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European Banks CDS Held and Sovereign Debt Exposure

Following is a table showing European banks’ CDS protection position held and euro sovereign debt exposure total. The table shows these amounts by country and bank from data provided by the European Banking Authority in London.

                           
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Austria---------------------
Erste Bank(EBG)                  50.0      81.0       6,194.1      
Hypo Real Estate                  0.0       0.0       4,854.9
Raiffeisen(20)                  484.3     484.3       3,989.0
Unicredit                     1,650.1   1,358.1       2,876.8
BNP Paribas                     413.7     516.9       1,971.7
Dexia                             0.0       0.0       1,813.8
Deutsche Bank AG              3,150.7   3,305.0       1,790.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Austria---------------------
Volksbank(23)                   856.1      17.0       1,450.7
Commerzbank AG                   14.9     178.9       1,289.5
Societe Generale              1,234.1   1,206.3       1,167.6
ABN AMRO                          0.0       0.0       1,157.0
ING Bank NV                       4.7       4.7       1,149.1
HSBC                          1,904.0   1,732.2       1,128.0
Norddeutsche(24)                  0.0       0.0         958.1
Barclays Plc                  3,299.3   3,395.0         897.7
RBS(26)                       1,485.4   1,472.7         866.4
Credit Agricole                   8.7       0.0         784.9
DZ Bank AG                    1,122.0   1,064.0         671.0
WGZ Bank AG                       0.0       0.0         616.3
SNS Bank NV                       0.0       0.0         490.8
Danske Bank                      74.0       0.0         478.5
Marfin Popular Bank Public        0.0       0.0         335.9
HSH Nordbank                      0.0       0.0         281.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Austria---------------------
Rabobank(27)                      0.0       0.0         280.7
KBC Bank                          0.0       0.0         248.4
Banco Santander                  20.0      20.0         237.9
Allied Irish Banks                0.0       0.0         178.9
Nova Ljubljanska Banka            0.0       0.0         173.0
BCEE(3)                           0.0       0.0          95.0
Landesbank Berlin                 9.7       0.0          92.9
SEB(19)                           0.0      22.2          77.1
BPCE                            261.0     262.8          74.0
LBW(21)                         600.9     369.4          69.6
Westlb AG                       148.7     175.3          60.9
Intesa Sanpaolo                  93.0      93.0          60.6
Nordea Bank AB                    7.4       7.4          54.6
Bank of Ireland                   0.0       0.0          53.0
Bayerische(25)                   30.0      30.0          34.2
Landesbank Hessen(31)            53.1      42.0          28.7
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Austria---------------------
BBVA(5)                          24.7      47.2          25.0
Banco Comercial Portugues       108.3     108.3          11.2
Caixa Geral De Depositos          0.0       0.0           7.6
Nova Kreditna Banka(4)            0.0       0.0           6.0
Lloyds Banking                    0.0       0.0           2.3
Swedbank AB                       0.0       0.0           0.1
Jyske Bank                        0.0       0.0           0.1
Dekabank(1)                     259.7     275.2           0.0
Banca Monte(2)                  233.0     222.0           0.0
Espirito Santo Financial         20.0      20.0           0.0
                           -------------------Belgium--------------------
BNP Paribas                   1,001.3     419.5      24,712.3
KBC Bank                          4.0      51.5      21,103.3
ING Bank NV                      53.5      56.5      13,301.5
Credit Agricole                   0.0       0.0       4,858.7
Dexia                             0.0       0.0       3,794.8
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Belgium--------------------
Barclays Plc                  3,047.8   3,160.1       3,793.9
Deutsche Bank AG              2,959.8   2,970.3       3,300.1
Societe Generale              1,569.8   1,525.5       2,767.3
BPCE                            102.3      75.9       2,359.6
RBS(26)                       1,397.1   1,479.3       2,065.4
HSBC                          1,287.7   1,068.5       1,281.0
Hypo Real Estate                  0.0       0.0       1,198.4
ABN AMRO                          0.0       0.0       1,031.0
Norddeutsche(24)                100.0       0.0         715.0
Commerzbank AG                    7.4      83.5         548.0
Banco Santander                 335.4      92.6         479.0
Rabobank(27)                      0.0       0.0         464.3
BFA-Bankia                        0.0       0.0         315.7
HSH Nordbank                      0.0       0.0         279.4
SNS Bank NV                       0.0       0.0         276.6
DZ Bank AG                      608.0     481.0         271.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Belgium--------------------
Nordea Bank AB                   18.6      18.6         233.7
Raiffeisen(20)                    3.7       3.7         227.4
Nova Ljubljanska Banka            0.0       0.0         223.0
Dekabank(1)                      74.5      71.9         203.0
Landesbank Hessen(31)             0.0       0.0         173.3
Swedbank AB                       0.0       0.0         167.8
Landesbank Berlin                60.1       7.4         160.6
BCEE(3)                           0.0       0.0         155.6
OP-Pohjola Group                  0.0       0.0         154.7
WGZ Bank AG                      56.0      56.0         131.7
Unicredit                       642.4     636.1         123.4
BBVA(5)                         143.4     102.9         114.0
Danske Bank                       0.0       0.0         112.3
Lloyds Banking                    0.0       0.0         101.0
Erste Bank(EBG)                  93.0      49.0          92.8      
Volksbank(23)                    74.1       0.0          74.8
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Belgium--------------------
Intesa Sanpaolo                 261.0     163.0          43.1
Bank Of Cyprus Public             0.0       0.0          40.0
NYKREDIT                          0.0       0.0          31.0
Banca Monte(2)                  129.0     132.0          25.0
Bayerische(25)                    0.0       0.0          19.6
Banco Comercial Portugues        10.0      10.0          10.7
Jyske Bank                        0.0       0.0          10.0
LBW(21)                         732.4      81.7           5.3
Westlb AG                       152.6     148.7           5.1
Nova Kreditna Banka(4)            0.0       0.0           5.0
La Caixa(6)                       0.0       0.0           1.5
SEB(19)                           0.0       0.0           1.0
Caixa Geral De Depositos          0.0       0.0           0.1
Espirito Santo Financial          0.0       4.8           0.0
                           -------------------Bulgaria--------------------
Unicredit                       211.1     222.8         340.7
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Bulgaria--------------------
Raiffeisen(20)                    7.4       7.4         320.1
Bayerische(25)                    0.0       0.0         116.7
Dexia                             0.0       0.0         104.9
OTP Bank NYRT                     0.0       0.0          96.2
Societe Generale                100.6     106.7          80.4
ING Bank NV                      50.8      58.2          52.3
Commerzbank AG                  192.2     201.5          31.7
DZ Bank AG                      104.0     119.0          19.0
KBC Bank                          0.0       0.0          10.8
Erste Bank(EBG)                 124.0       5.0           1.7      
Barclays Plc                  1,336.1   1,327.1           0.8
Deutsche Bank AG              1,539.2   1,488.4           0.6
Westlb AG                       228.7     238.0           0.6
WGZ Bank AG                       0.0       0.0           0.6
Intesa Sanpaolo                  19.0      19.0           0.1
Volksbank(23)                     5.0       0.0           0.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Bulgaria--------------------
LBW(21)                          67.4      61.4           0.0
Hypo Real Estate                  8.0       0.0           0.0
Landesbank Berlin                 2.0       2.0           0.0
Banco Santander                   0.0      10.0           0.0
BNP Paribas                     164.8     157.7           0.0
Credit Agricole                  86.8      33.3           0.0
RBS(26)                         354.6     361.5           0.0
HSBC                            788.7     795.7           0.0
Banca Monte(2)                    4.0       4.0           0.0
Caixa Geral De Depositos          0.0      71.1           0.0
                           --------------------Cyprus---------------------
Bank Of Cyprus Public             0.0       0.0         634.0
Marfin Popular Bank Public        0.0       0.0         336.9
BPCE                              0.0       0.0         134.1
Commerzbank AG                    0.0       0.0          56.5
BNP Paribas                       2.5      20.2          50.2
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           --------------------Cyprus---------------------
Dexia                             0.0       0.0          39.0
