA                 RHA IX   -381974407.2   6805245174
RHODIA SA            3218857Q IX   -381974407.2   6805245174
RHODIA SA                RHAY IX   -381974407.2   6805245174
RHODIA SA                 RHA VX   -381974407.2   6805245174
RHODIA SA              RHAGBX EO   -381974407.2   6805245174
RHODIA SA                 RHA NQ   -381974407.2   6805245174
RHODIA SA              RHAGBX EU   -381974407.2   6805245174
RHODIA SA               RHDAF US   -381974407.2   6805245174
RHODIA SA                 RHA EO   -381974407.2   6805245174
RHODIA SA                RHDI GR   -381974407.2   6805245174
RHODIA SA - NEW         RHANV FP   -381974407.2   6805245174
RHODIA SA - NEW      3506266Q FP   -381974407.2   6805245174
RHODIA SA - NEW      3156011Q FP   -381974407.2   6805245174
RHODIA SA - NEW      8125782Q FP   -381974407.2   6805245174
RHODIA SA - NEW      2335921Q FP   -381974407.2   6805245174
RHODIA SA-ADR           RHAYY US   -381974407.2   6805245174
RHODIA SA-NON RE        RHANR FP   -381974407.2   6805245174
RHODIA SA-RIGHTS        RHADS FP   -381974407.2   6805245174
RHODIA SA-RIGHTS      653447Q FP   -381974407.2   6805245174
RL INVEST SAS        4700369Z FP    -10116500.7  135799857.9
RODIGUEZ GROUP            RGX GR   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD PZ   -71997955.94  457127473.1
RODRIGUEZ GROUP         RRGZF US   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD S1   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD FP   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD EU   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD TQ   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD BQ   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD EO   -71997955.94  457127473.1
RODRIGUEZ GROUP          RDGP IX   -71997955.94  457127473.1
SANDOZ SAS           3635111Z FP    -1282402.54  218147098.3
SHEET ANCHOR FRA     4745417Z FP    -16938893.1  192023042.9
SIDEL CONVEYING      4715393Z FP   -57759126.57    147204049
SIEMENS VAI META     4634441Z FP   -20388005.42  327731000.4
SOBIESKI                  BVD PW   -242409144.5  831869150.8
SOC NICOISE REAL     4749097Z FP   -1097320.937    110912358
SOCIETE COMMERCI     4516647Z FP   -179862008.2   1576030746
SOCIETE D'AGENCE     4741441Z FP   -3996843.897  267209404.9
SOCIETE DE CHAUF     4722937Z FP   -4377603.343  122968839.4
STORA ENSO CORBE     4697593Z FP   -932413.9939  163080772.7
SU3 SAS              4686497Z FP   -11118401.88    105002034
TEAM PARTNER-RTS      633323Q FP   -13557467.93    129831049
TEAM PARTNER-RTS     2841653Q FP   -13557467.93    129831049
TEAM PARTNERS        2347981Q EU   -13557467.93    129831049
TEAM PARTNERS             TIP PZ   -13557467.93    129831049
TEAM PARTNERS           TPTRF US   -13557467.93    129831049
TEAM PARTNERS        2347985Q EO   -13557467.93    129831049
TEAM PARTNERS             TIP FP   -13557467.93    129831049
TEAM PARTNERS            TPGY IX   -13557467.93    129831049
TEAM PARTNERS GR        TIPNV FP   -13557467.93    129831049
TEAM PARTNERS GR         TPGP IX   -13557467.93    129831049
TEAM PARTNERS GR         TPGP PZ   -13557467.93    129831049
TEAM PARTNERS GR         TIPA EO   -13557467.93    129831049
TEAM PARTNERS GR         TIPA FP   -13557467.93    129831049
TEAM PARTNERS GR        TIPDS FP   -13557467.93    129831049
TEAM PARTNERS GR         TIPA EU   -13557467.93    129831049
TEAM PARTNERS-N          TIPN FP   -13557467.93    129831049
TEMBEC SAINT-GAU     4505331Z FP    -31086610.9  134549191.4
TF1 DROITS AUDIO     4693449Z FP   -3474598.563  183868113.7
TF1 VIDEO SASU       4516855Z FP   -27543205.52  171163653.7
THALES SECURITY      4701729Z FP   -152200107.1    872804574
THYSSENKRUPP SOF     4740929Z FP   -18052289.45  299682634.2
TRANSOLVER SERVI     4521279Z FP   -42555455.72  222111417.8
TREVES               4722153Z FP   -4152264.244  390940679.2
TUILERIES FINANC     4701769Z FP   -3956839.937  125936634.2
UCALEASE SA          3635807Z FP   -1041989.142  150621028.5
VALEO VISION SAS     4518479Z FP     -102634627  273699726.4
VISTEON SYSTEMES     4699177Z FP   -88538390.04  275246899.5
YVES ST LAURENT/     4633025Z FP   -82897369.68  390343397.3

GEORGIA
-------
DEVELICA DEUTSCH          DDE PG   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE IX   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE PZ   -79827494.88   1139643575
DEVELICA DEUTSCH          D4B GR   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE LN   -79827494.88   1139643575
PEARL HOLDING           3622Z LN   -133833007.2  968234065.8

GERMANY
-------
AGOR AG                  DOOD PZ   -482449.8788  144432986.2
AGOR AG                   DOO GR   -482449.8788  144432986.2
AGOR AG                 NDAGF US   -482449.8788  144432986.2
AGOR AG                   DOO EU   -482449.8788  144432986.2
AGOR AG                   DOO EO   -482449.8788  144432986.2
AGOR AG                   DOO S1   -482449.8788  144432986.2
AGOR AG                  DOOG IX   -482449.8788  144432986.2
AGOR AG-RTS          2301918Z GR   -482449.8788  144432986.2
ALNO AG                   ANO EU   -73119134.74  198564619.3
ALNO AG                  ALNO IX   -73119134.74  198564619.3
ALNO AG                   ANO GR   -73119134.74  198564619.3
ALNO AG                   ANO S1   -73119134.74  198564619.3
ALNO AG                   ANO EO   -73119134.74  198564619.3
ALNO AG                   ANO PZ   -73119134.74  198564619.3
ALNO AG                   ANO TH   -73119134.74  198564619.3
ALNO AG - RTS            ANO2 GR   -73119134.74  198564619.3
ALNO AG-NEW              ANO1 GR   -73119134.74  198564619.3
ALNO AG-RTS          4123912Z GR   -73119134.74  198564619.3
ALNO AG-RTS          8174351Z GR   -73119134.74  198564619.3
ALNO AG-RTS          2259765Z GR   -73119134.74  198564619.3
ATRONIC INTERNAT      504688Z GR   -30668737.79  163495101.6
CBB HOLDING AG           COBG PZ   -42994818.04  904723627.8
CBB HOLDING AG           COB2 EO   -42994818.04  904723627.8
CBB HOLDING AG           COBG IX   -42994818.04  904723627.8
CBB HOLDING AG           COB2 EU   -42994818.04  904723627.8
CBB HOLDING AG            COB GR   -42994818.04  904723627.8
CBB HOLDING AG          CUBDF US   -42994818.04  904723627.8
CBB HOLDING-NEW          COB3 GR   -42994818.04  904723627.8
CBB HOLDING-NEW          COB1 GR   -42994818.04  904723627.8
CBB HOLD-NEW 97          COB2 GR   -42994818.04  904723627.8
COGNIS GMBH           575202Z GR   -745013993.7   3306935972
COGNIS HOLDING G      635952Z GR    -1587896974   2850475613
COMPASS GROUP DE     3896530Z GR   -45713969.85  408640427.9
DFS DEUTSCHE FLU        1070Z GR   -362698323.5   1370382283
EDOB ABWICKLUNGS          ESC BQ   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC PZ   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC EU   -22323468.51  425598807.8
EDOB ABWICKLUNGS        ESCDF US   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC GR   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC TH   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC EO   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC TQ   -22323468.51  425598807.8
ESCADA AG                ESCG IX   -22323468.51  425598807.8
ESCADA AG -PFD           ESC3 GR   -22323468.51  425598807.8
ESCADA AG-NEW        3069367Q GR   -22323468.51  425598807.8
ESCADA AG-NEW         835345Q GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN EU   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN EO   -22323468.51  425598807.8
ESCADA AG-NEW            ESCC GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCD GR   -22323468.51  425598807.8
ESCADA AG-RTS            ESCE GR   -22323468.51  425598807.8
ESCADA AG-SP ADR        ESCDY US   -22323468.51  425598807.8
GENERAL ELECTRIC     4501923Z GR   -547318343.8   8720530002
GUENTHER & SOHN           GUS GR   -9612095.264    130075209
GUENTHER & SOHN           GUS PZ   -9612095.264    130075209
GUENTHER & SOHN           GUS EU   -9612095.264    130075209
GUENTHER & SOHN           GUS EO   -9612095.264    130075209
KABEL DEUTSCHLAN       KD8USD EU    -2162144517   2994909053
KABEL DEUTSCHLAN       KD8GBP EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 TH    -2162144517   2994909053
KABEL DEUTSCHLAN       KD8USD EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EB    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 PZ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 BQ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 IX    -2162144517   2994909053
KABEL DEUTSCHLAN        KBDHF US    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 QM    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 GR    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 NR    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 TQ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EU    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 S1    -2162144517   2994909053
KABEL DEUTS-CW10       DB7KWG GR    -2162144517   2994909053
KAUFRING AG               KFR GR   -19296489.56  150995473.8
KAUFRING AG              KAUG IX   -19296489.56  150995473.8
KAUFRING AG               KFR EO   -19296489.56  150995473.8
KAUFRING AG               KFR EU   -19296489.56  150995473.8
KAUFRING AG               KFR PZ   -19296489.56  150995473.8
MAERKLIN              730904Z GR   -8321071.921  115821977.5
MANIA TECHNOLOGI          MNI GR   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI S1   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI NM   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI PZ   -35060809.35  107465713.6
MANIA TECHNOLOGI     2260970Z GR   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNIG IX   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI TH   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNI1 EU   -35060809.35  107465713.6
MANIA TECHNOLOGI        MIAVF US   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNI1 EO   -35060809.35  107465713.6
MATERNUS KLINI-N         MAK1 GR   -15243503.87  167434744.6
MATERNUS-KLINIKE         MAKG IX   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK TH   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK S1   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK GR   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK EO   -15243503.87  167434744.6
MATERNUS-KLINIKE        MNUKF US   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK PZ   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK EU   -15243503.87  167434744.6
NORDAG AG                DOO1 GR   -482449.8788  144432986.2
NORDAG AG-PFD            DOO3 GR   -482449.8788  144432986.2
NORDAG AG-RTS            DOO8 GR   -482449.8788  144432986.2
NORDSEE AG            533061Q GR   -8200551.142  194616922.6
PRIMACOM AG              PRC2 GR   -18656751.16  610380925.7
PRIMACOM AG             PCAGF US   -18656751.16  610380925.7
PRIMACOM AG              PRCG PZ   -18656751.16  610380925.7
PRIMACOM AG               PRC NM   -18656751.16  610380925.7
PRIMACOM AG               PRC S1   -18656751.16  610380925.7
PRIMACOM AG              PRCG IX   -18656751.16  610380925.7
PRIMACOM AG               PRC GR   -18656751.16  610380925.7
PRIMACOM AG               PRC EU   -18656751.16  610380925.7
PRIMACOM AG               PRC TH   -18656751.16  610380925.7
PRIMACOM AG               PRC EO   -18656751.16  610380925.7
PRIMACOM AG-ADR          PCAG US   -18656751.16  610380925.7
PRIMACOM AG-ADR         PCAGY US   -18656751.16  610380925.7
PRIMACOM AG-ADR+         PCAG ES   -18656751.16  610380925.7
RAG ABWICKL-REG         RSTHF US     -1744124.2  217776125.8
RAG ABWICKL-REG           ROS GR     -1744124.2  217776125.8
RAG ABWICKL-REG           ROS S1     -1744124.2  217776125.8
RAG ABWICKL-REG          ROS1 EO     -1744124.2  217776125.8
RAG ABWICKL-REG          ROSG PZ     -1744124.2  217776125.8
RAG ABWICKL-REG          ROS1 EU     -1744124.2  217776125.8
RINOL AG                 RILB GR      -1.171602  168095049.1
RINOL AG                 RILB EO      -1.171602  168095049.1
RINOL AG                 RILB EU      -1.171602  168095049.1
RINOL AG                RNLAF US      -1.171602  168095049.1
RINOL AG                 RILB S1      -1.171602  168095049.1
RINOL AG                 RILB IX      -1.171602  168095049.1
RINOL AG                  RIL GR      -1.171602  168095049.1
RINOL AG                 RILB PZ      -1.171602  168095049.1
ROSENTHAL AG         2644179Q GR     -1744124.2  217776125.8
ROSENTHAL AG-ACC         ROS4 GR     -1744124.2  217776125.8
ROSENTHAL AG-ADR        RSTHY US     -1744124.2  217776125.8
ROSENTHAL AG-REG         ROSG IX     -1744124.2  217776125.8
TA TRIUMPH-ACQ           TWNA EU   -124531131.9  313411495.3
TA TRIUMPH-ACQ           TWNA GR   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN PZ   -124531131.9  313411495.3
TA TRIUMPH-ADLER         TWNG IX   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN EO   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN EU   -124531131.9  313411495.3
TA TRIUMPH-ADLER        TTZAF US   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN GR   -124531131.9  313411495.3
TA TRIUMPH-A-RTS     1018916Z GR   -124531131.9  313411495.3
TA TRIUMPH-NEW           TWN1 GR   -124531131.9  313411495.3
TA TRIUMPH-RT            TWN8 GR   -124531131.9  313411495.3
TA TRIUMPH-RTS       3158577Q GR   -124531131.9  313411495.3
UNITYMEDIA GMBH       560459Z GR   -270220797.7   5970190663

GREECE
------
AG PETZETAKIS SA        PETZK GA   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK EU   -110812812.5  206429374.1
AG PETZETAKIS SA         PTZ1 GR   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK EO   -110812812.5  206429374.1
AG PETZETAKIS SA        PZETF US   -110812812.5  206429374.1
AG PETZETAKIS SA          PTZ GR   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK PZ   -110812812.5  206429374.1
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 GE         ASASK PZ   -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         APGG IX   -189908329.1  896537349.7
ASPIS PRONOIA GE          APG GR   -189908329.1  896537349.7
ASPIS PRON-PF RT       ASASPR GA   -189908329.1  896537349.7
ATLANTIC SUPERMA        ATLA1 EU   -76261648.16  315891294.2
ATLANTIC SUPERMA        ATLA1 EO   -76261648.16  315891294.2
ATLANTIC SUPERMA         ATLA PZ   -76261648.16  315891294.2
ATLANTIC SUPERMA         ATLA GA   -76261648.16  315891294.2
HELLAS ONLINE SA        BRAIN EU   -4430063.774  511329902.7
HELLAS ONLINE SA          UN5 GR   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN PZ   -4430063.774  511329902.7
HELLAS ONLINE SA         HOLR GA   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN GA   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN EO   -4430063.774  511329902.7
HELLAS ONLINE SA          HOL GA   -4430063.774  511329902.7
KATSELIS SON-P R        KATPD GA   -25687516.15  172013976.2
KATSELIS SONS-PF        KATSP GA   -25687516.15  172013976.2
KATSELIS SONS-RT        KATKD GA   -25687516.15  172013976.2
KOUMBAS INSUR-RT        KOUMD GA   -75721751.36    117427553
KOUMBAS RTS             KOUMR GA   -75721751.36    117427553
KOUMBAS SYNERGY         KOUMF US   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM GA   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM EO   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM EU   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM PZ   -75721751.36    117427553
MAILLIS                 MLISF US   -32997634.63  450971683.2
MAILLIS -RTS            MAIKR GA   -32997634.63  450971683.2
MAILLIS-SPON ADR        MJMSY US   -32997634.63  450971683.2
MJ MAILLIS S.A.           MJL GR   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK EO   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK EU   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK PZ   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK GA   -32997634.63  450971683.2
NAOUSSA SPIN -RT        NAOYD GA   -163114842.1  286539436.9
NAOUSSA SPIN-AUC       NAOYKE GA   -163114842.1  286539436.9
NAOUSSA SPINNING          NML GR   -163114842.1  286539436.9
NAOUSSA SPIN-RTS       NAOYKR GA   -163114842.1  286539436.9
NUTRIART S.A.           KATSK GA   -25687516.15  172013976.2
NUTRIART S.A.           KTSEF US   -25687516.15  172013976.2
NUTRIART SA             KATSK PZ   -25687516.15  172013976.2
NUTRIART SA          NUTRIART GA   -25687516.15  172013976.2
NUTRIART SA             KATSK EO   -25687516.15  172013976.2
NUTRIART SA             KATSK EU   -25687516.15  172013976.2
NUTRIART-RTS         3411089Q GA   -25687516.15  172013976.2
PETZET - PFD-RTS       PETZPD GA   -110812812.5  206429374.1
PETZETAKIS - RTS       PETZKD GA   -110812812.5  206429374.1
PETZETAKIS-AUC         PETZKE GA   -110812812.5  206429374.1
PETZETAKIS-PFD           PTZ3 GR   -110812812.5  206429374.1
PETZETAKIS-PFD          PETZP GA   -110812812.5  206429374.1
UNITED TEXTILES         NAOYK GA   -163114842.1  286539436.9
UNITED TEXTILES          UTEX GA   -163114842.1  286539436.9
UNITED TEXTILES         NAOSF US   -163114842.1  286539436.9
UNITED TEXTILES          UTEX PZ   -163114842.1  286539436.9
UNITED TEXTILES          UTEX EU   -163114842.1  286539436.9
UNITED TEXTILES          NML1 GR   -163114842.1  286539436.9
UNITED TEXTILES          UTEX EO   -163114842.1  286539436.9

