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To: patron_anejo_por_favor who wrote (65146)	2/6/2001 4:54:16 PM
From: Mark Adams	Respond to of 436258

Merrill published a report this am on the banks. Generally not positive comments, and I have issues with at least one of their favored picks, FSR. Additionally, even assuming a soft economic landing, we believe regional banks face considerable workthrough of problem credits—typically, banks have been further along in portfolio clean-up prior to onset of a Fed easing. ... Credit quality deteriorated more than anticipated in 4Q (e.g., nonperforming assets surged an aggregate 16%)—we doubt the worst is behind.