---------------------- Forwarded by Stephanie Panus/NA/Enron on 12/11/2000 
09:02 AM ---------------------------


Stephanie Panus
11/30/2000 10:40 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:  

Subject: Merrill Lynch

Sara -

Jay Williams has been discussing the new Merrill Lynch guaranty (for FX 
trading) with Merrill Lynch.  They originally requested an unlimited 
guaranty.  Per Jay, our current exposure is $500 million, and they are asking 
for a guaranty of $400 million notional amount.  I don't know if this is 
something you need to get involved in to resolve the guaranty issues.

Thanks.