HUNGARY
-------
HUNGARIAN TELEPH         HUGC IX      -73723992    827192000
HUNGARIAN TELEPH          HUC EX      -73723992    827192000
INVITEL HOLD-ADR        INVHY US      -73723992    827192000
INVITEL HOLD-ADR          IHO US      -73723992    827192000
INVITEL HOLD-ADR          0IN GR      -73723992    827192000
INVITEL HOLDINGS     3212873Z HB      -73723992    827192000
OT OPTIMA TELEKO     2299892Z CZ   -83005841.81  114547056.6
OT-OPTIMA TELEKO       OPTERA CZ   -83005841.81  114547056.6

ICELAND
-------
AVION GROUP               B1Q GR     -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EU     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM EO     -223780368   2277882368
EIMSKIPAFELAG HF        AVION IR     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM EU     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM IR     -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EO     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM PZ     -223780368   2277882368

IRELAND
-------
ACS AIRCRAFT FIN     4491555Z ID   -23037147.35  130480079.7
AEGON GLOBAL INS      646937Z ID     -154161392   4095368960
AIRPLANES FINANC     4460505Z ID   -409209710.7  271483850.7
AIRPLANES HOLDIN     4461857Z ID   -11914729314  926979003.1
ALECTRA FINANCE      4505075Z ID   -1989626.617   1906282726
ARCADE PROPERTY      4461121Z ID   -271759845.9  854806905.5
ARDAGH GLASS FIN     3489820Z ID   -425719878.1   5124811840
BIRCHFORD INVEST     3802508Z ID   -16642154.58  213363186.2
BOSPHORUS CAPITA     3807620Z ID   -547691.4495  119473277.7
CAMBER 4 PLC         3807980Z ID   -568246202.1  358571055.8
CAPEL DEVELOPMEN     3813016Z ID   -54774206.54  118764190.8
CARRICKMINES MAN     3799108Z ID   -1594145.025  116839693.5
CELTIC ROADS GRO     4527583Z ID   -5475772.455  178943648.9
COMMUNICORP GROU     1027859Z ID   -20885498.48  307073603.1
CONOCOPHILLIPS I     4526671Z ID   -215725943.4  369716179.9
CONOCOPHILLIPS W     3894318Z ID   -182259475.6  264157541.2
DEPFA IRELAND HO     4458641Z ID   -7759253.483  392619649.6
DEVONDALE LTD        4290189Z ID   -20812563.17  187190412.1
DUOMO FUNDING PL     4462513Z ID   -805845.5444   1772244292
ELLERSTON GEMS O     4781417Z ID   -4056787.085  195869209.7
EQUANT NETWORK S     4462057Z ID   -135695147.2  315888703.9
ERC IRELAND PREF     3687845Z ID   -692655112.5   7282011141
EURCO FINANCE        3799980Z ID    -48643223.1  679126971.7
FOL INTERNATIONA     4513251Z ID   -43457938.48  343547754.8
FORTIS PROPRIETA     4781289Z ID    -1335113419   6891744243
FRESHWATER FINAN      699575Z ID   -251700725.1   1588010523
FRUIT OF THE LOO     4459361Z ID   -96376389.16    391436785
GENERAL FINANCE      3807584Z ID   -3451729.765    140460867
GS MULTI-CURRENC     4780921Z ID   -218031502.7   1766463253
HELSINGOR LTD        3814256Z ID   -964944.8669  123961503.3
JAMES HARDIE IND          HAH NZ     -450100000   1971800064
JAMES HARDIE IND      600241Q GR     -450100000   1971800064
JAMES HARDIE IND          HAH AU     -450100000   1971800064
JAMES HARDIE IND      726824Z NA     -450100000   1971800064
JAMES HARDIE NV         JHXCC AU     -450100000   1971800064
JAMES HARDIE-ADR        JHINY US     -450100000   1971800064
JAMES HARDIE-ADR          JHX US     -450100000   1971800064
JAMES HARDIE-CDI        JHIUF US     -450100000   1971800064
JAMES HARDIE-CDI          JHX AU     -450100000   1971800064
JAMES HARDIE-CDI          JHA GR     -450100000   1971800064
JAMES HARDIE-CDI          JHA TH     -450100000   1971800064
LCH EUROPEAN POR     3809212Z ID   -91665071.77  296022574.1
LTR FINANCE NO 8     3816616Z ID   -15113152.02    537522513
MAINAU FUNDING L     4460161Z ID   -216846138.8   1309830017
MCINERNEY HLDGS          MK9C PZ   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI PO   -137972148.5  304108432.2
MCINERNEY HLDGS           MK9 GR   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI IX   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI ID   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI LN   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI VX   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBP EO   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI EO   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI EU   -137972148.5  304108432.2
MCINERNEY HLDGS           MK9 PO   -137972148.5  304108432.2
MCINERNEY HLDGS          MCII IX   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBX EO   -137972148.5  304108432.2
MCINERNEY HLDGS         MNEYF US   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBX EU   -137972148.5  304108432.2
MCINERNEY PROP-A          MYP LN   -137972148.5  304108432.2
MCINERNEY PROP-A        MCIYF US   -137972148.5  304108432.2
MCINERNEY PROP-A          MYP ID   -137972148.5  304108432.2
MCINERNEY -RT FP         MCIF ID   -137972148.5  304108432.2
MCINERNEY -RT FP         MCIF LN   -137972148.5  304108432.2
MCINERNEY -RT NP         MCIN ID   -137972148.5  304108432.2
MCINERNEY -RT NP         MCIN LN   -137972148.5  304108432.2
MCINERNEY-ADR           MNEYY US   -137972148.5  304108432.2
NOVELL IRELAND S     3632507Z ID   -26753771.46  278570269.2
PAYZONE PLC              PAYZ EU   -138030903.2  510010035.3
PAYZONE PLC              PAYZ LN   -138030903.2  510010035.3
PAYZONE PLC              PAYZ IX   -138030903.2  510010035.3
PAYZONE PLC               4P6 GR   -138030903.2  510010035.3
PAYZONE PLC              PAYZ PG   -138030903.2  510010035.3
PAYZONE PLC              PAYZ PZ   -138030903.2  510010035.3
PAYZONE PLC              PAYZ EO   -138030903.2  510010035.3
PENNYGOLD TRADIN     4459561Z ID   -77668624.17   1296718702
PROVIDENCE RESOU        PVDRF US   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP PG   -31729163.16  134629066.1
PROVIDENCE RESOU          PRR IX   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP PZ   -31729163.16  134629066.1
PROVIDENCE RESOU     3660853Q IX   -31729163.16  134629066.1
PROVIDENCE RESOU       PRPGBP EO   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP EU   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP ID   -31729163.16  134629066.1
PROVIDENCE RESOU          PZQ PO   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP EO   -31729163.16  134629066.1
PROVIDENCE RESOU          PVR LN   -31729163.16  134629066.1
PROVIDENCE RE-UT          PZQ GR   -31729163.16  134629066.1
PROVIDENCE-F/P           PRPF ID   -31729163.16  134629066.1
PROVIDENCE-N/P           PRPN ID   -31729163.16  134629066.1
RELIANCE FLAG TE     4511819Z ID   -159697376.3  246001416.2
RHATIGAN COMMERC     3800004Z ID   -39741717.89  278421666.4
RSA SECURITY IRE     3816252Z ID   -1896032.195  131465362.8
SALOME FUNDING P      747246Z ID   -1780227.756   2390329099
SCHWARZ PHARMA L      626603Z ID   -526134390.5  385006654.6
SENSORMATIC EURO     4524375Z ID   -19479895.67  105183548.8
SHENDA IRELAND L     4781889Z ID   -56704637.63  284795299.1
STRATUS TECHNOLO     4290381Z ID   -91695882.47    143373676
SUSQUEHANNA EURO     4459081Z ID    -1252022268   5765502698
TAKEDA PHARMA IR     4460049Z ID   -553964898.1  178556098.5
THIRD BELFRY PRO     3817252Z ID   -1737958.351  208828916.9
UDARAS EITLIOCHT     4461649Z ID   -38554945.52  228382904.9
UPC BROADBAND IR     3633179Z ID   -199665756.1  699692511.4
VIRIDIAN ENERGY      4462489Z ID   -41409800.11  209871994.6
WARNER CHILCOT-A         WCRX US      -62817000   5154945024
WARNER CHILCOT-A         G3LA TH      -62817000   5154945024
WARNER CHILCOT-A         G3LA GR      -62817000   5154945024
WARNER CHILCOT-A          G3L GR      -62817000   5154945024
WATERFORD - RTS          WWWA GR   -505729895.2    820803256
WATERFORD - RTS       508523Q LN   -505729895.2    820803256
WATERFORD - RTS       508519Q LN   -505729895.2    820803256
WATERFORD - RTS          WWWA ID   -505729895.2    820803256
WATERFORD - RTS          WWWB ID   -505729895.2    820803256
WATERFORD - RTS          WWWB GR   -505729895.2    820803256
WATERFORD CRYSTA     4459209Z ID   -150440252.3  114111756.9
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 GR   -505729895.2    820803256
WATERFORD WED-RT         WTFR LN   -505729895.2    820803256
WATERFORD WED-RT      586556Q LN   -505729895.2    820803256
WATERFORD WED-RT      586552Q LN   -505729895.2    820803256
WATERFORD WED-RT         WWWC ID   -505729895.2    820803256
WATERFORD WED-RT         WWWD ID   -505729895.2    820803256
WATERFORD WED-UT         WTFU ID   -505729895.2    820803256
WATERFORD WED-UT          WWW PO   -505729895.2    820803256
WATERFORD WED-UT         WWWD PZ   -505729895.2    820803256
WATERFORD WED-UT         WTFU LN   -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EU   -505729895.2    820803256
WATERFORD WED-UT         WTFU EO   -505729895.2    820803256
WATERFORD WED-UT         WTFU VX   -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EO   -505729895.2    820803256
WATERFORD WED-UT         WTFU EU   -505729895.2    820803256
WATERFORD WED-UT         WTFU PO   -505729895.2    820803256
WATERFORD WED-UT          WWW GR   -505729895.2    820803256
WATERFORD WED-UT         WTFU IX   -505729895.2    820803256
WATERFORD WE-RTS         WTFN VX   -505729895.2    820803256
WATERFORD WE-RTS         WTFF LN   -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-ADR UT        WATFZ US   -505729895.2    820803256
WATERFORD-ADR UT         WFWA GR   -505729895.2    820803256
WATERFORD-SUB        3001875Z ID   -505729895.2    820803256
WOLSELEY IRELAND     3898706Z ID   -47443431.51  175225926.3

ITALY
-----
ALCOA TRASFORMAZ     4506523Z IM   -200396353.5  504699192.2
AS ROMA SPA               ASR IX   -37429933.27  183644985.3
AS ROMA SPA               ASR EB   -37429933.27  183644985.3
AS ROMA SPA               ASR EU   -37429933.27  183644985.3
AS ROMA SPA             ASRAF US   -37429933.27  183644985.3
AS ROMA SPA               ASR PZ   -37429933.27  183644985.3
AS ROMA SPA               ASR QM   -37429933.27  183644985.3
AS ROMA SPA              ASRO IX   -37429933.27  183644985.3
AS ROMA SPA               ASR IM   -37429933.27  183644985.3
AS ROMA SPA               ASR EO   -37429933.27  183644985.3
AS ROMA SPA               ASR TQ   -37429933.27  183644985.3
AS ROMA SPA               RO9 GR   -37429933.27  183644985.3
AS ROMA SPA-RTS         ASRAA IM   -37429933.27  183644985.3
AUTOMOTIVE LIGHT     3895734Z IM   -8797909.782  165588007.5
BECROMAL SPA         3138961Z IM   -4638581.798  168296959.8
BIANCHI VENDING       764212Z IM   -27419598.89  118828596.1
BMG CASTEL ROMAN     4209433Z IM   -1512040.428  241462130.6
CABLELETTRA SPA      4507547Z IM   -83494555.41  223468834.1
CANTIERI DI PISA     4313125Z IM   -2611908.154  105466953.7
COIN SPA                GUCIF US   -154057598.5  800526929.5
COIN SPA                   GC IX   -154057598.5  800526929.5
COIN SPA              965089Q GR   -154057598.5  800526929.5
COIN SPA/OLD               GC IM   -154057598.5  800526929.5
COIN SPA-RTS             GCAA IM   -154057598.5  800526929.5
DEUTSCHE LEASING     4358141Z IM   -2304871.115    106694739
DIMA COSTRUZIONI     4526911Z IM    -14681477.1  426157772.4
DIMAFIN SPA          2727163Z IM   -63237953.95  270856564.4
EDISON INTERNATI     4523583Z IM   -6175857.726   2258545505
EQUIPOLYMERS SRL     4224221Z IM   -77501046.37  227622587.6
FC INTERNAZIONAL        1185Z IM   -39787627.04  610018418.4
FIBE SPA             4472843Z IM   -802268.7972  756328770.6
FRECCIA ROSSA SH     4358125Z IM   -4519531.292  250706520.3
FUNIVIE FOLGARID     4325137Z IM   -3839728.226  199413338.6
GLOBAL GARDEN PR     4499787Z IM   -98534475.59  578214151.7
GRUPPO FINI SPA      4514671Z IM   -1791897.636  101060963.7
GUERRINO PIVATO      4292565Z IM   -41218066.44  397216267.9
I VIAGGI DEL VEN          VVE EO   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE IX   -209436890.3  202705179.9
I VIAGGI DEL VEN          IV7 GR   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE PZ   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE IM   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE TQ   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE EU   -209436890.3  202705179.9
I VIAGGI DEL VEN        IVGIF US   -209436890.3  202705179.9
I VIAGGI-RTS            VVEAA IM   -209436890.3  202705179.9
INDUSTRIE FINCUO     4270053Z IM   -15676157.12  111118283.9
ING PIO GUARALDO     4195305Z IM   -6958339.341    198007636
INTERSIDER ACCIA     4268893Z IM   -5355062.509  156885353.6
INTRALOT ITALIA      2884343Z IM   -7911067.965  111516758.1
IP MAESTRALE 4 S     4407001Z IM   -1364553.628  613867867.9
IRISBUS ITALIA S     3895718Z IM   -4900118.288  227685279.9
JABIL CIRCUIT IT     3631803Z IM   -2514205.346  125486527.4
MERIDIANA SPA           1163Z IM   -4645217.834  187285866.9
METECNO INDUSTRI     4004204Z IM   -5834935.843    135411811
MONTE MARE GRADO     4359985Z IM   -535776.0315  100534744.7
MV AGUSTA MOTOR      3898906Z IM   -10856011.42  258767112.5
NEXANS ITALIA SP     3636695Z IM   -19973174.81  139448244.4
OCV ITALIA SRL       4455649Z IM   -7833657.759  212272084.3
OMNIA SERVICE CE     3401139Z IM   -9159816.788  165737571.5
PARMALAT FINANZI          PAF GR   -18419396969   4120687886
PARMALAT FINANZI        PMLFF US   -18419396969   4120687886
PARMALAT FINANZI        PARAF US   -18419396969   4120687886
PARMALAT FINANZI         PRFI VX   -18419396969   4120687886
PARMALAT FINANZI          PRF IM   -18419396969   4120687886
PARMALAT FINANZI          PMT LI   -18419396969   4120687886
PARMALAT FINANZI         FICN AV   -18419396969   4120687886
PARMALAT FINA-RT         PRFR AV   -18419396969   4120687886
PLASTIC COMPONEN     4489891Z IM   -4874668.899  477291693.5
RISANAMEN-RNC OP       RNROPA IM     -201736420   3007075334
RISANAMENTO -OPA        RNOPA IM     -201736420   3007075334
RISANAMENTO -RNC          RNR IM     -201736420   3007075334
RISANAMENTO SPA         RNGBX EU     -201736420   3007075334
RISANAMENTO SPA            RN EO     -201736420   3007075334
RISANAMENTO SPA            RN TQ     -201736420   3007075334
RISANAMENTO SPA            RN IX     -201736420   3007075334
RISANAMENTO SPA            RN PZ     -201736420   3007075334
RISANAMENTO SPA            RN EU     -201736420   3007075334
RISANAMENTO SPA         RSMNF US     -201736420   3007075334
RISANAMENTO SPA           RN5 GR     -201736420   3007075334
RISANAMENTO SPA         RNGBP EO     -201736420   3007075334
RISANAMENTO SPA         RNGBX EO     -201736420   3007075334
RISANAMENTO SPA            RN IM     -201736420   3007075334
RISANAMENTO-RTS         RNAXA IM     -201736420   3007075334
RISANAMENTO-RTS         RNAXO IM     -201736420   3007075334
RISANAMENTO-RTS          RNAA IM     -201736420   3007075334
SD SICILIA DISCO     4346005Z IM   -57205.25336  162107130.8
SNIA BPD                   SN GR   -141933895.2  150445252.4
SNIA BPD-ADR            SBPDY US   -141933895.2  150445252.4
SNIA SPA                SNIXF US   -141933895.2  150445252.4
SNIA SPA                   SN EO   -141933895.2  150445252.4
SNIA SPA                SBPDF US   -141933895.2  150445252.4
SNIA SPA                   SN TQ   -141933895.2  150445252.4
SNIA SPA                 SIAI IX   -141933895.2  150445252.4
SNIA SPA                 SNIB GR   -141933895.2  150445252.4
SNIA SPA                   SN EU   -141933895.2  150445252.4
SNIA SPA                   SN IM   -141933895.2  150445252.4
SNIA SPA                 SNIA GR   -141933895.2  150445252.4
SNIA SPA                SSMLF US   -141933895.2  150445252.4
SNIA SPA                 SIAI PZ   -141933895.2  150445252.4
SNIA SPA - RTS          SNAAW IM   -141933895.2  150445252.4
SNIA SPA- RTS           SNAXW IM   -141933895.2  150445252.4
SNIA SPA-2003 SH         SN03 IM   -141933895.2  150445252.4
SNIA SPA-CONV SA        SPBDF US   -141933895.2  150445252.4
SNIA SPA-DRC            SNR00 IM   -141933895.2  150445252.4
SNIA SPA-NEW             SN00 IM   -141933895.2  150445252.4
SNIA SPA-NON CON        SPBNF US   -141933895.2  150445252.4
SNIA SPA-RCV              SNR IM   -141933895.2  150445252.4
SNIA SPA-RCV            SNIVF US   -141933895.2  150445252.4
SNIA SPA-RIGHTS          SNAW IM   -141933895.2  150445252.4
SNIA SPA-RNC            SNIWF US   -141933895.2  150445252.4
SNIA SPA-RNC            SNRNC IM   -141933895.2  150445252.4
SNIA SPA-RTS             SNAA IM   -141933895.2  150445252.4
SNIA SPA-RTS             SNSO IM   -141933895.2  150445252.4
TISCALI - RTS          TISAAW IM   -122928118.5  490469420.1
TISCALI - RTS            TIQA GR   -122928118.5  490469420.1
TISCALI SPA              TIQ1 GR   -122928118.5  490469420.1
TISCALI SPA            TISGBX EU   -122928118.5  490469420.1
TISCALI SPA               TIS PZ   -122928118.5  490469420.1
TISCALI SPA              TISN IM   -122928118.5  490469420.1
TISCALI SPA               TIS NR   -122928118.5  490469420.1
TISCALI SPA               TIS VX   -122928118.5  490469420.1
TISCALI SPA              TISN NA   -122928118.5  490469420.1
TISCALI SPA               TIS EO   -122928118.5  490469420.1
TISCALI SPA               TIS TQ   -122928118.5  490469420.1
TISCALI SPA               TIS QM   -122928118.5  490469420.1
TISCALI SPA               TIS IX   -122928118.5  490469420.1
TISCALI SPA               TIS NA   -122928118.5  490469420.1
TISCALI SPA              TIQG IX   -122928118.5  490469420.1
TISCALI SPA               TIS FP   -122928118.5  490469420.1
TISCALI SPA            TISGBX EO   -122928118.5  490469420.1
TISCALI SPA             TSCXF US   -122928118.5  490469420.1
TISCALI SPA               TIQ GR   -122928118.5  490469420.1
TISCALI SPA              TISN VX   -122928118.5  490469420.1
TISCALI SPA               TIS NQ   -122928118.5  490469420.1
TISCALI SPA              TISM IX   -122928118.5  490469420.1
TISCALI SPA               TIS IM   -122928118.5  490469420.1
TISCALI SPA               TIS EU   -122928118.5  490469420.1
TISCALI SPA              TISN FP   -122928118.5  490469420.1
TISCALI SPA               TIS EB   -122928118.5  490469420.1
TISCALI SPA            TISGBP EO   -122928118.5  490469420.1
TISCALI SPA              TISN IX   -122928118.5  490469420.1
TISCALI SPA- RTS     3391621Q GR   -122928118.5  490469420.1
TISCALI SPA- RTS       TISAXA IM   -122928118.5  490469420.1
UPIM SRL             3494031Z IM   -24945031.42  495566337.9
VALEO SPA            3897442Z IM   -55996.80114  165209720.2
VIA CAVOUR SRL       3997892Z IM   -2002622.441  173628397.1