LBW(21)                          44.4       7.4          21.3
Intesa Sanpaolo                   0.0       0.0          19.2
ING Bank NV                       0.0       0.0          19.0
Erste Bank(EBG)                   0.0       0.0          16.6      
Landesbank Berlin                 0.0       0.0          10.8
DZ Bank AG                       20.0       0.0          10.0
BCEE(3)                           0.0       0.0           8.4
WGZ Bank AG                       0.0       0.0           5.9
Bank of Valletta (BOV)            0.0       0.0           5.0
Bayerische(25)                    0.0       0.0           3.8
Societe Generale                  0.0       0.0           2.9
Lloyds Banking                    0.0       0.0           2.3
Deutsche Bank AG                 37.3      37.3           2.1
KBC Bank                          0.0       0.0           1.9
Unicredit                        60.6      44.0           1.7
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           --------------------Cyprus---------------------
Barclays Plc                      5.0       5.0           0.5
Westlb AG                        10.0      10.0           0.0
HSBC                              0.0       7.5           0.0
                           ----------------Czech Republic-----------------
KBC Bank                          0.0       0.0       9,252.3
Erste Bank(EBG)                  34.0      30.0       8,339.0      
Societe Generale                125.9     130.4       3,108.3
Unicredit                       283.4     235.6       1,555.2
Raiffeisen(20)                    0.0       0.0         919.7
ING Bank NV                      40.8      41.6         653.3
Commerzbank AG                   10.4      17.8         508.6
RBS(26)                         139.2     185.0         371.8
BPCE                              0.0       0.0         257.2
Volksbank(23)                    25.9       0.0         249.6
HSBC                            797.8     870.5         207.0
Dexia                             0.0       0.0         174.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ----------------Czech Republic-----------------
BNP Paribas                      74.6      87.0         163.7
Deutsche Bank AG                909.0   1,045.1         128.5
Dekabank(1)                       0.0       0.0          80.0
LBW(21)                          94.6      27.9          75.5
DZ Bank AG                      281.0     189.0          63.0
Intesa Sanpaolo                   0.0       0.0          54.7
Barclays Plc                    371.9     415.7          51.5
Hypo Real Estate                  0.0       0.0          51.1
WGZ Bank AG                       0.0       0.0          50.7
Landesbank Berlin                 0.0       0.0          50.5
Norddeutsche(24)                  0.0       0.0          34.9
BBVA(5)                           0.0       0.0          24.0
Danske Bank                       0.0       0.0          20.0
Marfin Popular Bank Public        0.0       0.0          10.8
Bank Of Cyprus Public             0.0       0.0           5.4
Credit Agricole                   7.4       3.7           4.3
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ----------------Czech Republic-----------------
Nordea Bank AB                    0.0       0.0           3.3
Lloyds Banking                    0.0       0.0           2.3
Nova Ljubljanska Banka            0.0       0.0           2.0
Landesbank Hessen(31)             0.0       0.0           1.4
Westlb AG                        32.6      33.1           0.0
                           ------------------Denmark---------------------
Nordea Bank AB                    0.0       0.0      11,704.6
Danske Bank                       0.0       0.0       6,799.6
RBS(26)                         578.1     600.8       2,091.2
Svenska Handelsbanken             0.0       0.0         929.2
HSBC                            389.7     345.2         896.0
Jyske Bank                       18.5       0.0         551.8
NYKREDIT                          0.0       0.0         525.0
Barclays Plc                  1,536.7   1,367.8         425.9
DNB Nor Bank ASA                  0.0       0.0         402.8
SEB(19)                           0.0       0.0         280.9
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Denmark---------------------
SYDBank                           0.0       0.0         161.0
Societe Generale                131.8     131.1         127.7
BPCE                             28.0      29.8          80.6
Deutsche Bank AG              1,073.4   1,079.7          65.7
Allied Irish Banks                0.0       0.0          59.9
BNP Paribas                     101.4     150.9          56.5
Rabobank(27)                      0.0       0.0          50.1
Commerzbank AG                    0.0       0.0          32.4
Norddeutsche(24)                  0.0       0.0          27.6
DZ Bank AG                       95.0      91.0          13.0
KBC Bank                          0.0       0.0          10.6
BCEE(3)                           0.0       0.0          10.1
Swedbank AB                       0.0       0.0           8.8
Bank of Valletta (BOV)            0.0       0.0           4.0
Lloyds Banking                    0.0       0.0           1.2
ABN AMRO                          0.0       0.0           1.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Denmark---------------------
Unicredit                        23.3      21.2           0.6
Intesa Sanpaolo                   0.0       0.0           0.1
ING Bank NV                       3.7       3.7           0.0
Erste Bank(EBG)                  37.0      15.0           0.0      
LBW(21)                         392.7      86.7           0.0
Dekabank(1)                      63.4      63.4           0.0
BBVA(5)                           3.0       3.0           0.0
BFA-Bankia                        0.0      10.4           0.0
Credit Agricole                  13.3      12.7           0.0
                           ------------------Estonia---------------------
SEB(19)                           0.0       0.0         171.1
Nordea Bank AB                    1.0       1.0         168.3
Commerzbank AG                   15.0     133.1          15.2
Hypo Real Estate                  0.0       0.0           8.3
Svenska Handelsbanken             0.0       0.0           1.0
Erste Bank(EBG)                   2.0       2.0           0.0      
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Estonia---------------------
LBW(21)                           2.5       2.5           0.0
DZ Bank AG                       32.0      19.0           0.0
Westlb AG                        49.4      50.6           0.0
Landesbank Berlin                 2.0       2.0           0.0
BNP Paribas                      24.1       4.1           0.0
RBS(26)                           3.7       3.7           0.0
HSBC                            205.3     186.2           0.0
Barclays Plc                    165.5     183.4           0.0
Unicredit                         4.0       0.0           0.0
ING Bank NV                      11.9      11.9           0.0
                           ------------------Finland---------------------
Svenska Handelsbanken             0.0       0.0       7,300.7
Nordea Bank AB                    0.0       0.0       5,653.9
Danske Bank                      37.0      37.0       1,537.3
HSBC                            324.3     360.0       1,511.0
Barclays Plc                    894.0     882.7       1,319.6
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Finland---------------------
BNP Paribas                     188.4     498.1       1,054.0
ING Bank NV                       0.0       0.0         966.0
Rabobank(27)                      0.0       0.0         837.1
RBS(26)                         427.7     350.9         559.9
Societe Generale                168.0     177.2         461.0
Credit Agricole                   0.0       0.0         460.5
SEB(19)                           0.0       0.0         444.3
ABN AMRO                          0.0       0.0         249.0
Commerzbank AG                    0.0       0.0         193.5
Deutsche Bank AG                789.8     713.3         183.3
Dexia                             0.0       0.0         181.1
OP-Pohjola Group                  0.0       0.0         140.8
Hypo Real Estate                  0.0       0.0         116.7
NYKREDIT                          0.0       0.0         113.0
Banco Santander                   0.0       0.0         104.9
Norddeutsche(24)                  0.0       0.0          91.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Finland---------------------
BPCE                             54.0      55.9          77.9
Erste Bank(EBG)                  11.0       0.0          75.8      
KBC Bank                          0.0       0.0          70.1
Volksbank(23)                     0.0       0.0          50.6
Allied Irish Banks                0.0       0.0          45.2
Raiffeisen(20)                    0.0       0.0          32.0
SNS Bank NV                       0.0       0.0          27.9
BBVA(5)                           0.0       0.0          27.0
Nova Ljubljanska Banka            0.0       0.0          26.0
Bank of Ireland                   0.0       0.0          24.0
Intesa Sanpaolo                   0.0       0.0          18.4
LBW(21)                         232.1      10.0          16.6
BCEE(3)                           0.0       0.0          11.5
Dekabank(1)                       7.4       7.4           9.0
Westlb AG                         0.0       0.0           7.7
Unicredit                        18.3      18.3           7.4
