Can one of your research staff justify a suitable 20 year volalatility number for USD/Euro. Ideally, we would like a fast turnaround. In addition, is there someone who could consider the correlation between US CPI and the $/euro exchange rate. The credit guys are currently assuming that there is no correlation and may consequently be double dipping the credit reserve on this basis too. Grateful for any help or suggestions you could provide. Sid Vincent, I met you at the Risk conference last week in Houston. I enjoyed your presentations very much. I was wondering if you could give me some references regarding the calculation of correlation coefficients from a GARCH model. Thank you. Magali Van Belle Consultant PHB Hagler Bailly MANAGEMENT AND ECONOMIC CONSULTANTS PHB Hagler Bailly,