LUXEMBOURG
----------
ARCELORMITTAL FL     3912244Z LX    -1024313669   3328008487
INTELSAT                 ILMA GR     -697038976  17592367104
INTELSAT SA             2237Z US     -697038976  17592367104
OXEA SARL            3682535Z GR   -78371220.13   1013737294
OXEA SARL            3682535Z LX   -78371220.13   1013737294
ADAMAR AMSTERDAM     4049157Z NA   -8231529.767    119709372
ALFRED C TOEPFER     4062117Z NA   -1843317.436   1689194175
APPLIED POWER EU     4035061Z NA    -90774.2002  187921627.7
ASITO DIENSTENGR      743813Z NA   -2494804.851  220704023.7

NETHERLANDS
-----------
BAAN CO NV-ASSEN        BAANA NA   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN EU   -7854715.264  609871188.9
BAAN COMPANY NV         BAAVF US   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN PZ   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN GR   -7854715.264  609871188.9
BAAN COMPANY NV          BNCG IX   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN EO   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN IX   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN NA   -7854715.264  609871188.9
BAAN COMPANY-NY         BAANF US   -7854715.264  609871188.9
BELEGGINGSMAATSC      801105Z NA   -5070657.703  350267370.9
CENTRIC HOLDING       745383Z NA   -72753.24225  363069870.7
CEVA GROUP PLC        976811Z NA   -469889996.1   5434380129
CEVA LOGISTICS        882197Z NA   -310987042.7   5613530996
CLATES HOLDING B     4043429Z NA   -34881.25205  221495950.5
COOPERATIE VOEDI     4378105Z NA   -274089.6056  748982278.2
EATON ELECTRIC B     2017671Z NA   -20487461.22  140357455.7
ELSTA BV             3897218Z NA   -2452823.596  284940300.4
EON BENELUX LEVE     4173461Z NA   -21561715.64  273422076.5
EUROPEAN MARITIM     4523543Z NA   -34803118.05  347300069.4
FERDINAND STINGE     4040837Z NA   -64181.50377   1187653657
FONDEL METALS BV     4039013Z NA   -2368075.248  110363800.6
GE CAPITAL FUNDI     4489315Z NA   -2707532.277    194574148
HAAG WONEN HOLDI     3824276Z NA   -137909.3086  144576751.1
HE INVESTMENTS B     3813216Z NA   -1780665.857    195483088
HUISVUILCENTRALE     4777713Z NA   -29300.25172   1202976227
INFOR GLOBAL SOL     4778481Z NA   -421566515.6    436226285
ING RE DORTMUND/     3819456Z NA   -91900157.49  142290450.1
ING REIM DEVELOP     3811140Z NA   -231041485.9  383323356.5
KONINKLIJKE HASK     4037221Z NA   -69259.20141  230145390.9
KUIPER GROEP BV      3821988Z NA   -3688.420875  101931401.5
LIBERTY GL EU-A           UPC NA    -5505478850   5112616630
LINO MANAGEMENT      3774416Z NA   -289361638.1  926823456.4
MAAS INTERNATION     4174109Z NA   -104625.6021  163961580.9
MSREF ELBA BV        4043045Z NA   -89889.60183  584994172.5
MSREF VI KAIROS      4174205Z NA   -38313.60078    893956511
NIDERA HANDELSCO     3893886Z NA   -614016.7407   1656741217
NORFOLK HOLDINGS      779151Z NA   -199512.5928  813430683.8
NV WATERLEIDINGM     4036141Z NA   -1727059.235  234972904.6
RHEIN PAPIER HOL     4040349Z NA   -2301763.247   1089890804
RIVA NV              3797916Z NA   -852952.1165  111411542.1
SITA NEDERLAND B      874216Z NA   -312079.8969   2324948031
SPYKER CARS NV          SPYKR PZ   -154336469.5   1337361332
SPYKER CARS NV           SPYK IX   -154336469.5   1337361332
SPYKER CARS NV          SPYKR QM   -154336469.5   1337361332
SPYKER CARS NV          SPYKR TQ   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EU   -154336469.5   1337361332
SPYKER CARS NV          SPYKR BQ   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EB   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EO   -154336469.5   1337361332
SPYKER CARS NV          SPYKR NA   -154336469.5   1337361332
SPYKER CARS NV            L9I GR   -154336469.5   1337361332
SPYKER CARS NV          SPYKF US   -154336469.5   1337361332
STICHTING PENSIO     4498027Z NA   -19254451.13  566611058.3
STICHTING PENSIO     4489595Z NA    -7065546415  43409019837
UNITED PAN -ADR          UPEA GR    -5505478850   5112616630
UNITED PAN-A ADR        UPCOY US    -5505478850   5112616630
UNITED PAN-EUR-A          UPC LI    -5505478850   5112616630
UNITED PAN-EUR-A          UPC LN    -5505478850   5112616630
UNITED PAN-EUROP         UPE1 GR    -5505478850   5112616630
UNITED PAN-EUROP          UPC VX    -5505478850   5112616630
UNITED PAN-EUROP        UPCEF US    -5505478850   5112616630
UNITED PAN-EUROP        UPCOF US    -5505478850   5112616630
UPC HOLDING BV       3590264Z NA   -12164702941  13901661309
VAN WEELDE BEHEE     4038885Z NA   -119995.7037  173030811.6
VOLKERWESSELS BO     4062101Z NA   -17683.20036  191596002.3
VWS VERKEER-EN I     4777577Z NA   -47438.50279  719093765.2
W2005 W2007 CARN     3824100Z NA   -107841645.8    362615031
WE INTERNATIONAL      630199Z NA   -1220350.163   1011026941
WILMAR EDIBLE OI     3817520Z NA   -3976944.095  218912594.8
WIM BOSMAN HOLDI     3782032Z NA   -45372.13742  224136098.5
WONINGSTICHTING      4039389Z NA   -430291.2087   1714985995
ZWINGER OPCO 6 B     3821644Z NA   -106543158.2  627759193.8

NORWAY
------
AKER BIOMARINE A     4508947Z NO   -91258656.74  103294723.7
AKER ELEKTRO AS      4389353Z NO    -35218317.7  134077911.8
AKER STORD A/S       4498875Z NO   -150475117.7  783619889.1
BKK VARME AS         4445833Z NO   -8164053.946  143462133.6
CIA LA GOMERA AS     4401057Z NO   -14188999.46  111542577.2
GJENSIDIGE PENSJ     4447089Z NO   -706038.7351  834496819.2
HEEGH AUTOLINERS     4389209Z NO   -11654362.38  277390994.9
INTEROIL EXPLORA       IOXEUR EU      -71383000    195320000
INTEROIL EXPLORA          IOX NO      -71383000    195320000
INTEROIL EXPLORA          IOX PZ      -71383000    195320000
INTEROIL EXPLORA       IOXUSD EO      -71383000    195320000
INTEROIL EXPLORA        IROIF US      -71383000    195320000
INTEROIL EXPLORA          IOX EU      -71383000    195320000
INTEROIL EXPLORA       IOXEUR EO      -71383000    195320000
INTEROIL EXPLORA          IOX IX      -71383000    195320000
INTEROIL EXPLORA         INOX NO      -71383000    195320000
INTEROIL EXPLORA          IOX BY      -71383000    195320000
INTEROIL EXPLORA          IOX EO      -71383000    195320000
INTEROIL EXPLORA       IOXUSD EU      -71383000    195320000
LIVA BIL                  LIV NO   -4061326.597  116023629.9
MAN LAST OG BUSS     4521719Z NO   -7914946.127  134925818.8
MASTER & COMMAND     4443393Z NO    -3848.57586    105559612
NCC CONSTRUCTION     4389745Z NO   -17444019.96  371204059.2
NCC ROADS AS         4401305Z NO   -7603911.224  151509155.9
NORGIPS NORGE AS     4443889Z NO   -4188300.148    124517344
NORSK STEIN AS       4394889Z NO   -2509971.202  184248999.1
OSLO FORSIKRING      4415089Z NO    -6494996.57    158542606
PETRO GEO-SERV        265143Q NO   -18066142.21  399710323.6
PETRO GEO-SERV            PGS VX   -18066142.21  399710323.6
PETRO GEO-SERV            PGS GR   -18066142.21  399710323.6
PETRO GEO-SERV-N         PGSN NO   -18066142.21  399710323.6
PETRO GEO-SV-ADR        PGOGY US   -18066142.21  399710323.6
PETRO GEO-SV-ADR         PGSA GR   -18066142.21  399710323.6
PETROJACK AS             JACK BY      -54932000    191586000
PETROJACK AS             JACK PZ      -54932000    191586000
PETROJACK AS          JACKEUR EU      -54932000    191586000
PETROJACK AS             JACO IX      -54932000    191586000
PETROJACK AS              P3J GR      -54932000    191586000
PETROJACK AS            POJKF US      -54932000    191586000
PETROJACK AS             JACK EO      -54932000    191586000
PETROJACK AS             JACK EU      -54932000    191586000
PETROJACK AS          JACKEUR EO      -54932000    191586000
PETROJACK AS             JACK NO      -54932000    191586000
PETROMENA AS              PR2 GR      -47299000    317747008
PETROMENA AS            PMENA PZ      -47299000    317747008
PETROMENA AS         PMENAEUR EO      -47299000    317747008
PETROMENA AS            PMENF US      -47299000    317747008
PETROMENA AS         PMENAEUR EU      -47299000    317747008
PETROMENA AS            PMENA EO      -47299000    317747008
PETROMENA AS            PMENA EU      -47299000    317747008
PETROMENA AS            PMENA NO      -47299000    317747008
PETROMENA AS             MENA NO      -47299000    317747008
PETROMENA AS             PMEN IX      -47299000    317747008
SECURITAS DIRECT     4394201Z NO   -531628.2745  124746344.1
SKRETTING AS         4473771Z NO   -3730844.426  499611269.4
STOREBRAND EIEND     4443409Z NO   -69476764.19   1408585975
STOREBRAND EIEND     4288341Z NO   -236066034.1   4427606061
TDC AS               4287413Z NO   -95917885.43  128911202.9
TRICO SHIPPING A     3651167Z NO   -132576808.1  504945402.2
TTS SENSE AS         4393841Z NO   -30849484.35  107503145.6
UTKILEN SHIPPING     4446161Z NO   -2435448.778  205148159.9
VNG NORGE AS         4513147Z NO   -44725176.15  280935536.1

POLAND
------
TOORA                     TOR PW   -288818.3897  147004954.2
TOORA                2916661Q EO   -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
--------
AGUAS DO ZEZERE      3646223Z PL   -9497007.861  387261027.5
ALBERTO MARTINS      4488947Z PL   -26137998.21  126979395.5
CENTRO HOSPITALA     3778196Z PL   -45060064.62  149709016.7
CO DAS ENERGIAS      3794880Z PL   -2540034.474  115717930.4
COFINA                   COFI PL   -13400332.44    274876811
COFINA                  COFSI IX   -13400332.44    274876811
COFINA                  CFASF US   -13400332.44    274876811
COFINA SGPS SA           COFI EO   -13400332.44    274876811
COFINA SGPS SA           COFI TQ   -13400332.44    274876811
COFINA SGPS SA           COFI QM   -13400332.44    274876811
COFINA SGPS SA           CFNX PX   -13400332.44    274876811
COFINA SGPS SA            CFN PL   -13400332.44    274876811
COFINA SGPS SA           COFI EB   -13400332.44    274876811
COFINA SGPS SA           CFN1 PZ   -13400332.44    274876811
COFINA SGPS SA           COFI EU   -13400332.44    274876811
CP - COMBOIOS DE        1005Z PL    -3201667702   2260472073
EMPRESA PUBLICA      3646447Z PL   -18489638.67  302885151.7
ESTALEIROS NAVAI     4507307Z PL   -23829401.88  315386385.8
FERREIRAS & MAGA     4281437Z PL   -14115717.84  103226790.2
GALERIA PARQUE N     4772673Z PL    -6221557.01  176869350.5
HOSPITAL DE FARO     3789880Z PL   -59945072.08  249069905.8
HOSPITAL GARCIA      3773160Z PL   -27714243.05    131330191
LOCACAO DE EQUIP     4772329Z PL   -1031872.211  425561447.8
LYCATELCOM LDA       4281821Z PL   -8577510.562  109410577.8
METRO DO PORTO       4473963Z PL   -227787277.2   3216337049
PARQUE DA PAMPIL     4770625Z PL   -1932626.439  135631078.1
PARQUE EOLICO DE     4772521Z PL   -1450277.362  131706562.9
PORTUGALIA              1008Z PL   -4086512.545  263103585.3
RADIO E TELEVISA        1227Z PL   -874020727.2  739530129.4
REFER-REDE FERRO        1250Z PL    -1817222591  941624235.3
SERVICO DE SAUDE     3790200Z PL   -171447869.9  656234458.2
SOCIEDADE DE REN     3776676Z PL   -16609193.89  127876798.7
SOCIEDADE DE TRA        1253Z PL   -382109051.3  119848180.8
SPORTING CLUBE D         SCP1 PZ   -65884328.13  251276323.4
SPORTING CLUBE D         SCDF EO   -65884328.13  251276323.4
SPORTING CLUBE D          SCG GR   -65884328.13  251276323.4
SPORTING CLUBE D          SCP PL   -65884328.13  251276323.4
SPORTING CLUBE D         SCPX PX   -65884328.13  251276323.4
SPORTING CLUBE D         SCDF EU   -65884328.13  251276323.4
SPORTING-SOC DES         SCPL IX   -65884328.13  251276323.4
SPORTING-SOC DES         SCDF PL   -65884328.13  251276323.4
SPORTING-SOC-RTS        SCPVS PL   -65884328.13  251276323.4
SPORTING-SOC-RTS        SCPDS PL   -65884328.13  251276323.4
TAP SGPS                  TAP PL   -293253615.6   2901200999
VALE DO LOBO - R     4764257Z PL   -19458755.77  553819869.1
VISTA ALEGRE ATL     4281717Z PL   -11415079.06  119980938.8