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Finland---------------------
Bayerische(25)                    0.0       0.0           6.7
WGZ Bank AG                       0.0       0.0           0.1
DZ Bank AG                      153.0     147.0           0.0
Landesbank Hessen(31)            18.5       0.0           0.0
                           -------------------France---------------------
BPCE                             48.1      77.0      42,498.5
Credit Agricole                   0.0       0.0      25,127.5
BNP Paribas                   3,501.0   1,962.7      20,566.1
Societe Generale                 76.6      57.1      20,444.8
RBS(26)                       3,351.8   4,120.1      17,144.8
HSBC                          2,252.4   1,491.2      14,102.0
Deutsche Bank AG              6,080.9   6,104.6      11,894.1
Barclays Plc                  7,621.2   7,317.2      11,336.9
Rabobank(27)                      0.0       0.0      11,231.3
ING Bank NV                     163.2     170.7       8,810.6
ABN AMRO                          0.0       0.0       2,584.2
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------France---------------------
Commerzbank AG                  100.4      89.2       2,102.1
Danske Bank                       0.0       0.0       2,098.2
BFA-Bankia                        0.0      14.8       1,985.3
Banco Santander               1,009.6     224.0       1,903.7
KBC Bank                          0.0       0.0       1,497.9
Nordea Bank AB                   12.3      12.3       1,438.6
Hypo Real Estate                  0.0       0.0       1,170.2
DZ Bank AG                      779.0     677.0         884.0
Dexia                             0.0       0.0         806.0
Allied Irish Banks                0.0       0.0         710.7
Lloyds Banking                    0.0       0.0         601.4
BBVA(5)                          68.3      45.7         534.0
Swedbank AB                       0.0       0.0         516.1
Bank Of Cyprus Public             0.0       0.0         492.7
SEB(19)                           0.0      37.0         424.2
WGZ Bank AG                      25.0      25.0         349.2
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------France---------------------
Bank of Ireland                   0.0       5.0         321.6
Landesbank Berlin                70.6       7.4         265.7
Nova Ljubljanska Banka            0.0       0.0         263.0
Caixa Geral De Depositos          0.0       0.0         234.8
Norddeutsche(24)                 25.0       0.0         210.0
SNS Bank NV                       0.0       0.0         209.3
Raiffeisen(20)                    0.0      37.0         178.5
Intesa Sanpaolo                 958.0     607.0         164.7
NYKREDIT                          0.0       0.0         164.0
LBW(21)                         960.9     575.9         136.1
Unicredit                       919.7     859.8         115.9
Westlb AG                       556.9     542.7         108.3
Erste Bank(EBG)                  50.0      22.0         105.3      
Landesbank Hessen(31)            58.1      10.0         102.0
Dekabank(1)                     159.5     134.6          77.0
BCEE(3)                           0.0       0.0          74.6
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------France---------------------
La Caixa(6)                       0.0       0.0          71.4
HSH Nordbank                      0.0       0.0          35.6
Bank of Valletta (BOV)            0.0       0.0          15.0
OP-Pohjola Group                  0.0       0.0          10.1
Bayerische(25)                    0.0       0.0           5.5
Nova Kreditna Banka(4)            0.0       0.0           5.0
Volksbank(23)                     0.0       0.0           4.5
Banca Monte(2)                  509.0     607.0           3.0
Banco BPI, SA                     0.0       0.0           2.5
Svenska Handelsbanken             0.0       0.0           0.5
Jyske Bank                       55.5       0.0           0.1
Banco Comercial Portugues         5.0       5.0           0.0
                           ------------------Germany---------------------
Norddeutsche(24)                  0.0       0.0      38,926.8
Commerzbank AG                  108.2     368.5      38,199.0
Bayerische(25)                   37.0       0.0      37,535.9
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Germany---------------------
LBW(21)                         100.0       0.0      28,928.6
DZ Bank AG                      883.0     752.0      28,693.0
Deutsche Bank AG                186.5     171.9      27,388.6
Landesbank Hessen(31)             0.0       0.0      22,535.0
WGZ Bank AG                     259.2       0.0      21,371.0
RBS(26)                       2,802.6   2,827.5      20,607.1
Unicredit                       218.2     243.2      19,125.7
Landesbank Berlin                37.2       0.0      16,884.5
Westlb AG                         0.0       0.0      16,771.6
ING Bank NV                      22.3      22.3      15,562.5
Barclays Plc                  6,945.6   6,756.2      14,505.8
SEB(19)                           0.0      37.0      14,381.7
Hypo Real Estate                  0.0       0.0      14,339.2
Societe Generale              2,628.9   2,367.8      13,784.8
Dekabank(1)                       0.0       0.0      13,407.0
BNP Paribas                   2,428.9   2,183.6      12,926.7
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Germany---------------------
Dexia                             0.0       0.0      11,509.7
HSH Nordbank                      0.0       0.0      10,858.0
HSBC                          2,639.0   1,431.4       9,348.0
Rabobank(27)                      0.0       0.0       8,512.2
Nordea Bank AB                    3.7       3.7       6,365.6
Danske Bank                     185.1     111.0       4,961.2
ABN AMRO                          0.0       0.0       4,684.0
BPCE                            594.4     583.2       2,771.9
Credit Agricole                   9.9       3.9       2,526.5
Lloyds Banking                    0.0       0.0       2,223.1
Banco Santander                 185.1     203.7       1,881.6
BBVA(5)                         157.7     155.5       1,423.0
Erste Bank(EBG)                   0.0       0.0       1,055.5      
KBC Bank                         30.0      34.6         982.2
Intesa Sanpaolo                 511.0     331.0         810.2
SNS Bank NV                       0.0       0.0         730.9
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Germany---------------------
Raiffeisen(20)                    0.0       0.0         332.5
NYKREDIT                         37.0       0.0         315.0
Svenska Handelsbanken             0.0       0.0         310.9
Swedbank AB                       0.0       0.0         299.0
Allied Irish Banks                0.0       0.0         274.4
Nova Ljubljanska Banka            0.0       0.0         198.0
OP-Pohjola Group                  0.0       0.0         149.9
BFA-Bankia                        0.0      22.3         131.4
BCEE(3)                           0.0       0.0          64.8
Volksbank(23)                     0.0       0.0          62.3
Banca Monte(2)                  416.0     396.0          52.0
Banco Popolare - S.C.             0.0       0.0          25.0
Jyske Bank                       18.5       0.0          13.1
Bank of Valletta (BOV)            0.0       0.0          13.0
Nova Kreditna Banka(4)            0.0       0.0          13.0
Banco BPI, SA                     0.0       0.0           8.5
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Germany---------------------
UBI(22)                           0.0       0.0           7.2
La Caixa(6)                       0.0       0.0           3.5
SYDBank                           0.0       0.0           1.0
Marfin Popular Bank Public        0.0       0.0           0.6
Bank of Ireland                   8.0       0.0           0.0
Banco Comercial Portugues         4.2       4.2           0.0
                           -------------------Greece---------------------
BNP Paribas                     306.2     214.3       4,206.0
Dexia                            19.4       0.0       4,034.0
Marfin Popular Bank Public        0.0       0.0       3,023.2
Commerzbank AG                  824.5     824.7       2,966.5
Bank Of Cyprus Public             0.0       0.0       1,903.2
Societe Generale              2,456.8   2,453.7       1,847.8
BPCE                            352.6     212.2       1,294.5
Deutsche Bank AG              4,420.1   4,324.0         874.7
Intesa Sanpaolo                 142.0     167.0         847.4
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Greece---------------------
RBS(26)                       3,152.4   3,374.8         829.5
Banco Comercial Portugues       148.3     148.3         811.9
ING Bank NV                       0.0       0.0         735.2
LBW(21)                         215.5     270.8         628.2
Unicredit                     1,115.5     817.0         562.5
HSBC                          1,481.5   1,724.8         538.0
WGZ Bank AG                      31.0      31.0         531.0
DZ Bank AG                      806.0     636.0         488.0
Westlb AG                       402.7     325.6         235.0
KBC Bank                          0.0       0.0         232.5
Banco BPI, SA                     0.0       0.0         194.3
Credit Agricole                  48.3       9.2         170.9
Bayerische(25)                    3.7       3.7         165.0
HSH Nordbank                      0.0       0.0         130.3
Landesbank Berlin                37.2      37.2         123.8
