Fernley,
Generally, this seems to be fine.  I think that Steve and I would like to 
clarify the credit limit review issue.  Please see him for some semantical 
changes to that one line.  
Regarding the expected/maximum exposure calculation,  I believe that this is 
incredibly misleading and if not changed would be inclined to forward my own 
interpretation.    WE LOST $18MM!!!!!!!!!!!!!!!!!!!  - NOT $5MM.  I think 
that we should make a distinction between what has already been realized as 
opposed to what writedowns need to be taken, but it all better add up to 
$18MM.  Regarding the additional exposures, my impression is that our true 
expectation for counterparty claims is close to zero while we do expect to 
terminate one or more employees which would incur severance cost.  
Ted
 




Fernley Dyson
01/31/2000 11:10 AM
To: Sally Beck/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Wes Colwell/HOU/ECT@ECT
cc:  
Subject: Helsinki Report

Dear all

I've been through the attached with Steve Young and Mark Frevert. 

Would welcome any thoughts/comments.

Thanks

Fernley
---------------------- Forwarded by Fernley Dyson/LON/ECT on 31/01/2000 17:02 
---------------------------


Fernley Dyson
31/01/2000 16:36
To: Richard Causey/Corp/Enron@ENRON
cc:  

Subject: Helsinki Report

Rick,

The attached report is an updated version of the document we discussed on 
Friday of last week. Some of the numbers in the exposure analysis are still 
draft and I expect firm numbers in the next few hours. 

My aim would be to streamline this report for the presentation to Joe Sutton, 
but I would welcome your steer on how you plan to conduct the meeting and 
whether or not this format is appropriate.

Regards

Fernley