ROMANIA
-------
ARCELORMITTAL            PTRO RO   -61080024.91  178667412.9
OLTCHIM RM VALCE        OLTCF US   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT PZ   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT RO   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT EO   -89344240.83  511515508.8
OLTCHIM SA RM VA       OLTEUR EU   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT EU   -89344240.83  511515508.8
OLTCHIM SA RM VA       OLTEUR EO   -89344240.83  511515508.8
RAFO SA                   RAF RO   -457922310.7  356796459.3
ROMPETROL RAFINA          RRC RO       -4103436   1885975424
ROMPETROL RAFINA          RRC EO       -4103436   1885975424
ROMPETROL RAFINA          RRC EU       -4103436   1885975424
ROMPETROL RAFINA       RRCEUR EO       -4103436   1885975424
ROMPETROL RAFINA       RRCEUR EU       -4103436   1885975424
ROMPETROL RAFINA          RRC PZ       -4103436   1885975424

RUSSIA
------
AKCIONERNOE-BRD         SOVP$ RU   -79749277.74  135830690.8
ALLIANCE RUSSIAN         ALRT RU    -13189410.9  138268688.3
AMO ZIL                  ZILL RM   -115900565.7    368611137
AMO ZIL-CLS             ZILL* RU   -115900565.7    368611137
AMO ZIL-CLS             ZILLG RU   -115900565.7    368611137
AMO ZIL-CLS              ZILL RU   -115900565.7    368611137
BUMMASH OJSC-BRD        BUMM* RU   -8393701.106  181897611.9
BUMMASH OJSC-BRD         BUMM RU   -8393701.106  181897611.9
DAGESTAN ENERGY          DASB RU   -41669399.94  184251142.2
DAGESTAN ENERGY          DASB RM   -41669399.94  184251142.2
DAGESTAN ENERGY         DASBG RU   -41669399.94  184251142.2
DAGESTAN ENERGY         DASB* RU   -41669399.94  184251142.2
EAST-SIBERIA-BRD         VSNK RU   -27891692.64  256817419.9
EAST-SIBERIA-BRD        VSNK* RU   -27891692.64  256817419.9
EAST-SIBERIAN-BD        VSNK$ RU   -27891692.64  256817419.9
FINANCIAL LEASIN      137282Z RU   -97179352.98  323537045.5
FINANCIAL LEASIN         FLKO RM   -97179352.98  323537045.5
FINANCIAL LE-BRD         FLKO RU   -97179352.98  323537045.5
FINANCIAL LE-BRD        FLKO* RU   -97179352.98  323537045.5
GAZ-FINANS               GAZF RU   -56134.51262  232319905.4
IZHAVTO OAO              IZAV RU    -19693756.7  474754687.9
KAMSKAYA GORNAYA     2806239Z RU   -527803788.8   1311868884
KOMPANIYA GL-BRD        GMST* RU   -12705935.35   1168280317
KOMPANIYA GL-BRD         GMST RU   -12705935.35   1168280317
M-INDUSTRIYA             SOMI RU   -1091260.252  261721440.8
MZ ARSENAL-$BRD         ARSE* RU   -17937177.88    215191909
MZ ARSENAL-$BRD          ARSE RU   -17937177.88    215191909
MZ ARSENAL-BRD          ARSE$ RU   -17937177.88    215191909
OAO SIBNEFTEGAZ          SIGA RU   -8733178.141  757597617.2
PENOPLEX-FINANS          PNPF RU   -754086.9373  140176163.3
PIK GROUP                PIKK RM   -65334860.95   4000687446
PIK GROUP               PIKK* RU   -65334860.95   4000687446
PIK GROUP               PIKKG RU   -65334860.95   4000687446
PIK GROUP                PIKK RU   -65334860.95   4000687446
PIK GROUP-GDR             PIK IX   -65334860.95   4000687446
PIK GROUP-GDR            PIQ2 GR   -65334860.95   4000687446
PIK GROUP-GDR            PIK1 EO   -65334860.95   4000687446
PIK GROUP-GDR             PIK EB   -65334860.95   4000687446
PIK GROUP-GDR             PIK LI   -65334860.95   4000687446
PIK GROUP-GDR            PIK1 QM   -65334860.95   4000687446
PIK GROUP-GDR           PKGPL US   -65334860.95   4000687446
PIK GROUP-GDR             PIK EU   -65334860.95   4000687446
PIK GROUP-GDR             PIK TQ   -65334860.95   4000687446
PROMTRACTOR-FINA         PTRF RU   -22844527.96  271197988.2
RUSSIAN TEXT-CLS        ALRTG RU    -13189410.9  138268688.3
RUSSIAN TEXT-CLS        ALRT* RU    -13189410.9  138268688.3
RYBINSKKABEL            RBKZD RU   -8532245.618  108539181.3
SEVKABEL-FINANS          SVKF RU   -83036.46173  102680373.6
SISTEMA HALS             HALS RU     -568359936   1210651008
SISTEMA HALS            HALS* RU     -568359936   1210651008
SISTEMA HALS             HALS RM     -568359936   1210651008
SISTEMA HALS            HALSM RU     -568359936   1210651008
SISTEMA HALS            HALSG RU     -568359936   1210651008
SISTEMA HALS-GDR         HALS IX     -568359936   1210651008
SISTEMA HALS-GDR         HALS LI     -568359936   1210651008
SISTEMA HALS-GDR          SYR GR     -568359936   1210651008
SISTEMA HALS-GDR         HALS TQ     -568359936   1210651008
SISTEMA-GDR 144A        SEMAL US     -568359936   1210651008
SISTEMA-GDR 144A         86PN LI     -568359936   1210651008
URGALUGOL-BRD            YRGL RU   -20765964.53  115490879.4
URGALUGOL-BRD           YRGL* RU   -20765964.53  115490879.4
URGALUGOL-BRD-PF        YRGLP RU   -20765964.53  115490879.4
VACO-BRD                VASO* RU   -27108676.04  934073954.9
VACO-BRD                 VASO RU   -27108676.04  934073954.9
VACO-PFD                VASOP RU   -27108676.04  934073954.9
VACO-PFD               VASOP* RU   -27108676.04  934073954.9
VASO                    1001Q RU   -27108676.04  934073954.9
VASO-$                  1002Q RU   -27108676.04  934073954.9
VASO-$PFD BRD          VASOP$ RU   -27108676.04  934073954.9
VASO-Q LIST             VASO$ RU   -27108676.04  934073954.9
VIMPEL SHIP-BRD          SOVP RU   -79749277.74  135830690.8
VIMPEL SHIP-BRD         SOVP* RU   -79749277.74  135830690.8
VOLGOGRAD KHIM          VHIM* RU   -36728501.72  145195344.9
VOLGOGRAD KHIM           VHIM RU   -36728501.72  145195344.9
WILD ORCHID ZAO         DOAAN RU   -11716087.47  106082784.6
ZAPSIBGASP-Q PFD       ZSGPP$ RU   -72947.51526  122459176.2
ZAPSIBGASPRO-BRD         ZSGP RU   -72947.51526  122459176.2
ZAPSIBGASPRO-BRD        ZSGP* RU   -72947.51526  122459176.2
ZAPSIBGASPROM-B         ZSGP$ RU   -72947.51526  122459176.2
ZAPSIBGASPRO-PFD       ZSGPP* RU   -72947.51526  122459176.2
ZAPSIBGASPRO-PFD        ZSGPP RU   -72947.51526  122459176.2
ZIL AUTO PLANT          ZILL$ RU   -115900565.7    368611137
ZIL AUTO PLANT-P       ZILLP* RU   -115900565.7    368611137
ZIL AUTO PLANT-P        ZILLP RM   -115900565.7    368611137
ZIL AUTO PLANT-P        ZILLP RU   -115900565.7    368611137

SERBIA
-------
DUVANSKA                 DIVR SG   -32792314.86  122255596.4

SLOVENIA
--------
ISTRABENZ                ITBG EO   -3710053.919   1192276746
ISTRABENZ                ITBG SV   -3710053.919   1192276746
ISTRABENZ                ITBG PZ   -3710053.919   1192276746
ISTRABENZ                ITBG EU   -3710053.919   1192276746

SPAIN
-----
AMCI HABITAT SA          AMC3 EO   -24580874.45  194758143.4
AMCI HABITAT SA           AMC SM   -24580874.45  194758143.4
AMCI HABITAT SA          AMC1 EU   -24580874.45  194758143.4
AURIGACROWN CAR      3791672Z SM   -9696329.512  319009666.2
BASF CONSTRUCTIO     4511259Z SM   -175550365.3  296395765.4
BAXI CALEFACCION     4029741Z SM   -16038399.69  313088537.4
BOSCH SISTEMAS D     4505475Z SM   -295419977.8  205556877.2
BOUYGUES INMOBIL     3636247Z SM   -13608696.28  203210905.9
CAIXARENTING SA      4500211Z SM   -13655312.55   1651010629
CAJA DE AHORROS       929362Z SM   -361326816.2  37311046644
CELAYA EMPARANZA     3642467Z SM   -19428468.87  176340504.9
CONFORAMA ESPANA     3771496Z SM   -7499882.185  125121785.8
COPERFIL GROUP        704457Z SM   -3700858.975    403826723
DTZ IBERICA ASES        1658Z SM   -130770583.4    611187363
ELECTRODOMESTICO     1035184Z SM   -89882980.98  104386627.5
ERICSSON NETWORK     4367417Z SM   -30313203.28  358279281.1
FABRICAS AGRUPAD     3638319Z SM   -32596694.58  286240670.7
FBEX PROMO INMOB     3745024Z SM   -820001.0305   1142937522
FIAT GROUP AUTOM     4511067Z SM   -30064519.13  367730368.2
FMC FORET SA         3642299Z SM   -28605523.78  225458069.6
GALERIAS PRIMERO     3281527Z SM   -2731015.072  124875853.4
GE POWER CONTROL     3744144Z SM   -25412232.52  973735754.8
GENERAL MOTORS E     4286805Z SM   -323089753.8   2783002632
GLENCORE ESPANA      3752336Z SM   -24493084.81    140668008
HIDROCANTABRICO      4456745Z SM   -213762090.5  376644969.1
INITEC ENERGIA S     3637759Z SM   -1230006.429  256846609.3
ISOFOTON SA          1039291Z SM     -401482382  218392769.3
JAZZ TELECOM SA      3646927Z SM   -639496600.9    784724811
LA SIRENA ALIMEN     4375737Z SM   -45848483.56  200881094.4
LEVANTINA Y ASOC      993382Z SM    -47134829.4  798577836.1
MAGNETI MARELLI      3643903Z SM   -6218714.533  169480205.1
MARTINSA FADESA          MFAD PZ    -3316202978   7060944147
MARTINSA FADESA           4PU GR    -3316202978   7060944147
MARTINSA FADESA           MTF EO    -3316202978   7060944147
MARTINSA FADESA          MTF1 LI    -3316202978   7060944147
MARTINSA FADESA           MTF EU    -3316202978   7060944147
MARTINSA FADESA           MTF SM    -3316202978   7060944147
MARTINSA-FADESA           MTF NR    -3316202978   7060944147
NYESA VALORES CO          NYE EU   -99766729.91  812943907.9
NYESA VALORES CO          BES EO   -99766729.91  812943907.9
NYESA VALORES CO          NYE EO   -99766729.91  812943907.9
NYESA VALORES CO          NYE SM   -99766729.91  812943907.9
NYESA VALORES CO          BES EU   -99766729.91  812943907.9
NYESA VALORES CO         BESS PZ   -99766729.91  812943907.9
NYESA VALORES CO          BES TQ   -99766729.91  812943907.9
NYESA VALORES CO          NYE TQ   -99766729.91  812943907.9
NYESA VALORES CO          7NY GR   -99766729.91  812943907.9
NYESA VALORES CO          BES SM   -99766729.91  812943907.9
ORANGE CATALUNYA     4365565Z SM   -25422547.72  113962331.9
PANRICO SL              1087Z SM   -132677120.8   1306407522
PULLMANTUR SA         301590Z SM   -77746125.07    127835603
RANDSTAD EMPLEO      4285885Z SM   -58878158.21  370434699.9
REAL ZARAGOZA SA     4285533Z SM    -26642893.2  155342765.2
REYAL URBIS SA           REY1 EU   -425677105.6   5777458693
REYAL URBIS SA           REY1 EO   -425677105.6   5777458693
REYAL URBIS SA            REY SM   -425677105.6   5777458693
REYAL URBIS SA           REYU PZ   -425677105.6   5777458693
SA DE SUPERMERCA     4373489Z SM   -24370843.85  162576231.9
SIDERURGICA SEVI     3755616Z SM   -6175305.125  255962721.9
SOGECABLE MEDIA      3638359Z SM   -3018000.191  182987292.3
SPANAIR                 1174Z SM   -592075778.7  449250970.6
SUPERMERCADOS CH     3635999Z SM   -49108101.19  430829438.2
SUPERMERCADOS CO     4285781Z SM   -6271873.083  110251382.6
TELEVISION AUTON     3772924Z SM   -148813632.8  119454851.8
TIP TRAILERS ESP     3804444Z SM   -11109283.92  130713925.8
TROPICAL TURISTI     3639071Z SM   -25374266.69    535701945
TWINS ALIMENTACI     4381793Z SM   -49677879.17  298164942.5
TYCO ELECTRONICS     2335265Z SM     -120345346  343202188.9
UNITEC UNION TIE     3801344Z SM   -23207409.48  131213302.5
UNIVERSAL MUSIC      3748312Z SM   -113641266.3  100627411.6
VIA OPERADOR PET     4510507Z SM   -22002322.05  129961207.4

SWEDEN
------
KAROLINEN FASTIG     4008644Z SS   -906745.1282  122777361.3
PHADIA AB             842347Z SS   -140406774.4   2127579095
STENA RECYCLING      4011316Z SS   -10675550.11  346046832.8
SWEDISH MA-RE RT       SWMASR SS   -213512979.5   2124668074
SWEDISH MAT-ADR          SWMA GR   -213512979.5   2124668074
SWEDISH MAT-ADR      3053566Q US   -213512979.5   2124668074
SWEDISH MATCH             SWD LI   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAEUR EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA GK   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA PZ   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAUSD EO   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA NR   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA TQ   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA LI   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA SS   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EB   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBP EO   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA NQ   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBX EO   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAUSD EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA IX   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA QM   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EO   -213512979.5   2124668074
SWEDISH MATCH AB          SWM VX   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA BY   -213512979.5   2124668074
SWEDISH MATCH AB          SWM GR   -213512979.5   2124668074
SWEDISH MATCH AB        SWMAF US   -213512979.5   2124668074
SWEDISH MATCH AB        SWMDF US   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA S1   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAEUR EO   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBX EU   -213512979.5   2124668074
SWEDISH MATCH- B        SWMWF US   -213512979.5   2124668074
SWEDISH MATCH-B         3033P US   -213512979.5   2124668074
SWEDISH MAT-RTS         SWMYR US   -213512979.5   2124668074
SWEDISH M-UN ADR        SWMAY US   -213512979.5   2124668074

TURKEY
------
BESIKTAS FUTBOL         BJKAS TI   -94748145.95  140991569.3
BESIKTAS FUTBOL           BWX GR   -94748145.95  140991569.3
BESIKTAS FUTBOL        BJKASY TI   -94748145.95  140991569.3
BESIKTAS FUTBOL        BJKASM TI   -94748145.95  140991569.3
BESIKTAS FUTBOL         BKTFF US   -94748145.95  140991569.3
EGS EGE GIYIM VE        EGDIS TI   -7732135.103  147075077.7
EGS EGE GIYIM-RT       EGDISR TI   -7732135.103  147075077.7
GALATASARAY SPOR          GSY GR   -4380459.912  184132637.7
GALATASARAY SPOR        GATSF US   -4380459.912  184132637.7
GALATASARAY SPOR         GALA IX   -4380459.912  184132637.7
GALATASARAY SPOR        GSRAY TI   -4380459.912  184132637.7
GALATASARAY-NEW        GSRAYY TI   -4380459.912  184132637.7
IKTISAT FINAN-RT       IKTFNR TI   -46900666.64  108228233.6
IKTISAT FINANSAL        IKTFN TI   -46900666.64  108228233.6
KEREVITAS GIDA          KVTGF US    -4054982.47  114054263.4
KEREVITAS GIDA          KERVT TI    -4054982.47  114054263.4
MUDURNU TAVUKC-N       MDRNUN TI    -64935052.1  160420187.4
MUDURNU TAVUKCUL        MDRNU TI    -64935052.1  160420187.4
SIFAS                   SIFAS TI    -15439194.7    130608104

