Press Archive 2008

The performance of Austria's industry continues to deteriorate rapidly as 2008 draws to a close. The seasonally adjusted Bank Austria Purchase Manager's Index has fallen from 38.3 to only 35 points in December.

UniCredit Bank Austria AG announces the sale of the profit participation rights which it holds in B&C Holding to B&C Beteiligungsverwaltungs GmbH, a wholly owned subsidiary of B&C Privatstiftung, a private foundation under Austrian law, which holds participations in enterprises such as Lenzing and Semperit.

Sentiment in the Austrian economy continues to deteriorate. In November, the Bank Austria Business Indicator again reached a historic low and, at -0.7, moved into negative territory for the first time since its inception.

In collaboration with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), a subsidiary of the World Bank, Bank Austria has arranged to finance the largest wind farm in Bulgaria, located on the Black Sea coast near the city of Kavarna, with EUR 198 million.

The Austrian transport industry, like its most important customers, is clearly feeling the effects of the major economic slump.

"In the most popular holiday destinations among Austrians, prices have risen more rapidly than in Austria in recent months."

The renowned UK financial magazine "The Banker" has selected Bank Austria as "Bank of the Year in Austria". Additionally, the subsidiaries of UniCredit Group in Poland and Bosnia-Herzegovina were also successful.

Against the backdrop of the international financial crisis and a slow-down in economic growth, Bank Austria is now offering targeted stimulus loans for small- and medium-sized companies.

Austria's industry, which is particularly susceptible to global developments on account of its strong export orientation, is increasingly affected by the global economic downturn.

Staged for the second time in 2008, the Bank Austria Literaris award is a sponsorship award for literary works from Eastern and Southeastern Europe. Currently, its total prize money of 100,000 euros is the highest awarded for literature from this part of the world.

Christoph Zauner, 38, has been the Chief Risk Officer at UniCredit Leasing since the beginning of November. As a member of the Management Board, he is responsible for all asset and collection management activities within the restructured division as well as for underwriting in Austria.

The Greek journalist Anna Koktsidou received the "Writing for CEE" journalism award on Tuesday evening in Vienna from Bank Austria and the Austrian Press Agency (APA). Journalists from all over Europe can submit their entries to the competition, which has been already awarded the fifth year.

A new organisation will be implemented in the Division Private Banking & Asset Management. In line with the organisational setup of the UniCredit Group, the field Private Banking will be separated from the fund business, which is handled by Pioneer Investments.

The Bank Austria Business Indicator fell to a historical low of only 0.2 points in October from 1.4 in the previous month. The mood in Austrian industry has therefore turned around in recent months at an unprecedented rate.

In the third quarter of 2008 Bank Austria, a member of UniCredit Group, achieved results which were better than in the same period of the previous year, despite the continued repercussions of the credit market crisis which started over a year ago.

In the third quarter of 2008 Bank Austria, a member of UniCredit Group, achieved results which were better than in the same period of the previous year, despite the continued repercussions of the credit market crisis which started over a year ago.

Bank Austria and SIGNA Holding have announced that they have successfully completed the sale of the two Bank Austria properties at Am Hof and on Vordere Zollamtsstraße, and all of the provisions of the preliminary agreement signed in August have been fulfilled.

The situation in Austria's industry is becoming more acute. In October, the seasonally adjusted Bank Austria Purchase Managers' Index fell from 46 to 43.6 points, the lowest level in seven years. The current decline is moreover one of the sharpest since the Index was introduced over ten years ago.

This year Austrian financial institutions can once again look forward to a veritable tidal wave of customers. Some 1.5 million savers, or one Austrian in every five, will go to the bank this coming World Savings Day. That's the result of an up-to-date Bank Austria Investment Barometer, a representative survey by market research institute GfK Austria on behalf of Bank Austria.

UniCredit Group welcomes the measures finalised today supporting the financial systems of Hungary. The Hungarian government and the National Bank of Hungary together with the European Union (EU) and the International Monetary Fond (IMF) approved immediate steps to restore confidence in the Hungarian financial system.

In the course of the last few years Turkey has achieved a high level of economic stability, making it a focus of foreign investment. The market's size and potential offer substantial business opportunities, and compared with previous years, Turkey is today one of the world's most promising economies.

At the beginning of November 2008, Stephan Winkelmeier, 40, will join Bank Austria’s Management Board as the new Chief Risk Officer (CRO).

