Bill,

Most recent Vincent's update on what's going on with the credit  model.

Another issue. I am increasingly concerned with our general approach to the 
generation
of probabilities of default. Recent developments in the credit markets are 
likely to
change completely the dynamics and levels of  interest rate spreads. I am 
curious if
you looked at the credit reserve based on the current yield curves (as of the 
last few days).

Vince


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/17/2000 
09:05 AM ---------------------------


Vincent Tang
02/15/2000 05:12 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Grant Masson/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT 
Subject: Credit reserve update