UKRAINE
-------
AZOVZAGALMASH MA         AZGM UZ   -42249438.53  336677635.6
DONETSKOBLENERGO         DOON UZ   -214112885.3  396954757.6
LUGANSKGAS               LYGZ UZ   -25247035.77    123851487
LUGANSKOBLENERGO         LOEN UZ   -28261772.82  197883850.6
MARIUP-GDR REG S          M9X GR   -11661586.28  260791838.5
MARIUP-GDR REG S         MZVM IX   -11661586.28  260791838.5
MARIUPOL HEAVY M         MZVM UZ   -11661586.28  260791838.5
NAFTOKHIMIK PRIC         NAFP UZ    -22522408.4  344629436.5
NAFTOKHIMIK-GDR          N3ZA GR    -22522408.4  344629436.5
ODESSA OIL REFIN         ONPZ UZ   -111365037.3  482408330.5
ZALK - PFTS              ZALK UZ   -43917605.26  146530718.8

UNITED KINGDOM
--------------
3I PLC               2346795Z LN   -40072013.14  518266360.4
600 UK LTD           1282018Z LN   -731250.5356  123671540.8
A & L CF DECEMBE     1449258Z LN   -1168298.788    717098206
ABF GRAIN PRODUC     1276922Z LN   -124487759.2    399205741
ACCIDENT EXCHANG     1927374L LN   -33094543.84  273916447.7
ACE INA SERVICES     1442282Z LN   -56846654.06  155841457.8
ACIS GROUP LTD       4159557Z LN   -29529317.19  122639068.7
ACORN CARE AND E     1238567Z LN    -70886168.8  120665053.6
ACROMAS HOLDINGS     3109266Z LN    -2744136431  11102400350
AEA TECHNOLO-FPR         AATF LN   -254011230.2  116074481.7
AEA TECHNOLO-FPR         AATF PZ   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT PO   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT VX   -254011230.2  116074481.7
AEA TECHNOLOGY          EAETF US   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT IX   -254011230.2  116074481.7
AEA TECHNOLOGY            AEY GR   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT LN   -254011230.2  116074481.7
AEA TECHNOLOGY G       AATGBP EO   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT EO   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT PZ   -254011230.2  116074481.7
AEA TECHNOLOGY G          89A GR   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT EU   -254011230.2  116074481.7
AEA TECHNOLO-NPR         AATN LN   -254011230.2  116074481.7
AEA TECHNOLO-NPR         AATN PZ   -254011230.2  116074481.7
AFFINITI INTEGRA     1651064Z LN   -641336281.2  234937228.8
AGA RANGEMASTER      4160101Z LN   -135154885.9    370549810
AGORA SHOPPING C      214766Z LN   -21850071.32  248692721.6
AIRTOURS PLC            ATORF US   -379721780.5   1817512774
AIRTOURS PLC              AIR LN   -379721780.5   1817512774
AIRTOURS PLC              AIR VX   -379721780.5   1817512774
ALAN DICK & CO H     2941227Z LN   -146634457.4  106441879.6
ALBANY ASSISTANC     1679512Z LN    -6889320.76  136534194.9
ALBANY VEHICLE R     1775873Z LN   -6397402.932  178963029.1
ALCATEL-LUCENT T     2645055Z LN   -8743499.127  423399404.1
ALIXPARTNERS LTD     2578482Z LN   -20704239.37  115351021.9
ALLIANCE & LEICE     1603082Z LN   -362196734.3   3707298376
ALLIANZ MANAGEME     4160221Z LN    -60281459.6  149113920.3
ALTON TOWERS RES     4496763Z LN   -10652990.57  233239679.4
AMER BUS SYS              ARB LN     -497126976    121439000
ANGLESEY ALUMINI     3899138Z LN   -31293037.69  162854170.3
ANGLESEY ALUMINI     1363682Z LN   -92021199.08  162854170.3
ANKER PLC                DW14 GR   -21861359.81    115463159
ANKER PLC                 ANK LN   -21861359.81    115463159
ANKER PLC                 ANK PO   -21861359.81    115463159
ANKER PLC - ASSD         ANKC LN   -21861359.81    115463159
ANKER PLC - ASSD         ANKB LN   -21861359.81    115463159
ANKER PLC-ASSD           ANKA LN   -21861359.81    115463159
APPERLEY REALISA     3951420Z LN   -32792784.91  184057205.1
APPLE RETAIL UK      1237895Z LN   -16281873.04  233983518.8
ARGENTA UNDERWRI     2619614Z LN    -1752171.43  135965410.7
ASHWELL PROPERTY     4165857Z LN   -192048023.3  200163088.3
ASPIRE HOUSING L     1820890Z LN   -76622621.06  145635258.6
ASTRIUM LTD          2568578Z LN   -83582811.42  443414715.3
AT KEARNEY HOLDI     4168565Z LN   -712649.2612  420870276.2
ATKINS (WS) PLC        ATKGBP EO   -167977705.2   1532560636
ATKINS (WS) PLC           6W2 GK   -167977705.2   1532560636
ATKINS (WS) PLC         WATKF US   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK QM   -167977705.2   1532560636
ATKINS (WS) PLC           ATK BQ   -167977705.2   1532560636
ATKINS (WS) PLC         WATKY US   -167977705.2   1532560636
ATKINS (WS) PLC           ATK TQ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK NR   -167977705.2   1532560636
ATKINS (WS) PLC           ATK S1   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EB   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EU   -167977705.2   1532560636
ATKINS (WS) PLC           6W2 GR   -167977705.2   1532560636
ATKINS (WS) PLC           ATK VX   -167977705.2   1532560636
ATKINS (WS) PLC           ATK LN   -167977705.2   1532560636
ATKINS (WS) PLC        ATKEUR EO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK PZ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK NQ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK PO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK IX   -167977705.2   1532560636
ATKINS (WS) PLC        ATKEUR EU   -167977705.2   1532560636
ATP OIL & GAS UK     1885966Z LN   -60472161.29  263293265.1
AUTOMOBILE ASSOC     1479490Z LN   -52415369.19   2231197485
AVAYA UK             1700688Z LN   -28200251.54  331855473.3
AVIVA CENTRAL SE     4503755Z LN   -118366561.9  856513593.7
AVIVA EMPLOYMENT     1749312Z LN    -1680147587  169329942.7
BAE SYSTEMS INTE     2344987Z LN   -27179921.77  518682274.2
BAE SYSTEMS LAND     1069210Z LN   -74963208.91  373186409.6
BAE SYSTEMS LAND     1111359Z LN   -532890637.3  384593854.4
BAE SYSTEMS PROP     1151751Z LN   -87647151.12  896957185.8
BAE SYSTEMS SURF     1979118Z LN   -459281987.9  278902868.6
BANNER HOMES WES     1434946Z LN   -2194672.776    103230794
BARCHESTER HOLDC     4391889Z LN   -29571912.71   1847591976
BARRACUDA GROUP         3636Z LN   -395586366.9    328358578
BASINGHALL FINAN     1127799Z LN   -9913804.539  605593711.5
BAT CHINA LTD        1281226Z LN   -242792796.6  103934859.5
BAT UK & EXPORT      4509491Z LN   -349911284.7   2485988824
BDP HOLDINGS LTD     3796920Z LN   -4078321.526  113196276.2
BENTLEY MOTORS L     1376666Z LN   -161438838.6  949891659.2
BETFAIR LTD            83844Z LN   -18103010.97  446483786.1
BEZIER ACQUISITI      610152Z LN   -57556435.01  153054878.1
BGE UK LTD           1653368Z LN   -34093758.69  497857124.3
BIFFA LTD                BIFF LN   -380391564.8   3021695633
BIFFA PLC            3567279Q GR   -380391564.8   3021695633
BIFFA PLC            2758822Q EO   -380391564.8   3021695633
BIFFA PLC            2758806Q EO   -380391564.8   3021695633
BIFFA PLC            2758798Q EO   -380391564.8   3021695633
BIFFA PLC            2758818Q EU   -380391564.8   3021695633
BIFFA PLC            2758802Q EO   -380391564.8   3021695633
BIFFA PLC            2758794Q EU   -380391564.8   3021695633
BIFFA PLC                BIFF PZ   -380391564.8   3021695633
BIFFA PLC               BIFAF US   -380391564.8   3021695633
BIFFA PLC                BIFF IX   -380391564.8   3021695633
BIRDS EYE IGLO       2332487Z LN   -427711801.4   3363661535
BIRSE CIVILS LTD     1333506Z LN   -17529759.02  148612506.4
BLACK & EDGINGTO          BLE LN   -124570092.3  130962299.8
BLUEWATER OPERAT     1685912Z LN   -21362577.22    115391731
BLUEWATER UK LTD     1719216Z LN   -41317209.46  139131490.7
BMI                     1113Z LN   -216730247.2  520473243.2
BNB RECRUITMENT           BQX GR   -10242625.55    103637705
BNB RECRUITMENT           BNB PO   -10242625.55    103637705
BNB RECRUITMENT           BNB IX   -10242625.55    103637705
BNB RECRUITMENT         BNBRF US   -10242625.55    103637705
BNB RECRUITMENT           BNB LN   -10242625.55    103637705
BODYCOTE HEAT TR      620598Z LN   -8532256.336  101101483.7
BOLTON WANDERERS     1274042Z LN   -51607913.21  134186447.2
BOSTON MAYFLOWER     1845650Z LN   -38702577.78  104489726.5
BOVIS LEND LEASE     2540850Z LN   -447807.1747  128240779.6
BP EXPLORATION A     1085738Z LN   -11474454.61   1521107023
BP SHIPPING          1281618Z LN   -33953796.77  422714181.4
BRADSTOCK GROUP         BSKGF US   -1855444.639  268563822.5
BRADSTOCK GROUP           BDK LN   -1855444.639  268563822.5
BRB RESIDUARY LT     2872503Z LN   -300504689.6  399749459.7
BRICKAGENT LTD       1194055Z LN   -6815890.411    330168624
BRIT BROADCAST          1517Z LN   -582276768.4   4439917375
BRIT ENERGY LTD       523362Q LN    -5822867501   4921095750
BRIT ENERGY PLC          BEN1 GR    -5822867501   4921095750
BRIT ENERGY PLC         BHEGF US    -5822867501   4921095750
BRIT ENERGY PLC         BGYEF US    -5822867501   4921095750
BRIT ENERGY PLC       555140Q VX    -5822867501   4921095750
BRIT ENERGY-A            BENA GR    -5822867501   4921095750
BRIT ENERGY-ADR         BHEFF US    -5822867501   4921095750
BRITISH ENER-$US         BGYD AR    -5822867501   4921095750
BRITISH ENER-$US       BGYNYD AR    -5822867501   4921095750
BRITISH ENER-ADR        BGYNY US    -5822867501   4921095750
BRITISH ENER-BLK       BGYNYB AR    -5822867501   4921095750
BRITISH ENER-BLK         BGYB AR    -5822867501   4921095750
BRITISH ENER-C/E       BGYNYC AR    -5822867501   4921095750
BRITISH ENER-C/E         BGYC AR    -5822867501   4921095750
BRITISH ENER-CED          BGY AR    -5822867501   4921095750
BRITISH ENER-CED        BGYNY AR    -5822867501   4921095750
BRITISH ENERGY-A         BGYA PO    -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN    -5822867501   4921095750
BRITISH ENERGY-A        BHEAF US    -5822867501   4921095750
BRITISH ENERGY-A        BGYGF US    -5822867501   4921095750
BRITISH ENERGY-A         BGYA VX    -5822867501   4921095750
BRITISH TRANSPOR     4015740Z LN   -283990419.8  154845540.2
BRIXTON GREAT WE     1242343Z LN   -24193317.48  164120047.9
BT SWITZERLAND L     1924382Z LN   -33792470.09  108013506.1
BTG INTERNATIONA     2815068Z LN   -15299768.54  384925017.9
BUNZL VENDING SE     1626514Z LN   -3627717.453    117295226
BURNDEN LEISURE           BDL LN   -34303346.66  148833324.3
CALSONIC KANSEI      1541442Z LN   -38998494.18  298627314.6
CALSONIC KANSEI      2730264Z LN   -112686897.5    233439821
CANARY WHARF FIN     1198063Z LN   -133871013.2   4239121844
CARILLION CONSTR     1328554Z LN   -62296373.48   2641870601
CARILLION SERVIC     1692592Z LN   -6947459.591  181597321.7
CARISBROOKE ANGL     3815488Z LN   -67887962.81  125396545.6
CATTLES PLC               CZS GR   -599615492.2   3880885246
CATTLES PLC               CTT PZ   -599615492.2   3880885246
CATTLES PLC             CHOXF US   -599615492.2   3880885246
CATTLES PLC            CTTSEK EO   -599615492.2   3880885246
CATTLES PLC               CTT EU   -599615492.2   3880885246
CATTLES PLC            CTTEUR EU   -599615492.2   3880885246
CATTLES PLC            CTTUSD EO   -599615492.2   3880885246
CATTLES PLC               CTT LN   -599615492.2   3880885246
CATTLES PLC            CTTUSD EU   -599615492.2   3880885246
CATTLES PLC               CTT VX   -599615492.2   3880885246
CATTLES PLC            CTTGBP EO   -599615492.2   3880885246
CATTLES PLC               CTT BQ   -599615492.2   3880885246
CATTLES PLC               CTT NR   -599615492.2   3880885246
CATTLES PLC            CTTEUR EO   -599615492.2   3880885246
CATTLES PLC               CTT QM   -599615492.2   3880885246
CATTLES PLC               CTT IX   -599615492.2   3880885246
CATTLES PLC               CTT TQ   -599615492.2   3880885246
CATTLES PLC               CTT EO   -599615492.2   3880885246
CATTLES PLC               CTT NQ   -599615492.2   3880885246
CATTLES PLC               CTT PO   -599615492.2   3880885246
CATTLES PLC               CTT EB   -599615492.2   3880885246
CATTLES PLC            CTTSEK 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          CTTN LN   -599615492.2   3880885246
CATTLES PLC-NPR          CTTN PZ   -599615492.2   3880885246
CATTLES PLC-NPR      2843734Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      2843730Q EU   -599615492.2   3880885246
CATTLES PLC-NPR      2843726Q EO   -599615492.2   3880885246
CATTLES PLC-NPR          CTTN IX   -599615492.2   3880885246
CATTLES PLC-NPR          CCTN PZ   -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
CENTRICA NORWAY      2715576Z LN   -80242474.89  583750056.8
CENTRICA SHB LTD     1619386Z LN   -17242062.52   1058303961
CHANNEL 5 TELEVI       93306Z LN   -61651242.02  459075420.3
CHELSEA FOOTBALL     1508858Z LN   -594070533.6  390331439.9
CHRYSALIS GROUP        CHSUSD EO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS EO   -16399845.81  124838262.3
CHRYSALIS GROUP           HR4 GR   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSEUR EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSUSD EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSGBP EO   -16399845.81  124838262.3
CHRYSALIS GROUP         CYGUF US   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSEUR EO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS PO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS LN   -16399845.81  124838262.3
CHRYSALIS GROUP         CLYSF US   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS PZ   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS VX   -16399845.81  124838262.3
CHRYSALIS GROUP           5CY GR   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS IX   -16399845.81  124838262.3
CITY INN LTD         2196980Z LN   -58757237.01  347215498.4
CLIPPER WINDPOWE          CWP EU     -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN     -168322000    436419008
CLIPPER WINDPOWE          C2W GR     -168322000    436419008
CLIPPER WINDPOWE          CWP PG     -168322000    436419008
CLIPPER WINDPOWE          CWP IX     -168322000    436419008
CLIPPER WINDPOWE         CWPA LN     -168322000    436419008
CLIPPER WINDPOWE          CWP LN     -168322000    436419008
CLIPPER WINDPOWE          CWP PZ     -168322000    436419008
CLIPPER WINDPOWE          CWP EO     -168322000    436419008
CLIPPER WINDPOWE        CRPWF US     -168322000    436419008
CODEMASTERS SOFT     1522434Z LN   -139317421.8    165497678
COLAS RAIL LTD       4515415Z LN   -7305847.237  121887967.1
COMMERCIAL VEHIC     1575514Z LN   -19637.28046    146760852
COMMUNITY HOUSIN     4448257Z LN    -14511411.3  202470921.6
COMO HOLDINGS UK     3818576Z LN   -23709992.86  122013803.9
CONNECT M77/GSO      2028763Z LN   -30886645.59  222325514.3
CONNECT UTILITIE     2112683Z LN   -3401577.872  137324627.2
CONVENIENCE FOOD     1555794Z LN   -22712290.27  762249431.8
COOLKEERAGH ESB      4471679Z LN   -52669832.08  317763242.1
CORAL ESTATES LT     1077210Z LN   -2705934.021  167720044.9
COTT BEVERAGES L      605912Z LN   -16895546.47  184391857.8
COTT RETAIL BRAN     4499739Z LN    -15275862.4  184176726.3
CPI MORTARS LTD      1751696Z LN   -24785356.36  119460176.9
CROSBY GROUP PLC      237335Z LN   -110125991.6  336586360.4
CROSS KEYS HOMES     2008711Z LN   -123895266.7  168685502.5
CROWN BLUE LINE      1369234Z LN   -4505817.837  108693619.6
CSC METROCENTRE      1203663Z LN   -177523497.7    231888247
CUCINA LUX INVES     4503083Z LN   -332083965.3   3040705457
