Subject: RATE AND CURRENCY CURVE VALIDATION
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Thu, 16 Nov 2000 00:28:00 -0800 (PST)

On a monthly basis, the Rate and Currency Desk submits interest rate and 
foreign currency spot curve validations to the Risk Controls group.  In the 
past this data was sent via email to either Mike Moscoso, Chris Abel or Gary 
Stadler.   Going forward we will send infomation to Eugenio Perez.  FYI - 
Arthur Andersen audits these curve validations annually.

Attached please find the curve validation procedures, including source pages, 
and most current validation dated 10/31/00.  I will be more than happy to go 
over the validation process in detail if interested.  

Thanks,
Clara