Good afternoon Sara,

Please accept my apologies for not responding earlier.  With regard to the pre
printed terms of the  PSA/ISMA Global Master Repurchase Agreement (GMRA) 
please
find enclosed one copy, herein, for your information
(See attached file: PREPRINTED TERMS OF THE GMRA DATED AS MAY 2000.doc)

In addition, you did mention about the existing repo doc with  Enron North
America.  Please note that the negotiations of the BMA (former PSA) are 
handled
by our New York head office, so I shall check with my colleague and revert.
Could you please advise what you require me to do: are you checking to find 
out
if we have a BMA in place ?  or do you need an executed copy of the BMA?

Please advise.
With best regards,
Monica

 - PREPRINTED TERMS OF THE GMRA DATED AS MAY 2000.doc