DANE HOUSING GRO     1773129Z LN   -27596778.77  113099606.8
DANKA BUS SYSTEM     3205287Q EU     -497126976    121439000
DANKA BUS SYSTEM     3205283Q EO     -497126976    121439000
DANKA BUS SYSTEM          DNK PZ     -497126976    121439000
DANKA BUS SYSTEM          DNK IX     -497126976    121439000
DANKA BUS SYSTEM          DNK PO     -497126976    121439000
DANKA BUS SYSTEM        DANKF US     -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO     -497126976    121439000
DANKA BUS SYSTEM          DNK LN     -497126976    121439000
DANKA BUS SYSTEM          DNK VX     -497126976    121439000
DANKA BUS-$US CE        DANKD AR     -497126976    121439000
DANKA BUS-ADR             DB6 GR     -497126976    121439000
DANKA BUS-ADR           DANKY US     -497126976    121439000
DANKA BUS-ADR            AP39 LI     -497126976    121439000
DANKA BUS-ADR           DANKE US     -497126976    121439000
DANKA BUS-BLK CE        DANKB AR     -497126976    121439000
DANKA BUS-C/E CE        DANKC AR     -497126976    121439000
DANKA BUS-CEDEAR         DANK AR     -497126976    121439000
DCK GROUP LTD        4006628Z LN   -23972516.74  108515833.6
DELTA 3 UK LTD       4087083Z LN    -2278970462   8024284919
DERBY TELEGRAPH      1289578Z LN   -1870558.999  120329230.3
DHL EXPRESS UK L     1564450Z LN   -588968969.9  178269906.1
DIAMOND RESORT H     1710824Z LN   -33182092.85  203141679.9
DIAMOND RESORTS      1578906Z LN   -53932408.74    189968468
DIGNITY PLC            DTYGBP EO    -7483559.99  645145234.1
DIGNITY PLC               DTY LN    -7483559.99  645145234.1
DIGNITY PLC             DGNYF US    -7483559.99  645145234.1
DIGNITY PLC               DTY EU    -7483559.99  645145234.1
DIGNITY PLC               DTY EB    -7483559.99  645145234.1
DIGNITY PLC               DTY EO    -7483559.99  645145234.1
DIGNITY PLC            DTYUSD EU    -7483559.99  645145234.1
DIGNITY PLC               DN8 GR    -7483559.99  645145234.1
DIGNITY PLC               DTY NQ    -7483559.99  645145234.1
DIGNITY PLC            DTYEUR EO    -7483559.99  645145234.1
DIGNITY PLC               DTY QM    -7483559.99  645145234.1
DIGNITY PLC               DTY PZ    -7483559.99  645145234.1
DIGNITY PLC              DN8A GR    -7483559.99  645145234.1
DIGNITY PLC              DN8B GR    -7483559.99  645145234.1
DIGNITY PLC               DTY IX    -7483559.99  645145234.1
DIGNITY PLC               DTY BQ    -7483559.99  645145234.1
DIGNITY PLC               DTY VX    -7483559.99  645145234.1
DIGNITY PLC            DTYUSD EO    -7483559.99  645145234.1
DIGNITY PLC               DTY PO    -7483559.99  645145234.1
DIGNITY PLC               DTY S1    -7483559.99  645145234.1
DIGNITY PLC               DTY NR    -7483559.99  645145234.1
DIGNITY PLC               DTY TQ    -7483559.99  645145234.1
DIGNITY PLC            DTYEUR EU    -7483559.99  645145234.1
DIGNITY PLC              DN8A GK    -7483559.99  645145234.1
DISNEY MAGIC CO      1182559Z LN    -5415863.48    393500085
DISPOSABLE SOFT      1124335Z LN   -25554763.54  154077028.1
DONCASTERS PLC          2248Z LN   -317308195.4   1941958348
DONCASTERS-ADR        295664Q US   -317308195.4   1941958348
DRIVE ASSIST HOL     3641135Z LN   -97603977.94  738866338.9
DTZ DEBENHAM TIE     1637608Z LN   -65367918.17    431959182
E ON RUHRGAS UK      1671208Z LN     -182307521  370250605.6
E ON UK CHP LTD      2642428Z LN   -475664052.2  262876104.5
EASYJET AIRLINE      2828740Z LN   -48690159.99   3487432812
EASYNET GROUP             ESY LN   -60380605.51  334049332.2
EASYNET GROUP             ESY PO   -60380605.51  334049332.2
EASYNET GROUP             EAY GR   -60380605.51  334049332.2
EASYNET GROUP           EZNGF US   -60380605.51  334049332.2
EASYNET GROUP             ESY VX   -60380605.51  334049332.2
EASYNET GROUP-CV       91009Z LN   -60380605.51  334049332.2
ECONOMIST NEWSPA        6888Z LN   -2941080.267  399071232.6
EDF ENERGY 1 LTD     1201287Z LN   -185411355.3  354815290.3
ELECTROLUX PLC       2830657Z LN   -35611895.33  621721997.2
EMCOR GROUP UK P      376717Z LN   -3523625.215  201259239.8
EMCOR UK LTD         4510091Z LN   -1583152.765  200493228.1
EMI GROUP -ASSD          EMIA LN    -2265916257   2950021937
EMI GROUP LTD             EMI LN    -2265916257   2950021937
EMI GROUP PLC        3020138Q GR    -2265916257   2950021937
EMI GROUP PLC           EMIPF US    -2265916257   2950021937
EMI GROUP PLC             EMI VX    -2265916257   2950021937
EMI GROUP PLC             EMI IX    -2265916257   2950021937
EMI GROUP PLC             EMI PO    -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN    -2265916257   2950021937
EMI GROUP-ADR            38IS LN    -2265916257   2950021937
EMI GROUP-ADR           EMIPY US    -2265916257   2950021937
EMI GROUP-ADR            EMI$ LN    -2265916257   2950021937
ENERGY POWER RES      510443Z LN   -93963662.92  168611857.1
EQUINITI LTD          977621Z LN   -93668087.43  951504738.1
EQUITY INSURANCE     1284698Z LN    -17694968.8  178126828.2
ERM-EUROPE LTD       1539482Z LN   -6189230.383  168410403.4
ESPORTA HEALTH &     1689624Z LN   -15075296.84  156183034.4
EUROPEAN HOME          EHREUR EU   -14328735.16  110864081.4
EUROPEAN HOME             EHR EU   -14328735.16  110864081.4
EUROPEAN HOME           FPAKF US   -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             EHR PO   -14328735.16  110864081.4
EUROPEAN HOME          EHREUR EO   -14328735.16  110864081.4
EUROPEAN HOME             EHR VX   -14328735.16  110864081.4
EUROPEAN HOME             EHR EO   -14328735.16  110864081.4
EUROPEAN HOME             EHR PZ   -14328735.16  110864081.4
EUROPEAN HOME             EHR LN   -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN    -2612284156  558131218.9
EXXONMOBIL MARIN     1196527Z LN   -11436778.26  350633878.1
FAIRLINE BOATS H     4498779Z LN   -13944238.58  114504852.8
FAREPAK PLC               FPK LN   -14328735.16  110864081.4
FIAT GROUP AUTOM     3899922Z LN   -7664234.882  421296185.4
FINANCIAL SERVIC     2630281Z LN   -167558381.3  246856182.8
FIRST CHOICE HOL     1098394Z LN   -599861682.6  608849393.2
FIRST MANCHESTER     1651368Z LN   -24200051.04  144244194.9
FITNESS FIRST CL     1734144Z LN   -4542316.813  262997348.7
FITNESS FIRST GR     4501843Z LN   -831355754.2   1655609515
FLUKE PRECISION      1429402Z LN   -991319.9558  125904210.3
FLYBE LTD               6621Z LN   -118366561.9  450450527.2
FORD MOTOR CO LT     1291306Z LN   -493779397.8   5534240380
FOUR SEASONS HEA     1865450Z LN     -103869946    365540616
FUNDING CORP LTD     4157637Z LN   -28925795.68  201083535.3
FW FARNSWORTH LT     1293386Z LN   -38614609.29  102562597.5
GALA GROUP LTD         19374Z LN    -1443271177   5876950503
GALIFORM CORPORA     1478794Z LN    -47866839.4  904819053.8
GAMESTEC LEISURE     1432626Z LN   -26296700.79  146168301.5
GARTLAND WHALLEY          GWB LN    -10986768.6  145352034.5
GDF SUEZ MARKETI     4502811Z LN   -34122449.42  563945963.1
GE CALEDONIAN LT     2178340Z LN   -54963000.56  439227996.7
GE CAPITAL EQUIP     2563466Z LN    -3085527.46  119650545.9
GE MONEY SECURED     1194559Z LN   -118319538.8  890770764.4
GENERAL MOTORS       1062338Z LN   -912103488.1   2014993677
GLAXOSMITHKLINE         1426Z LN   -14428237.79  13870592118
GLEESON DEVELOPM     3950756Z LN      -65495092  111803622.2
GLOBAL CROSSING      3629883Z LN   -353965082.8  492328850.3
GLOBAL RADIO SER     4171741Z LN   -66177933.43  124610180.3
GO-AHEAD GRO-ADR        GHGUY US   -22138864.97   1524307576
GO-AHEAD GROUP         GOGGBP EO   -22138864.97   1524307576
GO-AHEAD GROUP            GOG VX   -22138864.97   1524307576
GO-AHEAD GROUP            GOG TQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG IX   -22138864.97   1524307576
GO-AHEAD GROUP         GOGUSD EU   -22138864.97   1524307576
GO-AHEAD GROUP            GOG PZ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EU   -22138864.97   1524307576
GO-AHEAD GROUP         GOGEUR EU   -22138864.97   1524307576
GO-AHEAD GROUP            GOG NQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG S1   -22138864.97   1524307576
GO-AHEAD GROUP            G9X GR   -22138864.97   1524307576
GO-AHEAD GROUP            GOG PO   -22138864.97   1524307576
GO-AHEAD GROUP          GHGUF US   -22138864.97   1524307576
GO-AHEAD GROUP            GOG LN   -22138864.97   1524307576
GO-AHEAD GROUP            GOG BQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG NR   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EO   -22138864.97   1524307576
GO-AHEAD GROUP            G9X GK   -22138864.97   1524307576
GO-AHEAD GROUP            GOG QM   -22138864.97   1524307576
GO-AHEAD GROUP         GOGUSD EO   -22138864.97   1524307576
GO-AHEAD GROUP         GOGEUR EO   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EB   -22138864.97   1524307576
GONDOLA GROUP LT     4499995Z LN   -284524422.8   1496226646
GOODRICH CONTROL     3631571Z LN   -204049997.3  694498740.9
GOODYEAR DUNLOP      3894550Z LN   -191322012.8    287023355
GRAINGER FINANCE     1850494Z LN   -22474336.95   1950379725
GRANT THORNTON U      961842Z LN    -53048686.7    407603310
GREEN (E) & PART          GEP LN   -32392901.23  196106689.5
HALDEX CONCENTRI     4160093Z LN   -29953316.08  111499657.3
HARMSWORTH PRINT     1552314Z LN   -10886430.88  200919014.7
HARMSWORTH PRINT     1719464Z LN   -20627005.31  199220095.8
HARMSWORTH QUAYS     1552378Z LN   -104222080.4  297855927.3
HAS ACCIDENT MAN     3815368Z LN   -15457607.26  491008239.2
HAYMARKET GROUP      4158941Z LN     -100498143  307693877.6
HELPHIRE FINANCE     1704464Z LN   -6187093.256  120517778.6
HESS INDONESIA P     1705776Z LN   -56622019.25  582889084.6
HOGG ROBINSON GR          HRG LN   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGEUR EU   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG EU   -25479764.27  756214238.4
HOGG ROBINSON GR        HOGGF US   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG EO   -25479764.27  756214238.4
HOGG ROBINSON GR          DQX GR   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG VX   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGEUR EO   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG S1   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG PZ   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG IX   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGGBP EO   -25479764.27  756214238.4
HOLIDAY AUTOS IN     1155863Z LN   -52099341.51  222704774.4
HOME RETAIL GROU     1897678Z LN   -70921714.17  750699513.1
HOUSE FRASER-ADR        HOFSY US   -14410799.86  200149998.1
HOUSE FRASER-ADR        HSFRY US   -14410799.86  200149998.1
HOUSE OF FRASER           HOF PZ   -14410799.86  200149998.1
HOUSE OF FRASER           HOF VX   -14410799.86  200149998.1
HOUSE OF FRASER           HOF PO   -14410799.86  200149998.1
HOUSE OF FRASER         HSFRF US   -14410799.86  200149998.1
HOUSE OF FRASER           HOF LN   -14410799.86  200149998.1
HOUSE OF FRASER           HOF IX   -14410799.86  200149998.1
HUTCHISON 3G UK       265923Z LN    -2558478023  10215382954
HUTCHISON 3G UK      1870250Z LN   -10150197192  10089105316
HYDREX HOLDINGS      4156949Z LN   -150849963.2  145584295.2
IG GROUP LTD         4502843Z LN    -1592321157  220229260.6
IKANO FINANCIAL      2599182Z LN   -11016514.34  150562302.2
INCOMMUNITIES GR     4508531Z LN   -49295282.29  378434758.9
INEOS GROUP HLDG        6623Z LN   -798534470.8  15936006904
INEOS MANUFACTUR     2170452Z LN   -6726362.412   1831309315
INEOS VINYLS UK      1072618Z LN   -236733123.8  260899630.2
INFORMA UK LTD        699186Z LN   -288113629.1   1264298680
INN ON THE PARK      1111959Z LN   -7177632.816  136376673.9
INSPIRED GAMING      1181783Z LN   -87284373.38  396170831.1
INTELLIGENT FINA     1645352Z LN   -15789097.29  146432108.1
INTELLIGENT PROC     1897878Z LN   -16714344.93  183346516.4
INTERFLOOR GROUP      317371Z LN   -4692809.598  114809869.5
INTERNATIONAL RE     1074242Z LN   -43218061.61  121397915.9
INTERNATIONAL TR     1647720Z LN   -2256724.849  114588447.6
IRANIAN OIL CO U     1380570Z LN    -88170857.4  370135921.5
JARVIS PLC               JRVS EU   -64739862.73    130951086
JARVIS PLC            JRVSGBP EO   -64739862.73    130951086
JARVIS PLC               JRVS PZ   -64739862.73    130951086
JARVIS PLC                JVR GR   -64739862.73    130951086
JARVIS PLC               JRVS VX   -64739862.73    130951086
JARVIS PLC               JRVS PO   -64739862.73    130951086
JARVIS PLC               JRVS IX   -64739862.73    130951086
JARVIS PLC            JRVSEUR EO   -64739862.73    130951086
JARVIS PLC               JRVS LN   -64739862.73    130951086
JARVIS PLC            JRVSEUR EU   -64739862.73    130951086
JARVIS PLC               JRVS EO   -64739862.73    130951086
JARVIS PLC              JVSPF US   -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN     -6557452.2    161501211
JESSOPS PLC               JSP VX   -42702018.35  112964060.4
JESSOPS PLC            JSPEUR EU   -42702018.35  112964060.4
JESSOPS PLC               JS4 GR   -42702018.35  112964060.4
JESSOPS PLC               JSP PO   -42702018.35  112964060.4
JESSOPS PLC               JSP EO   -42702018.35  112964060.4
JESSOPS PLC            JSPEUR EO   -42702018.35  112964060.4
JESSOPS PLC               JSP IX   -42702018.35  112964060.4
JESSOPS PLC               JSP LN   -42702018.35  112964060.4
JESSOPS PLC            JSPGBP EO   -42702018.35  112964060.4
JESSOPS PLC               JSP EU   -42702018.35  112964060.4
JESSOPS PLC               JSP PZ   -42702018.35  112964060.4
JS BLOOR SWINDON     1568906Z LN   -6114543.554  105908043.2
JVC EUROPE LTD       2667041Z LN   -2824766.239  131996942.9
KELLOGG MANAGEME     1739336Z LN   -5288683.744  348135786.3
KEW GREEN HOTELS     1031803Z LN   -1599263.515  287896510.3
KIA MOTORS UK LT     1985990Z LN    -34025454.6  315596502.8
KIER DEVELOPMENT       86900Z LN   -2166596.478    236323651
KILMARTIN HOLDIN     3589161Z LN   -32467784.16  576731039.1
KILMARTIN PROPER      534862Z LN    -37743228.9  444220212.7
KLEENEZE PLC              KLZ LN   -14328735.16  110864081.4
KNIGHTSTONE HOUS     4158133Z LN   -15308739.92  279866238.1
KODAK LTD            1275242Z LN   -180673404.9  661044368.6
KOP FOOTBALL HOL     3315203Z LN   -214487094.9  590218957.6
KOP FOOTBALL LTD      901297Z LN   -105207451.9  474568063.7
LAING O'ROURKE S     1963302Z LN   -16954145.38  143873589.8
LANCASTER INVEST     1575538Z LN   -49629875.36  118967854.4
LAPSENT LTD           203678Z LN   -26875940.03  200397842.7
LAST MINUTE NETW     1180895Z LN   -422618140.3  473430973.8
LATIMER GROUP LT     4089809Z LN   -397652099.9  909970808.9
LEGAL & GENERAL      1575290Z LN   -8846197.262  126569938.1
LGC LTD               161695Z LN   -44759203.51  163172696.4
LINK FINANCIAL          3041Z LN   -63296738.93  226722478.9
LIONCOVER INSURA     1120431Z LN   -221632.1611  741441082.5
LLOYDS TSB CORPO     2045779Z LN   -7210252.406  310036480.9
LLOYDS TSB EQUIP     1214495Z LN   -661481.4498  334557469.7
LLOYDS TSB EQUIP     1238423Z LN   -1919544.165  270438080.8
LOGICA INTERNATI     2562234Z LN   -204054196.2  183833558.7
LOMBARD CORPORAT     1162975Z LN   -7309362.404  198951662.4