BBVA(5)                          46.0      33.3         112.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Greece---------------------
Banco Santander                 214.0     214.0         110.0
Rabobank(27)                     18.6      18.6          92.5
Landesbank Hessen(31)             0.0       0.0          82.0
BCEE(3)                           0.0       0.0          81.9
Dekabank(1)                      20.4      10.4          74.0
SEB(19)                           0.0       0.0          73.1
Erste Bank(EBG)                 110.0     111.0          64.2      
Volksbank(23)                    35.1      81.0          63.0
Norddeutsche(24)                 92.0       0.0          51.3
Barclays Plc                  4,450.9   4,371.7          50.0
Jyske Bank                        0.0       0.0          47.2
SNS Bank NV                       0.0       0.0          42.2
Banco Popolare - S.C.             0.0       0.0          39.0
BFA-Bankia                        0.0       2.5          31.6
Allied Irish Banks                0.0       0.0          21.4
Banca Monte(2)                  275.0     264.0          17.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Greece---------------------
Caixa Geral De Depositos          0.0       0.0          13.9
NYKREDIT                          0.0       0.0          11.0
Bank of Valletta (BOV)            0.0       0.0           7.0
Nova Ljubljanska Banka            0.0       0.0           5.0
OP-Pohjola Group                  0.0       0.0           0.5
Espirito Santo Financial          8.9       8.9           0.0
                           ------------------Hungary---------------------
KBC Bank                          0.0       0.0       4,176.8
OTP Bank NYRT                     0.0       0.0       3,086.0
Bayerische(25)                    0.0       0.0       1,934.0
Erste Bank(EBG)                 353.0      46.0       1,831.9      
Dexia                             0.0       0.0       1,643.2
ING Bank NV                     154.6     160.1       1,596.3
Intesa Sanpaolo                  51.0      51.0       1,384.6
Raiffeisen(20)                    3.7     351.8       1,258.0
Commerzbank AG                  752.1     790.1       1,059.6
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Hungary---------------------
DZ Bank AG                      476.0     548.0         837.0
BNP Paribas                     281.2     233.7         705.5
Unicredit                       782.9     766.3         446.3
Barclays Plc                  3,144.7   3,136.4         423.8
HSBC                          3,258.1   3,293.3         407.0
Hypo Real Estate                  0.0       0.0         367.1
Deutsche Bank AG              4,928.2   4,737.0         341.4
Norddeutsche(24)                 25.0       0.0         261.9
Landesbank Berlin                 0.0       0.0         245.6
Volksbank(23)                   106.4      89.5         203.0
WGZ Bank AG                      42.0      42.0         155.6
BPCE                            224.9     226.9          59.0
Allied Irish Banks                0.0       0.0          58.1
BBVA(5)                           1.5       0.0          58.0
LBW(21)                         470.6     496.0          57.2
Dekabank(1)                       0.0       0.0          49.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Hungary---------------------
Danske Bank                       0.0       0.0          46.5
RBS(26)                       1,737.0   1,769.4          40.4
Landesbank Hessen(31)             3.7      18.6          34.8
Societe Generale                393.0     396.2          31.9
BCEE(3)                           0.0       0.0          22.6
Caixa Geral De Depositos          0.0      20.0          18.7
HSH Nordbank                      0.0       0.0          17.3
Bank Of Cyprus Public             0.0       0.0          15.1
Banca Monte(2)                    0.0       0.0          13.0
Marfin Popular Bank Public        0.0       0.0          10.3
Jyske Bank                        0.0       0.0          10.3
Bank of Valletta (BOV)            0.0       0.0           2.0
SEB(19)                           0.0       0.0           1.5
Nordea Bank AB                    2.0       0.0           0.8
Westlb AG                       731.1     727.7           0.0
SYDBank                          19.0      19.0           0.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Hungary---------------------
Banco Santander                  15.1      15.1           0.0
Credit Agricole                 144.5     107.0           0.0
                           ------------------Iceland---------------------
DZ Bank AG                       20.0      62.0          60.0
Unicredit                        19.0      27.2          42.6
Commerzbank AG                    7.4      22.3          14.1
Barclays Plc                    536.8     520.9          13.9
Deutsche Bank AG                308.9     340.0          13.0
Intesa Sanpaolo                   0.0       0.0           2.0
Erste Bank(EBG)                   5.0       5.0           0.0      
Volksbank(23)                    50.7      24.2           0.0
LBW(21)                          57.0      20.0           0.0
Westlb AG                        71.5      71.5           0.0
WGZ Bank AG                       5.0       5.0           0.0
BNP Paribas                     116.0      51.1           0.0
Credit Agricole                  90.6      81.3           0.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Iceland---------------------
Societe Generale                 51.6      37.8           0.0
RBS(26)                         131.7     146.5           0.0
HSBC                            204.9     202.3           0.0
                           ------------------Ireland---------------------
Allied Irish Banks                0.0       0.0       5,104.1
Bank of Ireland                   0.0       0.0       4,955.3
Irish Life and Permanent          0.0       0.0       2,396.0
Societe Generale                733.5     721.2         771.5
BNP Paribas                     229.0     183.4         507.9
Deutsche Bank AG              2,966.5   2,917.9         404.5
KBC Bank                          0.0       0.0         375.7
Barclays Plc                  2,984.5   3,031.9         372.4
BPCE                            100.2      73.7         346.1
Bank Of Cyprus Public             0.0       0.0         318.6
Banco BPI, SA                     0.0       0.0         313.3
WGZ Bank AG                      72.8      71.1         243.9
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Ireland---------------------
HSBC                            707.7     719.4         243.0
RBS(26)                       2,303.4   2,241.8         229.2
Banco Comercial Portugues        57.0      57.0         209.4
SNS Bank NV                       0.0       0.0         174.3
Credit Agricole                  21.0      21.0         168.9
ABN AMRO                          0.0       0.0         134.0
Intesa Sanpaolo                  41.0      41.0         133.3
Danske Bank                       0.0       0.0         124.8
LBW(21)                         274.9     263.3          83.2
Rabobank(27)                      0.0       0.0          59.9
Unicredit                       248.6     241.8          59.4
DZ Bank AG                      588.0     394.0          51.0
Marfin Popular Bank Public        0.0       0.0          42.7
OP-Pohjola Group                  0.0       0.0          41.4
Erste Bank(EBG)                  81.0       0.0          39.5      
Westlb AG                        63.2      47.4          35.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Ireland---------------------
Dekabank(1)                       3.0       3.0          31.0
Hypo Real Estate                  0.0       0.0          24.9
Caixa Geral De Depositos          0.0       0.0          24.1
Jyske Bank                        0.0       0.0          23.3
Norddeutsche(24)                186.0       0.0          19.0
Volksbank(23)                    70.4       0.0          13.1
Nova Ljubljanska Banka            0.0       0.0           9.0
Bank of Valletta (BOV)            0.0       0.0           7.0
ING Bank NV                       1.0       1.0           2.3
Commerzbank AG                   14.8      89.2           0.8
Dexia                             0.0       0.0           0.4
Bayerische(25)                   37.0      37.0           0.0
Landesbank Hessen(31)            42.0       5.0           0.0
Banco Santander                   8.6       8.6           0.0
BBVA(5)                          59.2      59.2           0.0
Banca Monte(2)                   60.0      49.0           0.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Ireland---------------------
Espirito Santo Financial          4.8       0.0           0.0
Nordea Bank AB                    8.9       1.5           0.0
                           -------------------Italy----------------------
Intesa Sanpaolo                 927.0     833.0      56,956.0
Unicredit                     2,440.8   1,854.5      49,827.6
Banca Monte(2)                2,885.0   2,373.0      30,379.0
BNP Paribas                   1,544.2   1,395.8      22,750.1
Dexia                             0.0       0.0      15,382.1
Banco Popolare - S.C.             0.0       0.0      10,807.0
Commerzbank AG                  975.2   1,358.1       9,323.6
HSBC                          4,927.5   4,910.3       8,269.0
UBI(22)                           0.0       0.0       8,073.3
Credit Agricole                 385.5      76.9       7,658.6
Barclays Plc                 16,093.0  16,445.9       7,375.4
RBS(26)                      14,004.7  13,735.3       6,839.8
Societe Generale             13,429.4  13,207.4       6,311.6
