Attached is the ERMS Discounting Memo as of 9/26/01.   

Please note that the 9/26/2001 balance is based on the new method of calculating the discounting amount.  The changes that were made are as followed:

			Old method	New method
Physical contract 	55 days		55 days
Financial contract	55 days		5 days
Financial calendar	55 days		38 days

Please let me know if you have questions.

Thanks
Anita