Susan:  I wanted to clarify  whether Enron Australia Pty. Ltd. needs to 
execute ISDA Master Agreements with the SAME counterparties which already 
have agreements with ENA (and vice versa).  As an example, I can only rely 
upon tax advice ENA has previously received in connection with the services 
agreement between ENA and ECT Canada.  For book and tax purposes, the trade 
is recorded on the risk books of the Enron affilate ultimately booking the 
trade but the transaction is actually documented in the name of the Enron 
affiliate having the Master Agreement with the counterpary.  The Enron 
affiliate having the Master Agreement with the counterparty then transacts 
with Risk Management & Trading Corp. (through a bulk swap arrangement).  The 
credit risk remains with Risk Management & Trading Corp. (through an internal 
back to back transaction with the "booking" Enron affiliate)  for which the 
"booking" Enron affiliate will presumably pay a fee pursuant to the services 
agreement.

Consider:  ENA is negotiating an agreement with Commonwealth Bank of 
Australia.  Will Enron Australia require a separate master with Commonwealth 
Bank of Australia?  Or will the services agreement permit the hereinabove 
described arrangement?