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Italy----------------------
Hypo Real Estate                  0.0       0.0       6,235.4
BPCE                            375.3     415.8       5,064.7
BBVA(5)                         432.4     256.6       4,266.0
ING Bank NV                     118.9      86.2       3,510.9
Deutsche Bank AG             18,510.4  15,966.0       3,139.2
KBC Bank                          0.0       0.6       3,065.8
LBW(21)                       2,081.2   1,734.2       3,000.8
DZ Bank AG                    1,364.0   1,290.0       2,741.0
Norddeutsche(24)                109.1      10.0       1,737.7
Banco Santander                 600.7     397.1       1,417.8
BCEE(3)                           0.0       0.0       1,396.4
WGZ Bank AG                     154.3      46.9       1,286.8
Danske Bank                      18.5      18.5       1,167.4
BFA-Bankia                        0.0       0.0         947.3
Banco BPI, SA                     0.0       0.0         909.7
Westlb AG                     1,421.5   1,414.1         735.2
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Italy----------------------
HSH Nordbank                      0.0       0.0         544.9
Erste Bank(EBG)                 175.0      33.0         483.5      
Bayerische(25)                    0.0       0.0         470.2
SNS Bank NV                       0.0       0.0         464.9
Raiffeisen(20)                    3.7       3.7         425.9      
Landesbank Berlin                 0.0       0.0         321.5
ABN AMRO                          0.0       0.0         308.0
Landesbank Hessen(31)           106.3      69.2         256.7
Rabobank(27)                      0.0       0.0         238.0
Dekabank(1)                      57.5      37.5         216.0
Banco Popular Espanol             0.0       0.0         207.0
Allied Irish Banks                0.0       0.0         186.3
Volksbank(23)                    81.6      52.0         140.7
La Caixa(6)                       0.0       0.0         110.1
Bank Of Cyprus Public             0.0       0.0         103.4
Nordea Bank AB                   33.5      35.3          62.4
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Italy----------------------
Lloyds Banking                  153.0     190.0          60.4
Bank of Ireland                   0.0       0.0          55.1
Banco Comercial Portugues       165.9     165.9          49.5
SEB(19)                           0.0       0.0          39.1
Nova Ljubljanska Banka            0.0       0.0          25.0
Bank of Valletta (BOV)            0.0       0.0           6.0
OP-Pohjola Group                  0.0       0.0           0.1
Caixa Geral De Depositos          0.0       0.0           0.1
Jyske Bank                       14.8       0.0           0.0
SYDBank                           4.0       4.0           0.0
                           ---------------------Latvia--------------------
Nordea Bank AB                    0.0       0.0         198.0
Commerzbank AG                   31.2      31.2         150.1
DNB Nor Bank ASA                  0.0       0.0         133.2
LBW(21)                          19.8      18.3         123.2
SEB(19)                           0.0       0.0          87.5
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ---------------------Latvia--------------------
Intesa Sanpaolo                  11.0      11.0          84.4
Norddeutsche(24)                 10.0       0.0          75.0
Dexia                             0.0       0.0          41.0
Unicredit                       108.8      49.0          37.1
DZ Bank AG                      111.0      98.0          30.0
Bayerische(25)                    0.0       0.0          16.0
Swedbank AB                       0.0       0.0          15.6
HSBC                            386.7     413.0          12.0
Banca Monte(2)                    4.0       4.0          10.0
BCEE(3)                           0.0       0.0           5.2
Barclays Plc                    458.8     486.6           4.1
Landesbank Hessen(31)             0.0       0.0           3.3
Erste Bank(EBG)                  39.0      19.0           3.1      
Raiffeisen(20)                    0.0       0.0           2.3
Svenska Handelsbanken             0.0       0.0           0.6
Deutsche Bank AG                420.8     484.5           0.3
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ---------------------Latvia--------------------
ING Bank NV                       0.0       0.0           0.1
Volksbank(23)                     8.0       8.0           0.0
Westlb AG                        66.3      65.9           0.0
BNP Paribas                      80.6      75.6           0.0
Credit Agricole                  17.4      17.4           0.0
BPCE                              4.1       5.2           0.0
RBS(26)                         175.0     178.7           0.0
Caixa Geral De Depositos          0.0      25.0           0.0
                           --------------------Lithuania-----------------
SEB(19)                           0.0       0.0         759.6
DNB Nor Bank ASA                  2.5       5.1         301.7
Commerzbank AG                   33.2      16.3         272.3
Nordea Bank AB                    0.0       0.0         155.5
Dexia                             0.0       0.0         143.9
LBW(21)                          40.3      20.3          86.8
DZ Bank AG                       38.0      31.0          77.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           --------------------Lithuania-----------------
BPCE                            201.2     263.8          63.3
Swedbank AB                       0.0       0.0          43.9
HSBC                            380.9     402.5          42.0
Hypo Real Estate                  0.0       0.0          36.6
Erste Bank(EBG)                  12.0       0.0          32.5      
Volksbank(23)                     2.0       2.0          32.4
BNP Paribas                      87.2      66.2          30.7
Danske Bank                       0.0       0.0          26.0
Intesa Sanpaolo                   7.0       7.0          24.7
Barclays Plc                    342.0     370.7          20.4
BCEE(3)                           0.0       0.0          15.4
Landesbank Berlin                 0.0       0.0          14.3
Societe Generale                  7.4       7.4          13.8
Banca Monte(2)                    0.0       0.0          12.0
ING Bank NV                       9.4      13.1          11.1
Deutsche Bank AG                225.9     221.2          10.5
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           --------------------Lithuania-----------------
WGZ Bank AG                       0.0       0.0          10.3
Raiffeisen(20)                    0.0       0.0           7.6
Unicredit                        67.3      49.5           6.2
HSH Nordbank                      0.0       0.0           6.2
Bank of Valletta (BOV)            0.0       0.0           3.0
Credit Agricole                  20.0      20.0           1.6
Landesbank Hessen(31)             0.0       0.0           0.6
Svenska Handelsbanken             0.0       0.0           0.1
Westlb AG                        19.6      19.9           0.0
RBS(26)                          97.8      98.6           0.0
                           --------------------Luxembourg-----------------
BCEE(3)                           0.0       0.0       2,196.8
Lloyds Banking                    0.0       0.0         545.6
BNP Paribas                       0.0       0.0         270.8
HSBC                              0.0       0.0         199.0
ING Bank NV                       0.0       0.0         158.5
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           --------------------Luxembourg-----------------
Dexia                             0.0       0.0         156.3
Deutsche Bank AG                  0.0       0.0         149.5
Norddeutsche(24)                  0.0       0.0         135.9
SEB(19)                           0.0       0.0          65.6
Landesbank Berlin                 0.0       0.0          49.4
SNS Bank NV                       0.0       0.0          45.5
ABN AMRO                          0.0       0.0          27.0
KBC Bank                          0.0       0.0          24.7
Erste Bank(EBG)                   0.0       0.0          22.8      
Rabobank(27)                      0.0       0.0          19.5
DZ Bank AG                        0.0       0.0          15.0
Commerzbank AG                    0.0       0.0          11.3
Bank Of Cyprus Public             0.0       0.0          10.3
Landesbank Hessen(31)             0.0       0.0           7.1
Dekabank(1)                       0.0       0.0           5.0
Nova Ljubljanska Banka            0.0       0.0           5.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           --------------------Luxembourg-----------------
BPCE                              0.0       0.0           3.9
RBS(26)                           0.0       0.0           2.6
Jyske Bank                        0.0       0.0           2.1
Barclays Plc                      0.0       0.0           0.3
LBW(21)                           0.0       0.0           0.1
                           -------------------Malta----------------------
Bank of Valletta (BOV)            0.0       0.0         804.0
Marfin Popular Bank Public        0.0       0.0         128.9
HSBC                              0.0       0.0         104.0
Hypo Real Estate                  0.0       0.0          76.9
Volksbank(23)                     0.0       0.0          62.0
Barclays Plc                      0.0       0.0           0.1