LOMBARD CORPORAT     1131527Z LN   -12385559.45  212891317.9
LOMBARD VEHICLE      1503522Z LN   -1267689.428  354373524.8
LONDON ORGANISIN     2707808Z LN   -111194464.2  319902766.9
LONDON TOWN PLC           LTW EO   -21897636.36  175672299.2
LONDON TOWN PLC          LTWR LN   -21897636.36  175672299.2
LONDON TOWN PLC           LTW LN   -21897636.36  175672299.2
LONDON TOWN PLC           LOU GR   -21897636.36  175672299.2
LONDON TOWN PLC          LTWX 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 IX   -21897636.36  175672299.2
LONDON TOWN PLC           LTW PO   -21897636.36  175672299.2
LONDON TOWN PLC           LTW PZ   -21897636.36  175672299.2
L'OREAL UK LTD       1294866Z LN   -38243907.35  469320156.2
LOTUS CARS LTD       1361858Z LN   -7107957.891  164348111.9
LOTUS GROUP INTE      144299Z LN   -6401594.745  177891981.7
LYNN WIND FARM L     3953012Z LN   -10085817.46  285246974.4
MAKRO SELF SERVI     1373618Z LN   -164720222.7  400641220.4
MANCHESTER CITY      2348397Z LN   -67944775.11  542937877.7
MANSFORD HOLDING      253659Z LN   -4565898.062  650742111.3
MAPELEY STEPS CO     1914846Z LN   -44982581.48  112862516.8
MARSH SERVICES L     1701416Z LN   -523772036.4  121325725.9
MAYBOURNE HOTELS     1824362Z LN   -7342720.585  243776690.2
MBDA UK LTD          1720864Z LN    -24824098.4   1872164454
MCINERNEY GROUP      1967014Z LN   -39888859.48  221805262.1
MCINERNEY HOMES      1688792Z LN   -40656839.54  139495247.7
MEDIAEDGE CIA UK     1912470Z LN    -43196912.2  117183919.6
MEDIMMUNE LTD        1596402Z LN   -18333665.25  353092399.2
MENZIES HOTELS H     4496419Z LN   -4625874.656  352267990.8
MENZIES HOTELS O     2527986Z LN   -26869545.88  137849610.2
MIDDLESEX CABLE      1598242Z LN   -170219219.9  108664527.9
MIDLAND EXPRESSW      583730Z LN   -21453585.64   1190959618
MILLENNIUM STADI     1727672Z LN   -10005942.39  176877728.5
MILLER HOMES         2220892Z LN   -31021993.81    983811413
MNAIP LTD            2018815Z LN   -8594175.012  140270204.8
MONARCH HOLDINGS     4502027Z LN    -65326834.3  774720668.6
MOTO HOSPITALITY     1344378Z LN   -151994623.3   1110023228
MYTRAVEL GROUP           MT/S VX   -379721780.5   1817512774
MYTRAVEL GROUP          MYTPF US   -379721780.5   1817512774
MYTRAVEL GROUP           MT/S LN   -379721780.5   1817512774
MYTRAVEL GROUP           MT/S PO   -379721780.5   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721780.5   1817512774
MYTRAVEL GROUP           ARO2 GR   -379721780.5   1817512774
MYTRAVEL GROUP P          MT/ VX   -379721780.5   1817512774
MYTRAVEL GROUP P        MYTGF US   -379721780.5   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721780.5   1817512774
MYTRAVEL GROUP-A        MYTVF US   -379721780.5   1817512774
MYTRAVEL GROUP-A     2281919Q GR   -379721780.5   1817512774
MYTRAVEL TOUR OP     1190295Z LN    -1403641162   2477169600
NACCO MATERIALS      1141567Z LN   -7118433.514  147004693.9
NATIONAL AUSTRAL     2191908Z LN   -381192.6999  369122665.5
NATIONS HEALTHCA      623142Z LN   -72928597.94  110273248.2
NCR LTD              3083521Z LN   -221436502.9  354267221.2
NESTLE UK LTD        1274562Z LN   -441369183.5   1411557990
NEW LINX HOUSING     1801057Z LN   -12040509.71  233111422.6
NEW LOOK RETAIL      2711544Z LN   -400438791.5   2225635874
NEW STAR ASSET           NSAM PO     -397718038  292972732.1
NEW STAR ASSET           NSAM LN     -397718038  292972732.1
NEW STAR ASSET           NSAM IX     -397718038  292972732.1
NEW STAR ASSET           NSAA LN     -397718038  292972732.1
NEW STAR ASSET       3226439Q EU     -397718038  292972732.1
NEW STAR ASSET           NSAM TQ     -397718038  292972732.1
NEW STAR ASSET           NSAM PZ     -397718038  292972732.1
NEW STAR ASSET          NWSAF US     -397718038  292972732.1
NEW STAR ASSET       3226443Q EO     -397718038  292972732.1
NEW STAR ASSET       3226431Q EU     -397718038  292972732.1
NEW STAR ASSET            N6S GR     -397718038  292972732.1
NEW STAR ASSET       3226435Q EO     -397718038  292972732.1
NEW STAR ASSET       3226447Q EO     -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN   -84704702.71  255597482.6
NEWCASTLE UNITED     1060322Z LN   -95555794.95  260472311.5
NIKKO PRINCIPAL       815703Z LN   -162068875.3  256750134.5
NORBAIN GROUP LT     4007676Z LN   -15436972.45  108956420.2
NORTHERN ELEC FI       28944Z US   -1130359.983    408059954
NORTHERN ELECTRI     1160759Z LN   -1130359.983    408059954
NORTHERN FO-ASSD         NFDA LN   -70166103.48  924672036.4
NORTHERN FOODS           NFDS VX   -70166103.48  924672036.4
NORTHERN FOODS           NFDS PO   -70166103.48  924672036.4
NORTHERN FOODS            NFO GK   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS NR   -70166103.48  924672036.4
NORTHERN FOODS            NFO GR   -70166103.48  924672036.4
NORTHERN FOODS           NFDS QM   -70166103.48  924672036.4
NORTHERN FOODS           NFDS BQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS NQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EB   -70166103.48  924672036.4
NORTHERN FOODS        NFDSGBP EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EU   -70166103.48  924672036.4
NORTHERN FOODS          NTFOF US   -70166103.48  924672036.4
NORTHERN FOODS           NFDS S1   -70166103.48  924672036.4
NORTHERN FOODS        NFDSUSD EU   -70166103.48  924672036.4
NORTHERN FOODS        NFDSEUR EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS IX   -70166103.48  924672036.4
NORTHERN FOODS           NFDS TQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS LN   -70166103.48  924672036.4
NORTHERN FOODS        NFDSUSD EO   -70166103.48  924672036.4
NORTHERN FOODS        NFDSEUR EU   -70166103.48  924672036.4
NORTHERN FOODS           NFDS PZ   -70166103.48  924672036.4
NORTHERN FOODS P         NFDR LN   -70166103.48  924672036.4
NORTHERN FOO-NEW         NFDN LN   -70166103.48  924672036.4
NORTHERN FOO-RFD      650060Q LN   -70166103.48  924672036.4
NOVAR ED&S LTD       1286578Z LN   -51664317.66  171098635.4
NOVELIS UK LTD       1295610Z LN   -29354907.35  167393334.2
NPIL HOLDCO LTD      3641071Z LN   -174437379.8  865144704.3
NPOWER GAS LTD       1689816Z LN     -466594411  568335416.1
NPOWER LTD           1185599Z LN   -352930656.8   4019259247
NPOWER NORTHERN      1779169Z LN   -251096564.1   2185949264
NTL COMMUNICATIO     1773729Z LN   -301208075.9  954738393.1
NTL MIDLANDS LTD     1579698Z LN   -1174963.948  459374901.9
OAKHILL GROUP LT     4499435Z LN   -10360362.13  225866415.8
ODEON & UCI CINE     3489372Z LN   -343984749.9   1063234218
O-I MANUFACTURIN     1320610Z LN   -15447837.01  127695517.6
OPTIMUM CARE LTD     3951796Z LN    -23827846.5  131314548.6
ORBIS PLC                 OBS PO     -4168493.8  127701679.5
ORBIS PLC                 OBS IX     -4168493.8  127701679.5
ORBIS PLC                 OBS PZ     -4168493.8  127701679.5
ORBIS PLC                 RLP GR     -4168493.8  127701679.5
ORBIS PLC                 OBS LN     -4168493.8  127701679.5
ORBIS PLC               ORBSF US     -4168493.8  127701679.5
ORBIS PLC                 OBG PO     -4168493.8  127701679.5
ORION ELECTRIC U     1513394Z LN   -9086918.607  140787898.2
OUTDOOR GROUP LT     1318338Z LN   -34424941.75  127535038.5
PARAGON SECOND F     2634515Z LN   -791215.0998   2719029923
PARK FOOD GROUP          PKFD LN   -46896921.68  229105534.5
PARK GROUP PLC          PRKGF US   -46896921.68  229105534.5
PARK GROUP PLC            PKG EO   -46896921.68  229105534.5
PARK GROUP PLC            PKG VX   -46896921.68  229105534.5
PARK GROUP PLC            PKG EU   -46896921.68  229105534.5
PARK GROUP PLC           PRKG IX   -46896921.68  229105534.5
PARK GROUP PLC            PKG PZ   -46896921.68  229105534.5
PARK GROUP PLC            PKG PO   -46896921.68  229105534.5
PARK GROUP PLC         PKGGBP EO   -46896921.68  229105534.5
PARK GROUP PLC            PKG LN   -46896921.68  229105534.5
PARSONS BRINCKER     4496363Z LN   -4691186.744  159531362.7
PARTKESTREL LTD      1486546Z LN   -90325648.32   1585961788
PATIENTLINE PLC           PTL IX   -54677284.64  124948245.8
PATIENTLINE PLC           PTL PO   -54677284.64  124948245.8
PATIENTLINE PLC           PTL PZ   -54677284.64  124948245.8
PATIENTLINE PLC           PTL VX   -54677284.64  124948245.8
PATIENTLINE PLC      2928903Q EU   -54677284.64  124948245.8
PATIENTLINE PLC      2928907Q EO   -54677284.64  124948245.8
PATIENTLINE PLC           PTL LN   -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO   -54677284.64  124948245.8
PD PORT SERVICES     1407442Z LN   -10969629.43  162071623.9
PEGASUS RETIREME     1025323Z LN    -14474980.9  110180845.6
PENDRAGON PREMIE     1858506Z LN   -9882654.702  157562986.3
PENNINE HOUSING      1892438Z LN   -173655254.2  138682867.1
PEUGEOT CITROEN      1974702Z LN    -75918857.1  186001199.9
PHONOGRAPHIC PER     1296410Z LN   -7333794.897  201686757.6
PHS GROUP HOLDIN     3173182Z LN     -155785961   1761269364
PHS GROUP PLC         592449Z LN     -211011146   1915467185
PIL UK LTD           1194711Z LN   -42514912.95    100686482
PIPEX UK LTD         3956092Z LN   -94180733.77  183398680.1
PLACES FOR PEOPL     1914158Z LN   -10355226.52  535789315.1
PLANNED MAINTENA     1344714Z LN    -26609460.7  106403319.2
PORTSMOUTH FOOTB     2253627Z LN   -93977761.27  177073811.1
POST OFFICE LTD      1542650Z LN   -810274769.8   1745713935
POWERCORP INTERN     2075155Z LN   -9861916.228    120277629
PPG METRO 500 LT     2224564Z LN   -28999808.24  139145845.8
PREMIER OIL ONS      1992742Z LN     -104423997  811581976.4
PREMIUM AIRCRAFT     1295466Z LN   -31667987.25  104369715.9
PRESTBURY WENTWO     3814856Z LN   -193029639.3  625471206.9
PRINOVIS LIVERPO     2074147Z LN   -23730499.87  280965576.9
PRIORY EDUCATION     4453681Z LN   -861445.5338  213349151.9
PRODUCTION SERVI     2278723Z LN   -106295710.9  522254840.1
PROSTRAKAN GROUP          PSK PZ   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK IX   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKEUR EU   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK EU   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKGBP EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK S1   -9666264.987  134080449.8
PROSTRAKAN GROUP        PKNGF US   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK PO   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKEUR EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK VX   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK LN   -9666264.987  134080449.8
QUINN BUILDING P     3949900Z LN   -22116104.71   1257547028
QUINN RADIATORS      1405898Z LN   -38929824.49  280654750.5
R&R ICE CREAM LT     3624280Z LN   -119415790.4  995648642.4
RAVEN HOUSING TR     4155997Z LN   -1384128.565  165155995.7
RBS MEZZANINE LT     2198564Z LN   -31627066.42  866060198.2
REAL ESTATE OP-O          REO EO    -1158383413   1692537506
REAL ESTATE OP-O       REOGBP EO    -1158383413   1692537506
REAL ESTATE OP-O          REO LN    -1158383413   1692537506
REAL ESTATE OP-O          REO IX    -1158383413   1692537506
REAL ESTATE OP-O          REO VX    -1158383413   1692537506
REAL ESTATE OP-O          REO ID    -1158383413   1692537506
REAL ESTATE OP-O          REO EU    -1158383413   1692537506
REAL ESTATE OP-O          REO PZ    -1158383413   1692537506
REAL ESTATE OP-O          REA GR    -1158383413   1692537506
RED FOOTBALL JOI     3277951Z LN   -101906192.3   1372452972
REDCASTLE 214 OX     1195151Z LN   -5844657.853  274975930.1
REDROW HOMES SOU     1797057Z LN   -45356044.32  102538083.4
REDROW HOMES SOU     1797065Z LN   -47639268.23  233726422.1
REGARD HOLDINGS      4157517Z LN   -2678709.275  159772566.2
RENAULT RETAIL G     1569882Z LN   -939316.5822  148920952.8
RENTOKIL INITIAL          RTO LN   -195196189.7   2808673659
RENTOKIL INITIAL       RTOPEN EO   -195196189.7   2808673659
RENTOKIL INITIAL       RTOUSD EU   -195196189.7   2808673659
RENTOKIL INITIAL          RTO GR   -195196189.7   2808673659
RENTOKIL INITIAL          RTO PZ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO PO   -195196189.7   2808673659
RENTOKIL INITIAL       RTOGBP EO   -195196189.7   2808673659
RENTOKIL INITIAL          RTO VX   -195196189.7   2808673659
RENTOKIL INITIAL         RTO1 GK   -195196189.7   2808673659
RENTOKIL INITIAL          RTO QM   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EB   -195196189.7   2808673659
RENTOKIL INITIAL       RTOEUR EU   -195196189.7   2808673659
RENTOKIL INITIAL       RTOPEN EU   -195196189.7   2808673659
RENTOKIL INITIAL          RTO NQ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO S1   -195196189.7   2808673659
RENTOKIL INITIAL          RTO IX   -195196189.7   2808673659
RENTOKIL INITIAL          RTO BQ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO NR   -195196189.7   2808673659
RENTOKIL INITIAL        RTOKF US   -195196189.7   2808673659
RENTOKIL INITIAL         RTOG IX   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EU   -195196189.7   2808673659
RENTOKIL INITIAL       RTOUSD EO   -195196189.7   2808673659
RENTOKIL INITIAL         RTO1 GR   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EO   -195196189.7   2808673659
RENTOKIL INITIAL          RTO TQ   -195196189.7   2808673659
RENTOKIL INITIAL       RTOEUR EO   -195196189.7   2808673659
RENTOKIL INITIAL        RKLIF US   -195196189.7   2808673659
RENTOKIL-SP ADR          AP76 LI   -195196189.7   2808673659
RENTOKIL-SP ADR         RTOKY US   -195196189.7   2808673659
RIO TINTO LONDON     1313074Z LN   -11248111.34  837785373.2
ROBINS & DAY LTD     1280922Z LN   -36729873.15  136233088.2
ROSEMONT HOLDING     4391905Z LN   -31339191.24  171491776.4
ROSYTH ROYAL DOC     2184524Z LN   -51250390.37  170932412.7
ROYAL BANK LEASI     2177244Z LN   -39584779.74  12845267029
ROYAL MAIL HOLDI     3900202Z LN   -10344178409   9705181654
SAFFRON HOUSING      4448377Z LN     -3777866.1  124457507.9
SAIPEM UK LTD        1472234Z LN   -34531089.55  391340190.7
SALAMANDER ENERG     2706372Z LN   -29541804.54  683160550.3
SAMPFORD UNDERWR     1230791Z LN   -18964953.58  150532675.1
SCOTTISH MEDIA            SSM LN   -30869684.96  154348424.8
SCOTTISH MEDIA          1442Q GR   -30869684.96  154348424.8
SCOTTISH MEDIA           SSMR LN   -30869684.96  154348424.8
SCOTTISH TELEV          SCTVF US   -30869684.96  154348424.8
SCOTTISH WIDOWS      1265663Z LN   -10131728.42  433671573.2
SCOTTISHPOWER EN     2211292Z LN   -388472480.2   2874992270
SCOTTS CO UK LTD     1154459Z LN   -31443592.79  119553562.6
SEGRO FINANCE PU     2320833Z LN   -1254907.484  270979842.3
SELWOOD HOUSING      1933982Z LN    -5609259.85  165098338.1
SEVERN VALE HOUS     4287717Z LN   -44717000.15  142537265.7
SHEFFIELD UNITED     1275418Z LN   -17603955.28  111039465.6
SIMON CARVES LTD     1209367Z LN   -153213598.1  103106141.1
SKANDIA LIFE BUS     1451642Z LN   -1945833.316  191394739.6
SKYEPHARMA PLC           SK8C GR   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP BQ   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP EU   -124570092.3  130962299.8
SKYEPHARMA PLC           SKP1 VX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP TQ   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPGBP EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP IX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP VX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP PZ   -124570092.3  130962299.8
