Vince

I will make sure you get on this distribution list.

Credit is going to be a big issue for energy companies and banks.

We may need to form additional discussion groups.

Volatility in energy prices and a general economic slowdown may cause an
increase in defaults.

Banks are primarily interested in regulatory impact on loan portfolio and
credit derivatives as a an alternative to raising capital or selling assets.

Energy companies could use credit derivatives to hedge or price credit
exposure.

Don Mumma(ex CSFB, MD Axiom Software)is organizing a survey of energy credit
practices. You can reach Don at 212-248-4188 ext 22.

Regards,

Philip Merrill
GARP Regional Director for New York
973-258-1540

-----Original Message-----
From: Gerber, Jeannette [mailto:jeannette.gerber@csfb.com]
Sent: Thursday, December 21, 2000 7:34 PM
To: 'garpny1@home.com'; Alev A Suer; Amit Srivastav; Andrew Ulmer; CFA
John P. Felletter; Claudia Cappelli; Francis Owusu; Gerber, Jeannette;
Joe Pimbley; Joseph C Carrozzo Jr; Lingja Zhang; Marian Trano-Lepisto;
Markus Buri; Maurizio Mondello; Nawal Roy; Sarnj. Dhanda; Yicheng Zhong;
'john.tierney@db.com'; 'tom_mansley@westlb.com'
Subject: GARP NY - Minutes of the Credit Derivatives Meeting - December
13 , 2000


Dear members of the credit derivatives group.

You've probably been wondering if I would ever get the minutes of last weeks
meeting out. Well, here they are and I sincerely apologize for the delay. I
always thought this time of year is supposed to be slow, but unfortunately,
the opposite has been the case.

Please pay particular attention to the action points. We can only handle
these meetings successfully if each and everyone of you actively
participates and plays a role! The next meeting can only be scheduled if
there is enough feedback available.

Wishing you happy holidays,

Regards,

Jeannette

CREDIT | FIRST
SUISSE | BOSTON
CRM Credit Exposure Management (New York)
> *: +1 (212) 325 9361
Fax: +1 (212) 743 2562


Minutes of the GARP NY Credit Derivatives Meeting - December 13,2000

The meeting was generously hosted by WestLB

Attendees:
Matthew Bianco
Claudia Cappelli
Joe Carrozzo
Jeannette Gerber
Tom Mansley
Philip Merrill
Joe Pimbley
Marian Trano-Lepisto

(due to some technical problems, not all attendees received the invitations
on time.)

Summary
The aim of this first meeting was to decide on topics, people involvement
and the format of future meetings.

Topics
The following topics were discussed for discussion in future meetings:
* New models and structures available
* practical work issues
* credit risk policy
* ISDA issues / documentation
* regulatory issues / BIS capital
* hedging issues (e.g. embedded options, rollover, funded vs unfunded,
etc.)
* electronic trading issues
* general technology issues and information on new systems available
* pricing differentials
* pricing sources
* current models used for pricing, VaR
* credit event monitoring
* counterparty suitability

Action: all members to check with credit derivatives colleagues within their
organization to go over the list and complete.
Action: all members to pick topics they could lead through (or they could
organize someone to lead through).

People Involved
The involvement will depend on the topic. A member of the group will lead
through a meeting, or organize a credit derivative professional to lead
through the meeting, depending on the topic.

Meeting Format
We expect a series of evening workshops to take place about every 6 weeks.
In order to get active discussions going, all participants are expected to
inquire within their own institutions as to how the particular subject under
discussion is being treated in-house. We feel that the meetings will only be
successful if all participants are actively involved in the process.

We expect most members to be able to host the meeting once a year. Please
let me know if and when you could host a meeting.

Action: all members to check if and when they can host a meeting.

The date and venue for the next meeting will be announced in early January,
depending on your feedback on the topics.


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