Erste Bank(EBG)                  27.0       0.0           0.0      
BNP Paribas                       7.2       7.1           0.0
                           ------------------Netherlands-----------------
ING Bank NV                       0.0       0.0      19,203.6
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Netherlands-----------------
Rabobank(27)                      0.0       0.0      16,609.6
ABN AMRO                          0.0       0.0      12,545.4
BNP Paribas                     792.1     316.4      10,670.1
RBS(26)                       1,100.3   1,087.5       7,765.9
SNS Bank NV                       0.0       0.0       7,064.0
Deutsche Bank AG              1,206.1   1,210.8       5,529.0
Barclays Plc                  1,244.1   1,434.1       4,059.4
HSBC                            605.0     570.7       1,545.0
BPCE                            102.5     104.3       1,481.5
Societe Generale                648.2     653.5       1,237.5
Commerzbank AG                    0.0       0.0       1,210.9
Banco Santander                  61.1      61.1         680.9
Credit Agricole                   5.4       4.9         676.8
Nordea Bank AB                    0.0       0.0         655.6
Danske Bank                       0.0       0.0         551.1
Allied Irish Banks                0.0       0.0         338.8
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Netherlands-----------------
DZ Bank AG                      424.0     419.0         246.0
Dexia                             0.0       0.0         212.6
Nova Ljubljanska Banka            0.0       0.0         205.0
Swedbank AB                       0.0       0.0         149.3
Landesbank Berlin                 0.0       0.0         146.4
Norddeutsche(24)                  0.0       0.0         144.0
Intesa Sanpaolo                 107.0     144.0         123.0
KBC Bank                          0.0       0.0          89.4
Landesbank Hessen(31)            76.6      10.0          83.7
Dekabank(1)                      84.0      93.6          74.0
Erste Bank(EBG)                  24.0       7.0          64.4      
Westlb AG                         6.4       3.7          61.4
Unicredit                       419.6     362.6          57.0
Raiffeisen(20)                    0.0       0.0          49.1
BBVA(5)                           0.0       0.0          35.0
LBW(21)                         140.2      73.8          32.9
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Netherlands-----------------
NYKREDIT                          0.0       0.0          32.0
BCEE(3)                           0.0       0.0          31.7
Bank of Ireland                   0.0       0.0          20.0
Lloyds Banking                    0.0       0.0          13.9
Bayerische(25)                    0.0       0.0          12.1
Banco Comercial Portugues         0.0       0.0          11.6
Nova Kreditna Banka(4)            0.0       0.0          10.0
Svenska Handelsbanken             0.0       0.0           5.2
Hypo Real Estate                  0.0       0.0           3.2
Volksbank(23)                     0.0       0.0           2.3
Banco BPI, SA                     0.0       0.0           2.3
La Caixa(6)                       0.0       0.0           2.0
Banca Monte(2)                   30.0      19.0           1.0
WGZ Bank AG                      34.8      20.0           0.0
                           -------------------Norway---------------------
DNB Nor Bank ASA                  0.0       0.0       7,944.1
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Norway---------------------
Svenska Handelsbanken             0.0       0.0       2,544.6
Nordea Bank AB                    0.0       0.0       1,685.7
HSBC                             96.9      74.6       1,232.0
Danske Bank                      37.0       0.0       1,082.0
SEB(19)                           0.0       0.0         551.1
Swedbank AB                       0.0       0.0         173.8
RBS(26)                         342.8     346.1          78.0
Intesa Sanpaolo                   5.0       5.0          59.3
LBW(21)                         111.1       0.0          40.1
Credit Agricole                   0.0       0.0          24.8
Barclays Plc                    640.1     664.7          22.0
BNP Paribas                      93.6     107.1          21.7
Dexia                             0.0       0.0          18.6
Deutsche Bank AG                471.6     491.5          13.7
Erste Bank(EBG)                   0.0       0.0          10.6      
Unicredit                        18.3      18.3           1.3
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Norway---------------------
Societe Generale                196.3     202.2           1.1
ABN AMRO                          0.0       0.0           0.5
KBC Bank                          0.0       0.0           0.2
WGZ Bank AG                       0.0       0.0           0.1
DZ Bank AG                        7.0       7.0           0.0
Dekabank(1)                       0.0      10.4           0.0
BPCE                             65.2      67.1           0.0
Banca Monte(2)                   11.0       0.0           0.0
                           -------------------Poland---------------------
Unicredit                       498.1     489.5       7,426.7
PKO Bank Polski                   0.0       0.0       7,255.9
ING Bank NV                      95.1      93.7       4,758.3
Commerzbank AG                  214.1     254.6       4,200.8
KBC Bank                          0.0       0.0       2,528.1
Banco Santander                  24.0      24.0       2,526.9
Dexia                             0.0       0.0       1,938.2
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Poland---------------------
BNP Paribas                     317.8     265.8       1,727.0
Hypo Real Estate                  0.0       0.0       1,556.7
Rabobank(27)                      0.0       0.0       1,091.5
HSBC                          1,769.0   1,781.9         736.0
Nordea Bank AB                    0.0       0.0         633.7
Banco Comercial Portugues         1.9       1.9         561.0
BPCE                              5.0       6.5         548.6
Erste Bank(EBG)                 193.0       5.0         536.1      
Deutsche Bank AG              2,937.1   2,945.1         500.7
Societe Generale                324.7     315.7         500.1
DZ Bank AG                      212.0     210.0         408.0
Raiffeisen(20)                   37.0      44.4         401.5
DNB Nor Bank ASA                  0.0       0.0         396.1
WGZ Bank AG                      79.6      40.0         389.8
Norddeutsche(24)                  0.0       0.0         331.7
Intesa Sanpaolo                   7.0       7.0         270.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Poland---------------------
LBW(21)                         417.2     162.0         269.0
Landesbank Berlin                 5.3       0.0         252.1
ABN AMRO                          0.0       0.0         244.1
Dekabank(1)                       0.0       0.0         195.0
RBS(26)                         966.9   1,028.3         187.0
BBVA(5)                           0.0       0.0         186.0
Credit Agricole                  77.7      60.1         147.7
Volksbank(23)                    38.4      23.4         134.7
Irish Life and Permanent          0.0       0.0          79.9
Barclays Plc                  2,135.1   2,069.5          54.4
BCEE(3)                           0.0       0.0          51.3
Danske Bank                       0.0       0.0          38.9
HSH Nordbank                     15.0       0.0          36.6
Bayerische(25)                    0.0       0.0          36.1
Bank Of Cyprus Public             0.0       0.0          36.0
Marfin Popular Bank Public        0.0       0.0          29.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Poland---------------------
Landesbank Hessen(31)            20.5      20.5          27.6
Bank of Valletta (BOV)            0.0       0.0          14.0
Jyske Bank                        0.0       0.0          10.3
Banca Monte(2)                   30.0      30.0          10.0
Nova Ljubljanska Banka            0.0       0.0           7.0
Espirito Santo Financial          0.0       0.0           5.0
Svenska Handelsbanken             0.0       0.0           1.3
SEB(19)                           0.0       0.0           1.0
Westlb AG                       518.1     518.4           0.0
SYDBank                           4.0       4.0           0.0
Caixa Geral De Depositos          0.0      20.0           0.0
                           ------------------Portugal--------------------
Banco Comercial Portugues         0.0       0.0       7,825.6
Caixa Geral De Depositos          0.0       1.0       7,499.1
Espirito Santo Financial          0.0     214.2       4,273.2
Banco BPI, SA                     0.0       0.0       3,146.8
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Portugal--------------------
Banco Santander                 202.0     202.0       2,461.8
BNP Paribas                     272.9     227.7       1,956.3
Dexia                             7.5       0.0       1,926.2
Barclays Plc                  3,860.1   3,987.1       1,064.0
Commerzbank AG                   52.0     188.5         942.2
LBW(21)                         727.9     629.8         811.0
Credit Agricole                   0.0       0.0         678.7
ING Bank NV                       2.0       2.0         635.9
Societe Generale              1,339.8   1,249.5         595.0
HSBC                          1,002.9   1,013.4         568.0
Deutsche Bank AG              3,900.1   3,995.7         551.4
BBVA(5)                          87.3      80.0         485.0