SKYEPHARMA PLC           SK8A GR   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPEUR EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP PO   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPEUR EU   -124570092.3  130962299.8
SKYEPHARMA PLC          SKYEF US   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP LN   -124570092.3  130962299.8
SKYEPHARMA -SUB      2976665Z LN   -124570092.3  130962299.8
SKYEPHARMA-ADR          SKYEY US   -124570092.3  130962299.8
SKYEPHARMA-ADR           SKYE US   -124570092.3  130962299.8
SKYEPHARMA-ADR          SKYPY US   -124570092.3  130962299.8
SKYEPHARMA-ADR            SK8 GR   -124570092.3  130962299.8
SKYEPHARMA-ADR           AP80 LI   -124570092.3  130962299.8
SKYEPHARMA-ADR           SK8N GR   -124570092.3  130962299.8
SKYEPHAR-RTS F/P         SKPF LN   -124570092.3  130962299.8
SKYEPHAR-RTS F/P         SKPF VX   -124570092.3  130962299.8
SKYEPHAR-RTS N/P         SKPN VX   -124570092.3  130962299.8
SKYEPHAR-RTS N/P         SKPN LN   -124570092.3  130962299.8
SLP ENGINEERING      1855186Z LN    -32035150.2  111509874.7
SMG PLC                   SMG LN   -30869684.96  154348424.8
SMG PLC                   SMG PO   -30869684.96  154348424.8
SMG PLC-FUL PAID         SMGF LN   -30869684.96  154348424.8
SMG PLC-NIL PAID         SMGN LN   -30869684.96  154348424.8
SMITHS NEWS PLC           NWS S1   -96686010.48    285345604
SMITHS NEWS PLC           NWS LN   -96686010.48    285345604
SMITHS NEWS PLC         SMWPF US   -96686010.48    285345604
SMITHS NEWS PLC       NWS2EUR EU   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 EU   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 EU   -96686010.48    285345604
SMITHS NEWS PLC       NWS2EUR EO   -96686010.48    285345604
SMITHS NEWS PLC           NWS VX   -96686010.48    285345604
SMITHS NEWS PLC       NWS1GBP EO   -96686010.48    285345604
SMITHS NEWS PLC           NWS PO   -96686010.48    285345604
SMITHS NEWS PLC           NWS IX   -96686010.48    285345604
SMITHS NEWS PLC       NWS2GBP EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 BQ   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 TQ   -96686010.48    285345604
SMITHS NEWS PLC         SMWPY US   -96686010.48    285345604
SMITHS NEWS PLC           NWS PZ   -96686010.48    285345604
SOMERSTON HOTELS     1231735Z LN   -35575589.67  108704983.3
SOMERSTON HOTELS     1167535Z LN   -51211253.55  508558934.5
SONY COMPUTER EN     3893902Z LN   -270582841.2   1433817117
SONY UNITED KING     1591658Z LN   -784050234.3   2342876447
SOUTH STAFFORDSH     4049781Z LN   -7077930.307  130208179.7
SOUTHERN CROSS           SCHE IX   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEUSD EO   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEEUR EU   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEEUR EO   -456857315.8  226500989.9
SOUTHERN CROSS            F2Z GR   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE QM   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE PZ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE NQ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EB   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEUSD EU   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EO   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE S1   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE TQ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EU   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE BQ   -456857315.8  226500989.9
SOUTHERN CROSS            F2Z TH   -456857315.8  226500989.9
SOUTHERN CROSS          SOCHF US   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE VX   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE LN   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE PO   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE NR   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEGBP EO   -456857315.8  226500989.9
SOUTHERN ELECTRI     2635379Z LN   -259913242.1   1437660480
SPEAR GROUP HOLD     4470999Z LN   -91133585.59  140447896.6
SPEEDY 1 LTD         3722238Z LN   -464739433.2   1384529500
SPEEDY SUPPORT S     1601730Z LN   -34304692.53  146096457.3
SQUARE ENIX LTD      1826770Z LN   -155713036.9  185670555.6
SR TECHNICS UK L     2900250Z LN   -77404908.99  164414742.8
STAGECOACH SERVI     1584258Z LN   -27470918.93  305042241.9
STARBUCKS COFFEE     1156111Z LN    -43279602.2  213295057.7
STV GROUP PLC            STVG EU   -30869684.96  154348424.8
STV GROUP PLC            STVG VX   -30869684.96  154348424.8
STV GROUP PLC            STVG EO   -30869684.96  154348424.8
STV GROUP PLC             SMG IX   -30869684.96  154348424.8
STV GROUP PLC         STVGGBP EO   -30869684.96  154348424.8
STV GROUP PLC         STVGEUR EO   -30869684.96  154348424.8
STV GROUP PLC         STVGEUR EU   -30869684.96  154348424.8
STV GROUP PLC            STVG LN   -30869684.96  154348424.8
STV GROUP PLC             SMG PZ   -30869684.96  154348424.8
STV GROUP PLC            STVG S1   -30869684.96  154348424.8
STV GROUP PLC             SMG VX   -30869684.96  154348424.8
STV GROUP PLC           SMGPF US   -30869684.96  154348424.8
SUN CHEMICAL LTD     2569274Z LN   -21504458.55  276424178.5
SUNDERLAND ASSOC     1274418Z LN   -20522907.95  131617422.5
SUNSAIL LTD          1092666Z LN   -46608014.99  194329796.1
SW NO 1 LTD          1266351Z LN     -141200260    138566867
SWIFT TECHNICAL      4287133Z LN   -13473129.82  118980095.9
SWISS RE SERVICE     1209591Z LN   -43306880.78  327991637.9
TATA CMMNCTNS UK     2534722Z LN   -32378969.15  118690215.5
TAYLOR WIMPEY UK     1096922Z LN   -63897271.12   5389915426
TDL INFOMEDIA           3362Z LN   -4103374.146  172206907.7
TELEWEST COMMUNI     1646328Z LN   -322407498.9  794173871.1
TELEWEST COMMUNI     1608194Z LN   -459786702.9   9163459022
THALES CORPORATE     1083706Z LN   -39356881.83  696177878.8
THAMES WATER FIN        1615Z LN   -48749918.54   4474513723
THORN EMI PLC            THNE FP    -2265916257   2950021937
THORN EMI-ADR           TORNY US    -2265916257   2950021937
THORN EMI-ADR            THN$ LN    -2265916257   2950021937
THORN EMI-CDR             THN NA    -2265916257   2950021937
THORN EMI-REGD          1772Q GR    -2265916257   2950021937
TIGER ASPECT PRO     1819690Z LN    -1811042.92  108420699.7
TIMES NEWSPAPERS     2343939Z LN   -648843186.8  663564537.7
TOPAZ ENERGY LTD     4156397Z LN   -486865.8029  201580164.4
TOPPS TILES PLC           TPT BQ   -37156577.81  134888367.5
TOPPS TILES PLC         TPTJY US   -37156577.81  134888367.5
TOPPS TILES PLC        TPTEUR EO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT PO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT PZ   -37156577.81  134888367.5
TOPPS TILES PLC           TPT IX   -37156577.81  134888367.5
TOPPS TILES PLC        TPTGBP EO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT EO   -37156577.81  134888367.5
TOPPS TILES PLC        TPTEUR EU   -37156577.81  134888367.5
TOPPS TILES PLC           TPT VX   -37156577.81  134888367.5
TOPPS TILES PLC           TPT EU   -37156577.81  134888367.5
TOPPS TILES PLC           TPT TQ   -37156577.81  134888367.5
TOPPS TILES PLC           TPT S1   -37156577.81  134888367.5
TOPPS TILES PLC           TPT LN   -37156577.81  134888367.5
TOPPS TILES PLC         TPTJF US   -37156577.81  134888367.5
TOPPS TILES-NEW          TPTN LN   -37156577.81  134888367.5
TRANSACTION SYST     1724584Z LN   -12727180.44  250347935.1
TRAVELEX HOLDING     2917958Z LN    -1298945101   2546701094
TRAVELODGE LTD       3471462Z LN   -391596042.3   1326034289
TRINITY MIRROR C     1871386Z LN   -53485246.17  204376308.9
TRINITY MIRROR M     1871370Z LN   -140843056.8  448783505.1
TRINITY MIRROR P     1511258Z LN   -123528659.2  920027091.7
TRINITY MIRROR S     1512242Z LN   -3205761.051  531281737.1
TSE DEVELOPMENT      2087531Z LN   -251391473.8  571968273.4
TUBE LINES FINAN     1241207Z LN   -2914999.962   2408518672
TUI UK LTD           1653824Z LN   -371582799.9   4848194651
TYCO HEALTHCARE      1066794Z LN   -12776603.56  314861589.2
UK POWER NETWORK     1195095Z LN   -7426844.716  332722643.3
UNIGATE PLC             UNGAF US   -34143742.45  284687094.6
UNIGATE PLC             UNGPF US   -34143742.45  284687094.6
UNIGATE PLC              UNIG LN   -34143742.45  284687094.6
UNIGATE PLC             1577Q GR   -34143742.45  284687094.6
UNIGATE PLC-ADR         UNGAY US   -34143742.45  284687094.6
UNILEVER UK CENT     1273034Z LN    -1928848885   6056871052
UNIQ PLC                  UGE GR   -34143742.45  284687094.6
UNIQ PLC                UNQPF US   -34143742.45  284687094.6
UNIQ PLC                 UNIQ PZ   -34143742.45  284687094.6
UNIQ PLC                 UNIQ EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ EU   -34143742.45  284687094.6
UNIQ PLC              UNIQEUR EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ LN   -34143742.45  284687094.6
UNIQ PLC                UNIQF US   -34143742.45  284687094.6
UNIQ PLC              UNIQGBP EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ PO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ IX   -34143742.45  284687094.6
UNIQ PLC                 UNIQ VX   -34143742.45  284687094.6
UNIQ PLC                 UGE1 GR   -34143742.45  284687094.6
UNIQ PLC              UNIQEUR EU   -34143742.45  284687094.6
UNIQ PREPARED FO     1077122Z LN     -120661558  355622471.3
UNITED BISCUITS      3193858Z LN   -326896245.3   3316769414
UNITED UTILITIES     1209903Z LN   -27701160.37  179120252.9
UNIVERSAL PICTUR     1083202Z LN   -66200436.83  242851864.9
UPP NOTTINGHAM L     1958934Z LN   -13938890.46  168152521.5
UPS LTD              1503290Z LN   -128358198.9  422072199.6
VALE OF AYLESBUR     4006932Z LN   -73416860.01  100856530.6
VANCO UK LTD         2784982Z LN   -19948188.55  101300528.2
VINK HOLDINGS LT     4380233Z LN   -13477348.26  132005020.2
VIRGIN HOTELS GR     4288389Z LN   -30191249.31  109995632.6
VIRGIN MOB-ASSD          VMOC LN   -392165409.3  166070003.7
VIRGIN MOB-ASSD          VMOA LN   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB LN   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB PO   -392165409.3  166070003.7
VIRGIN MOBILE             UEM GR   -392165409.3  166070003.7
VIRGIN MOBILE           VGMHF US   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB VX   -392165409.3  166070003.7
VIRGIN WINGS LTD     4500155Z LN   -347033067.8   5365071310
VODAFONE UK CONT     1909662Z LN    -52004914.2    193624994
VOYAGE GROUP LTD     4168725Z LN   -89543682.76    572205624
WALES & WEST UTI     3688061Z LN   -784167196.7   2080276139
WARNER ESTATE            WNER EO    -8021407.27  430482190.2
WARNER ESTATE         WNERGBP EO    -8021407.27  430482190.2
WARNER ESTATE            WNER EU    -8021407.27  430482190.2
WARNER ESTATE            WNER PO    -8021407.27  430482190.2
WARNER ESTATE            WNER LN    -8021407.27  430482190.2
WARNER ESTATE            WNER IX    -8021407.27  430482190.2
WARNER ESTATE            WNER VX    -8021407.27  430482190.2
WARNER ESTATE           WNEHF US    -8021407.27  430482190.2
WARNER ESTATE             WRL GR    -8021407.27  430482190.2
WARNER ESTATE            WNER PZ    -8021407.27  430482190.2
WARNER MUSIC UK      1075906Z LN   -32488758.53  106000497.9
WEAVER VALE HOUS     3953220Z LN   -60271595.72  104022836.2
WEETABIX LTD-A          WEEBF US   -397652099.9  909970808.9
WEETABIX LTD-A      WTB OF Equity  -397652099.9  909970808.9
WESCOT TOPCO LTD     4007020Z LN   -18742009.49  116071906.1
WEST HAM UNITED      1275834Z LN   -32153419.01  217336047.4
WESTBURY HOTEL L     1214607Z LN   -4252380.749  239855108.5
WHITE YOUNG GREE          WHY PZ   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYEUR EU   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY LN   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY VX   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY EU   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYGBP EO   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYEUR EO   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY EO   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY PO   -32392901.23  196106689.5
WHITE YOUNG-NEW          WHYN LN   -32392901.23  196106689.5
WIGHTLINK LTD        1385642Z LN   -15131435.92  231775265.6
WINCANTON PL-ADR        WNCNY US   -162158252.9   1389119000
WINCANTON PLC            WIN1 EU   -162158252.9   1389119000
WINCANTON PLC             WIN PO   -162158252.9   1389119000
WINCANTON PLC            WIN1 EO   -162158252.9   1389119000
WINCANTON PLC            WIN1 TQ   -162158252.9   1389119000
WINCANTON PLC             WIN VX   -162158252.9   1389119000
WINCANTON PLC           WNCNF US   -162158252.9   1389119000
WINCANTON PLC            WIN1 NQ   -162158252.9   1389119000
WINCANTON PLC            WIN1 BQ   -162158252.9   1389119000
WINCANTON PLC            WIN1 S1   -162158252.9   1389119000
WINCANTON PLC             WIN PZ   -162158252.9   1389119000
WINCANTON PLC         WIN1GBP EO   -162158252.9   1389119000
WINCANTON PLC         WIN1USD EU   -162158252.9   1389119000
WINCANTON PLC         WIN1EUR EO   -162158252.9   1389119000
WINCANTON PLC            WIN1 QM   -162158252.9   1389119000
WINCANTON PLC         WIN1EUR EU   -162158252.9   1389119000
WINCANTON PLC         WIN1USD EO   -162158252.9   1389119000
WINCANTON PLC             WIN LN   -162158252.9   1389119000
WINCANTON PLC             WIN IX   -162158252.9   1389119000
WINCANTON PLC            WIN1 EB   -162158252.9   1389119000
WINDSOR TELEVISI     1475394Z LN   -232297665.7  340517582.8
WYG PLC                   WHY IX   -32392901.23  196106689.5
WYG PLC                WYGEUR EO   -32392901.23  196106689.5
WYG PLC                   WYG EU   -32392901.23  196106689.5
WYG PLC                WYGGBP EO   -32392901.23  196106689.5
WYG PLC                   WYG PZ   -32392901.23  196106689.5
WYG PLC                   WYG EO   -32392901.23  196106689.5
WYG PLC                WYGEUR EU   -32392901.23  196106689.5
WYG PLC                   WYG LN   -32392901.23  196106689.5
XAFINITY HOLDING     4168309Z LN      -18683833  243588520.5
XCHANGING UK LTD     1814130Z LN    -27188853.3  285255216.3
XSTRATA SERVICES     1975918Z LN   -88056666.54    169405671
YARLINGTON HOUSI     4435313Z LN   -18443811.91  276648958.8
YOUNG'S BLUECRES     1841386Z LN   -46554226.38  279057376.4
ZURICH EMPLOYMEN     1292298Z LN   -128495966.5  133351472.5


                            *********

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

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

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

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


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

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

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

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

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

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


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