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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (61412)	6/4/1999 1:09:00 PM
From: Lymond	Read Replies (1) \| Respond to of 132070

Mike, Are you looking at growth in outstandings or just new lending? I used outstandings, which IMO is cleaner since it incorporates refinancings. Recall that 1998 was a huge year for mortgage/corporate debt refi activity. Most ABS are also fairly short in duration, with much of the new issuance activity in that market typically relating to refinancing maturing and/or amortizing ABS pools. I agree with your point on derivatives, however, and recognize that conventional debt figures do not adequately incorporate these contingent liabilities. Regards, John