WGZ Bank AG                      91.4      91.4         476.9
Banco Popular Espanol             0.0       0.0         441.0
DZ Bank AG                      792.0     574.0         433.0
Hypo Real Estate                  0.0       0.0         417.1
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Portugal--------------------
BPCE                            263.3     250.8         337.3
RBS(26)                       3,581.3   3,494.0         206.6
Norddeutsche(24)                193.5       0.0         190.0
Banca Monte(2)                  506.0     498.0         162.0
BCEE(3)                           0.0       0.0         143.3
Allied Irish Banks                0.0       0.0          96.4
HSH Nordbank                      0.0       0.0          80.7
KBC Bank                          0.0       0.0          67.2
Intesa Sanpaolo                 135.0     137.0          66.5
Unicredit                     1,609.3   1,443.1          63.1
Landesbank Hessen(31)            40.7      37.0          54.5
SEB(19)                           0.0       3.7          28.7
Danske Bank                       0.0       0.0          25.2
Rabobank(27)                      0.0       0.0          22.7
Volksbank(23)                   160.8      59.8          20.4
Dekabank(1)                      37.6      28.1          16.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Portugal--------------------
Jyske Bank                        0.0       0.0           9.5
Erste Bank(EBG)                  28.0      31.0           5.1      
Nova Ljubljanska Banka            0.0       0.0           3.0
Raiffeisen(20)                    0.0       0.0           2.0
Bank of Valletta (BOV)            0.0       0.0           2.0
Bayerische(25)                   43.5      43.5           0.0
Westlb AG                     1,656.7   1,592.9           0.0
Landesbank Berlin                 1.5       1.5           0.0
                           -------------------Romania--------------------
Erste Bank(EBG)                 147.0      67.0       4,145.6      
Societe Generale                282.0     270.2       1,277.2
Raiffeisen(20)                   17.4      20.0       1,210.1
Unicredit                       205.7     173.2       1,067.2
RBS(26)                         661.7     634.6         363.1
Volksbank(23)                    17.4      17.4         349.8
Dexia                             0.0       0.0         252.2
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Romania--------------------
Intesa Sanpaolo                  11.0      11.0         166.1
Bayerische(25)                    0.0       0.0         148.0
ING Bank NV                      47.1      50.1         137.4
Deutsche Bank AG              1,220.6   1,123.0         129.3
BNP Paribas                     146.5     147.0         107.8
Marfin Popular Bank Public        0.0       0.0          83.7
Landesbank Berlin                 0.0       0.0          81.6
Barclays Plc                    825.1     797.7          79.7
BBVA(5)                           0.0       0.0          77.0
Banco Comercial Portugues         0.0       0.0          73.4
DZ Bank AG                       40.0      65.0          67.0
Commerzbank AG                    0.0       0.0          66.5
OTP Bank NYRT                     0.0       0.0          65.4
Credit Agricole                 153.5      68.7          56.9
Bank Of Cyprus Public             0.0       0.0          11.0
Banca Monte(2)                    0.0       0.0          11.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Romania--------------------
Svenska Handelsbanken             0.0       0.0          10.5
Nova Kreditna Banka(4)            0.0       0.0           1.5
Rabobank(27)                      0.0       0.0           1.5
KBC Bank                          0.0       0.0           1.5
WGZ Bank AG                       0.0       0.0           1.0
Nova Ljubljanska Banka            0.0       0.0           1.0
LBW(21)                          90.4      89.4           0.0
Hypo Real Estate                  9.0       2.0           0.0
Westlb AG                       161.1     172.5           0.0
BPCE                             23.3      25.2           0.0
HSBC                          1,113.9   1,131.6           0.0
                           ------------------Slovakia--------------------
Erste Bank(EBG)                  84.0       0.0       4,281.9      
Intesa Sanpaolo                   0.0       0.0       2,557.9
Raiffeisen(20)                    7.4       7.4       2,019.3
KBC Bank                          0.0       0.0       1,594.8
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Slovakia--------------------
Unicredit                       350.5     307.1         624.6
Commerzbank AG                    7.4      29.7         452.6
BPCE                             34.9      34.9         250.4
Societe Generale                 69.6     105.2         243.8
HSBC                            628.9     772.7         202.0
Hypo Real Estate                  0.0       0.0         171.5
ING Bank NV                      72.5      71.6         133.0
OTP Bank NYRT                     0.0       0.0         107.4
Volksbank(23)                    55.8      31.0          94.9
LBW(21)                          61.0      23.0          84.7
WGZ Bank AG                       0.0       0.0          71.2
Landesbank Hessen(31)            37.0      37.0          44.8
Caixa Geral De Depositos         25.0      40.0          42.9
DZ Bank AG                       72.0      51.0          35.0
BNP Paribas                       0.1     154.3          33.5
RBS(26)                         238.8     233.5          21.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Slovakia--------------------
Nova Ljubljanska Banka            0.0       0.0          19.0
Landesbank Berlin                 0.0       0.0          15.8
Deutsche Bank AG                574.4     552.2          11.6
BCEE(3)                           0.0       0.0          10.7
Bank of Valletta (BOV)            0.0       0.0           7.0
Barclays Plc                    254.1     227.7           6.1
Dekabank(1)                       5.2       5.2           5.0
Nova Kreditna Banka(4)            0.0       0.0           2.0
Banca Monte(2)                   10.0      10.0           1.0
Dexia                             0.0       0.0           0.8
Westlb AG                        55.5      52.3           0.0
Credit Agricole                  11.1      14.8           0.0
                           ------------------Slovenia--------------------
Nova Ljubljanska Banka            0.0       0.0         984.0
BNP Paribas                      42.7     237.6         574.0
Nova Kreditna Banka(4)            0.0       0.0         445.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Slovenia--------------------
HSBC                            357.6     411.8         302.0
Societe Generale                116.6     127.8         291.0
BPCE                              7.5       7.5         269.3
KBC Bank                          0.0       0.0         261.9
Barclays Plc                     62.9      47.5         252.8
Erste Bank(EBG)                  41.0       4.0         208.8      
Intesa Sanpaolo                   0.0       0.0         175.0
Unicredit                        36.6      33.0         163.8
Deutsche Bank AG                168.3     238.7         159.5
Commerzbank AG                    0.0      25.9         132.9
Raiffeisen(20)                    0.0       0.0         102.3
Hypo Real Estate                  0.0       0.0          95.8
ING Bank NV                       3.7       3.7          77.0
Volksbank(23)                    51.8       0.0          54.9
Westlb AG                         7.4       8.7          40.0
Bank Of Cyprus Public             0.0       0.0          35.5
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           ------------------Slovenia--------------------
DZ Bank AG                       68.0      49.0          35.0
Norddeutsche(24)                  0.0       0.0          30.0
Bayerische(25)                    0.0       0.0          19.9
Credit Agricole                   0.0       0.0           7.6
LBW(21)                          37.0      37.0           0.9
Dekabank(1)                      25.0       0.0           0.0
Danske Bank                      18.5      18.5           0.0
RBS(26)                          83.9      88.7           0.0
Espirito Santo Financial          0.0       5.0           0.0
                           -------------------Spain----------------------
BBVA(5)                           0.0       0.0      56,049.0
Banco Santander                   0.0       0.0      47,884.6
BFA-Bankia                        0.0       0.0      29,391.2
La Caixa(6)                       0.0       0.0      23,949.7
Banco Popular Espanol             0.0       0.0      10,304.0
BNP Paribas                   1,860.7   1,815.9       4,491.3
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Spain----------------------
Barclays Plc                 10,209.1  10,359.6       4,270.9
DZ Bank AG                    1,093.0   1,197.0       3,932.0
Societe Generale              2,937.6   2,822.2       3,353.3
Hypo Real Estate                  0.0       0.0       3,319.2
Commerzbank AG                  383.5     383.5       3,024.7
Unicredit                     1,110.4     993.4       2,097.3
LBW(21)                       2,144.2   1,216.7       1,995.2
HSBC                          2,741.5   2,826.3       1,894.0
Deutsche Bank AG              7,572.0   7,345.4       1,866.7
Credit Agricole                 300.1      89.2       1,791.3
BPCE                            224.2     226.4       1,782.3