In September, Bank Austria's Business Indicator stabilised at a low level of 1.3 although industrial sentiment has continued to deteriorate dramatically.

As part of its Integrated Corporate Finance approach to advising, Bank Austria is introducing a new innovative service for corporate clients that is available starting immediately: The WorkingCapitalCheck is free of charge and serves as a review of the liquidity situation of companies with an annual turnover of EUR 3 million to EUR 250 million.

EK Fin has invested several million euros in the machine building company ANGER MACHINING and will acquire 49 per cent of the company’s shares in return.

New rumours concerning Lenzing AG, the Upper Austrian manufacturer of viscose fibres, prompt Bank Austria to make the following statement: neither Bank Austria nor UniCredit Group are in sale negotiations with the Indian Birla Group.

The economy in Vorarlberg has experienced significant structural change over the past few years. The “textile province” has gone from a virtual “monoindustry” to a highly competitive service economy with a strong industrial core.

The seasonally adjusted Bank Austria Purchase Managers' Index fell from 48.6 in August to 46 points in September. The indicator has consequently remained below the growth threshold of 50 points for the sixth month in succession and has reached the lowest level in 80 months.

The Bank Austria Business Indicator continued its downward trend in August, falling from 1.5 to 1.3 points. The continued downturn is largely attributable to the weak international environment, which is dampening sentiment in Europe's industry.

The logo of the largest bank in Austria was mounted today on the highest tower in the country. Using a special helicopter, the 6.5 metre tall and 3.6 metre deep logo was lifted into the air and fixed on the Vienna Donauturm by ten engineers.

Bank Austria is backing the Austrian Climate Protection Prize, initiated by the Ministry of Life and Austrian national public service broadcaster ORF, as a partner.

Subject to approval by the competition authorities, Bank Austria Real Invest, the real estate fund specialist owned by Bank Austria, which is part of the UniCredit Group, is the new owner of the UNO Shopping centre in Linz-Leonding.

Bank Austria today opened its Centre for Healthcare Professionals at Mariahilfer Straße 70 in Vienna. The newly renovated centre is open to all employed and independently registered physicians, chemists, veterinarians, psychotherapists and physiotherapists.

The seasonally adjusted Bank Austria Purchase Managers' Index recovered some ground in August. After falling sharply in recent months, the index climbed from 47 in July to a current 48.6. This is however still below 50, indicating that the situation in Austria's industrial sector again deteriorated over the previous month.

Following the strong start to the current year, the domestic economy has been steadily losing momentum. Following an increase of 0.6 per cent qoq (2.7 per cent yoy) in the first quarter, the loss of momentum was kept at a minimum in the subsequent quarter with a GDP increase of 0.4 per cent qoq (2 per cent yoy).

Bank Austria and Signa Holding announce that they have reached agreement – and signed a preliminary contract – on the sale of the two Bank Austria properties at Am Hof and in Vordere Zollamtsstrasse.

The impending National Council (Nationalrat) election and recent European Football Championships are expected to bestow a favourable 2008 on the Austrian advertising industry. These exceptional stimuli ought, in fact, to be strong enough to balance out weaker economic growth and allow the sector to record an increase in turnover of 5 to 7 percent.

Bank Austria, a member of UniCredit Group, achieved significantly better results in the second quarter of 2008, after a lower performance in the three preceding quarters, which were affected by the credit market crisis that has been smouldering for the past twelve months.

Bank Austria, a member of UniCredit Group, achieved significantly better results in the second quarter of 2008, after a lower performance in the three preceding quarters, which were affected by the credit market crisis that has been smouldering for the past twelve months. Profit before tax for the second quarter was 14 per cent higher than in the same period of the previous year.

At today’s meeting, the Supervisory Board of Bank Austria passed resolutions making the following changes in the Management Board: Helmut Bernkopf, 41, is to become a Member of the Management Board with responsibility for corporate banking.

UniCredit is currently developing a Global Operation Services Company for the whole Group, which is scheduled to start in the 1st quarter of 2009. Today, the top executive management was designated.

Johannes Moser, 46, will be joining the management of BA-CA Administration Services GmbH (AS) on 1 August 2008. Administration Services is Bank Austria's back-office specialist and took over the bank's securities and treasury back-office activities in July 2008. Mr. Moser, who was born in Styria, will be responsible for these business segments in his new position.

The Bank Austria Purchasing Managers' Index (PMI) has fallen significantly in July. At only 47 points it has recorded its lowest level for more than six years. The result of the survey has now been falling for four months in a row. Since March the overall index has been below 50 too, which is the borderline between growth and contraction.

Regina Prehofer, Member of the Management Board of Bank Austria, has decided to leave the bank and UniCredit Group as of 15 September.

In the course of a management buyout, EK Mittelstandsfinanzierungs AG – EK Fin for short –has acquired 34 per cent of the Czech mechanical engineering company Papcel a.s., Litovel. The long-time CEO of the group and son of the owning family, David Dostál, will take over the remaining shares.

The global environment for economies is currently characterised by low economic growth in the US and euro zone, strong concerns about inflation and high levels of uncertainty and volatility in the financial market.

Young people in Central and Eastern Europe (CEE) have a consistently positive outlook on the future and show a high level of career flexibility and a willingness to be mobile.

The province of Salzburg exhibits considerable dynamic growth thanks to powerful expertise in the service sector and structural changes in technology and continues to number amongst the wealthiest regions of Europe. Since accession to the EU, economic growth has averaged more than 2 percent per annum.

Following a period of stabilisation at the beginning of the year and a moderate downward trend subsequently, Bank Austria's Business Indicator has now fallen sharply in June. The decrease from 2.4 in the previous month to a figure of only 1.7 represents the sharpest monthly fall in the indicator for more than 5 years.

UniCredit CAIB AG, a wholly-owned subsidiary of Bank Austria, has a new management team with immediate effect.

The banking market in the Central Eastern European countries is still dominated by foreign international players, who continue to profit from their investments in the region.

Haakon Tiefner, 39, has been in charge of sales and distribution at UniCredit Leasing in Salzburg since the beginning of June.

Today the Council of EU Finance Ministers (ECOFIN) has announced its final and positive decision on the adoption of the euro as future currency of Slovakia. The country will enter the European Monetary Union (EMU) on 1 January 2009.

Increasing commodity prices and subsequent higher inflation rates are taking their toll. More than half of all Austrians believe that they will now be able to save less than they could three years ago.

At the Capital Markets Day held on 26 June, UniCredit Group presented its Three-Year Plan for the banking group for the period ending in 2010. The master plan covers all 23 countries.

Against the backdrop of an economic decline and the associated decrease in demand, Austria’s automotive industry saw losses in sales and cuts in production in 2007. The sector’s sales decreased by 3.3 per cent to €14.3 billion and production stagnated.

The UniCredit Group and Bank Austria brands have emerged strengthened from the European Football Championship. After the rebranding on 1 April 2008, the UEFA EURO 2008TM offered the first opportunity to present the new brand image of a leading European banking group to a broad public.

In June the Purchasing Managers' Index (PMI) of Bank Austria continued its decline. After a small breather last month the index fell to 48.4. This is therefore the third month in a row that the 50-point mark, the growth threshold, has been missed.

Martin Rauchenwald (33), Head of Markets & Investment Banking Russia, will be appointed as a new member of the Management Board of Moscow-based UniCredit Bank, given the approval by the relevant authorities.

Bank Austria's Business Indicator experienced a slight fall again in May. The decrease to 2.5 in April was followed in May with a fall to 2.4, making it clear that after the strong start to the current year the Austrian economy is now facing increasingly powerful headwinds. The individual components of the indicator's value have declined across the board.

"The most popular holiday destinations among Austrians are struggling with even higher price increases than those seen in Austria," says Stefan Bruckbauer, deputy chief economist at Bank Austria, summarising the latest calculation of the holiday euro.

Bank Austria is supporting ORF's helpline for children and young people, "147 – Rat auf Draht", with the sum of EUR 10,000. The money is to be used for all-year-round coaching for the team of counsellors and is aimed at providing quality support for the psychological care given by the helpline to children, young people and their parental figures.

In May Bank Austria's Purchasing Managers' Index (PMI) stabilised at last month's level. For the second month in succession it fell below the 50-point mark, thus signalling a sustained tendency towards contraction.

At the 2007 SEE Real Estate Awards, a gala event organised by the real estate publisher Europaproperty and held in Bucharest with an audience of 350 invited guests, the jury of international experts honoured Bank Austria with not just one, but two distinguished awards.

Today Helmut A. Gansterer, co-publisher of the economic magazine trend and a freelance journalist, was honoured with Bank Austria’s distinguished Horst Knapp Prize for his journalistic achievements in 2007.