Landesbank Hessen(31)           173.1     117.6       1,479.0
Dexia                             0.0       0.0       1,399.6
KBC Bank                          0.0       0.0       1,206.6
WGZ Bank AG                     135.8     109.9       1,198.6
ING Bank NV                     167.8     159.3       1,191.8
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Spain----------------------
Intesa Sanpaolo               1,409.0   1,416.0       1,114.6
RBS(26)                       5,904.5   5,917.1       1,101.2
Westlb AG                       505.0     494.0         692.0
Bayerische(25)                    3.7       3.7         549.1
Danske Bank                      18.5      18.5         524.7
Norddeutsche(24)                 10.0      10.0         436.0
Landesbank Berlin                37.2       0.0         367.0
Banca Monte(2)                  733.0     711.0         225.0
Banco Popolare - S.C.             0.0       0.0         204.0
HSH Nordbank                      0.0       0.0         184.8
BCEE(3)                           0.0       0.0         173.3
Dekabank(1)                     165.0     143.6         129.0
UBI(22)                           0.0       0.0         127.3
ABN AMRO                          0.0       0.0          83.0
Caixa Geral De Depositos         37.0      55.5          64.9
Erste Bank(EBG)                  32.0      56.0          48.2      
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Spain----------------------
Lloyds Banking                    0.0       0.0          46.4
Volksbank(23)                   119.5      14.8          45.7
Espirito Santo Financial         47.8      66.3          31.3
Allied Irish Banks                0.0       0.0          30.5
SNS Bank NV                       0.0       0.0          30.2
Rabobank(27)                      0.0       0.0          17.7
Nordea Bank AB                    3.7       3.7          16.5
Jyske Bank                        0.0       0.0          15.0
Nova Ljubljanska Banka            0.0       0.0          15.0
Raiffeisen(20)                    0.0       0.0           3.3
SEB(19)                           0.0      14.8           0.0
Bank of Ireland                   5.0       5.0           0.0
Banco Comercial Portugues       189.9     189.9           0.0
                           -------------------Sweden---------------------
Danske Bank                       0.0       0.0      10,910.5
Nordea Bank AB                    0.0       0.0       8,398.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Sweden---------------------
Svenska Handelsbanken             0.0      37.0       4,673.1
SEB(19)                           0.0       0.0       3,352.8
Swedbank AB                       0.0       0.0       2,781.2
Barclays Plc                  1,765.0   1,704.9       1,466.1
RBS(26)                         603.1     643.9         926.0
Dexia                             0.0       0.0         582.1
Hypo Real Estate                  0.0       0.0         414.0
Deutsche Bank AG                986.8   1,069.2         120.0
BPCE                             59.3      57.5          69.1
Norddeutsche(24)                  0.0       0.0          67.0
HSBC                            668.1     570.5          63.0
BNP Paribas                     207.5     229.0          58.0
Allied Irish Banks                0.0       0.0          54.7
Commerzbank AG                   50.0      50.0          43.0
Landesbank Berlin                 7.4       7.4          32.0
Rabobank(27)                      0.0       0.0          31.7
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Sweden---------------------
Bayerische(25)                    0.0       0.0          27.0
WGZ Bank AG                      15.0      15.0          26.0
Jyske Bank                        0.0       0.0          15.8
BCEE(3)                           0.0       0.0          15.6
Bank of Valletta (BOV)            0.0       0.0          13.0
DZ Bank AG                      173.0     166.0          12.0
Intesa Sanpaolo                   0.0       0.0          11.0
Dekabank(1)                      93.3      93.3          10.0
Nova Ljubljanska Banka            0.0       0.0           8.0
Erste Bank(EBG)                  33.0      22.0           5.2      
Credit Agricole                  19.1      19.1           5.1
Unicredit                       362.8     358.2           2.6
Societe Generale                217.6     234.5           0.6
ABN AMRO                          0.0       0.0           0.4
ING Bank NV                       4.7       4.7           0.0
LBW(21)                         338.8      63.3           0.0
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           -------------------Sweden---------------------
Banca Monte(2)                   52.0      41.0           0.0
                           --------------------U.K.----------------------
HSBC                            198.6     320.9      43,353.0
RBS(26)                          62.8      62.8      29,498.1
Barclays Plc                    118.5     107.4      25,756.6
Lloyds Banking                    0.0       0.0      25,371.0
Banco Santander                  86.7     105.2      12,566.4
Danske Bank                       0.0       0.0       3,615.6
Deutsche Bank AG              5,355.2   5,303.6       3,438.0
Commerzbank AG                  107.8     502.3       2,972.0
BNP Paribas                   1,015.9   1,067.5       2,608.7
Bank of Ireland                   0.0       0.0       2,480.8
Credit Agricole                  70.4      84.9       1,634.1
Societe Generale              1,744.0   1,715.2       1,242.7
ABN AMRO                          0.0       0.0       1,057.0
Allied Irish Banks                0.0       0.0       1,039.9
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           --------------------U.K.----------------------
Bayerische(25)                    0.0       0.0         668.1
KBC Bank                          0.0       4.4         360.4
Intesa Sanpaolo                 144.0     144.0         340.6
SEB(19)                           0.0       0.0         201.7
Dexia                             0.0       0.0         138.4
Landesbank Hessen(31)             0.0       0.0         121.0
Nordea Bank AB                   38.7      75.8         114.9
BBVA(5)                          14.1      32.7         114.0
ING Bank NV                       0.0       0.0          96.5
Landesbank Berlin                 7.4       7.4          82.6
Unicredit                       102.6     100.8          65.4
Norddeutsche(24)                  0.0       0.0          59.0
Hypo Real Estate                  0.0       0.0          42.1
SNS Bank NV                       0.0       0.0          18.0
Rabobank(27)                      0.0       0.0          11.7
Volksbank(23)                     0.0       0.0           6.9
============================================================================
                                CDS  Protection    Total Debt    
(EUR/Million)                   Seller    Buyer      Exposure
============================================================================
                           --------------------U.K.----------------------
Jyske Bank                        0.0       0.0           6.8
BPCE                            144.1     145.9           3.3
Erste Bank(EBG)                  67.0      81.0           1.5      
DZ Bank AG                       78.0      50.0           1.0
Banca Monte(2)                  195.0     183.0           1.0
LBW(21)                         603.5     562.4           0.0
Westlb AG                        11.1      11.1           0.0
Dekabank(1)                       8.7      23.6           0.0
WGZ Bank AG                       0.0       5.0           0.0
BFA-Bankia                        0.0      29.7           0.0
Banco Comercial Portugues        31.0      31.0           0.0
Espirito Santo Financial          0.0      45.5           0.0
============================================================================

(1) = Dekabank Deutsche Girozentrale. (2) = Banca Monte Dei Paschi Di Siena. (3) = Banque Et Caisse D’Epargne De L’Etat. (4) = Nova Kreditna Banka Maribor. (5) = Banco Bilbao Vizcaya Argentaria. (6) = Caja De Ahorros Y Pensiones De Barcelona. (7) = Caixa D’Estalvis De Catalunya, Tarragona I Manresa. (8) = Caixa De Aforros De Galicia, Vigo, Ourense E Pontevedra. (9) = Grupo Banco Mare Nostrum. (10) = Caja España De Inversiones, Salamanca Y Soria,

Caja De Ahorros Y Monte De Piedad. (11) = Caja De Ahorros Y M.P. De Zaragoza, Aragon Y Rioja. (12) = Monte De Piedad Y Caja De Ahorros De Ronda, Cadiz,

Almeria, Malaga, Antequera Y Jaen. (13) = Caixa D’Estalvis Unio De Caixes De Manlleu,

Sabadell I Terrassa. (14) = Caja De Ahorros Y M.P. De Gipuzkoa Y San Sebastian. (15) = Caja De Ahorros De Vitoria Y Alava. (16) = Caja De Ahorros Y M.P. De Ontinyent. (17) = Colonya - Caixa D’Estalvis De Pollensa. (18) = Caja De Ahorros Del Mediterráneo. (19) = Skandinaviska Enskilda Banken. (20) = Raiffeisen Zentralbank Osterreich AG (21) = Landesbank Baden-Wurttemberg (22) = Unione Di Banche Italiane SCPA (UBI) (UBI) (23) = Oesterreichische Volksbank AG (24) = Norddeutsche LandesBank (25) = Bayerische LandesBank (26) = Royal Bank Of Scotland (27) = Rabobank Nederland (28) = Agricultural Bank of Greece (ATE) (29) = EFG Eurobank Ergasias (30) = National Bank of Greece (31) = Landesbank Hessen-Thuringen GZ, Frankfurt

To contact the reporter on this story: Wendy Soong in New York at at csoong@bloomberg.net

To contact the editor responsible for this story: Alex Tanzi at at atanzi@bloomberg.net

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