Bank Austria has signed a cooperation agreement with the Russian region of Krasnodar, where the Winter Olympic Games are to be held in 2014 in the city of Sochi. This agreement is designed to help Austrian exporters realise their financing and investment projects in the region, whilst also intensifying business and economic links.

Bank Austria Creditanstalt AG announces that the resolution of Bank Austria’s shareholder meeting dated 3 May 2007, stipulating the squeeze-out of Bank Austria Creditanstalt´s free float shareholders, has been incorporated in the Company Register by the Commercial Court of Vienna. Hereby, all proceedings challenging the resolution of this Shareholder Meeting are closed.

A celebration is being held today to mark the opening of the Bank Austria Historical Archive, the first publicly accessible bank archive in Austria.

BA-CA Real Invest, the UniCredit Group real estate fund specialist belonging to Bank Austria, braved the turbulence on the international capital market with success in 2007 and further strengthened its role as market leader in open real estate funds.

"The market report on Radio Stephansdom was brought to you by Bank Austria" – this announcement can now be heard Monday through Friday on Radio Stephansdom. The privately owned classical radio station's market report delivers information about events on the international stock exchanges with an emphasis on the Vienna Stock Exchange to the station’s 220,000 regular listeners at 8:45 am and shortly before 6:00 pm each weekday.

Central and Eastern Europe (CEE) has seen significant changes in the residential real estate business. A recent study by UniCredit Group shows that there is still a qualitative and quantitative housing shortage in CEE.

UniCredit Group, one of the leading banking groups in Europe and the renowned Alma Graduate School of the University of Bologna have created an international Master of Business Administration (MBA) programme to form new talents in the Retail Banking Sector.

In April Bank Austria's Business Indicator continued the negative trend from last month, falling from 2.8 to 2.6. This decrease was based upon the decline of almost all of the individual components of the indicator's value.

Bank Austria, a member of UniCredit Group, held its own in an exceptionally difficult market environment. The bank's performance reflects continued strong growth in Central and Eastern Europe, good business trends in Austria, and a favourable development of costs.

Bank Austria, a member of UniCredit Group, held its own in an exceptionally difficult market environment. The bank’s performance reflects continued strong growth in Central and Eastern Europe, good business trends in Austria, and a favourable development of costs.

The turbulence on the financial markets is showing only mild signs of abating, but the Central and Eastern European region (CEE) is still able to live up to the challenge of the financial markets.

The UEFA EURO 2008^TM is approaching quickly: In just over five weeks the biggest sporting event Austria has ever witnessed will be upon us. An intense marketing phase is now beginning for Bank Austria, a member of UniCredit Group and one of four national supporters of the UEFA EURO 2008^TM.

Willi Hemetsberger, Member of the Management Board of Bank Austria, has decided to leave Bank Austria and UniCredit Group for personal reasons as of 31 May 2008.

Bank Austria, a member of UniCredit Group, is announcing the prestigious journalism prize "Writing for CEE" in cooperation with the Austrian news agency APA (Austria Presse Agentur) for the fifth time. Journalists from all European countries are invited to submit articles.

320 million Europeans in 15 European Union countries are using the Euro day by day. In the next 7 to 8 years this number will grow by more than a third. Almost 120 million people live in those countries aiming at adopting the Euro as future national currency.

Bank Austria will begin funding a volunteer mentoring program called "Gemma's an!" effective immediately (Austrian dialect for "Let's tackle it together!") This assistance will ensure continuous support to young people facing crises in their lives.

The cartel court has now taken into consideration Bank Austria’s reservations regarding the Haftungsverbund support mechanism, and it has imposed additional constraints on Erste Bank in the form of mandatory commitments.

Following the surprisingly solid figures for the first quarter, the Bank Austria Purchasing Managers' Index (PMI) fell below the 50-point mark in April. For the first time in more than 30 months, therefore, it fell within the range that indicates negative growth.

Tyrol is Austria's premier tourist destination and is one of the most dynamic regions in Europe because of its above-average economic growth and one of the lowest unemployment rates. Whilst tourism continues to provide a solid basis for Tyrol's high standard of living, increasingly the economy and growth rates are being driven by new, innovative companies and the export success of recent years.

In selling water dispenser specialist Blue Dolphin, early stage fund Gründerfonds GmbH & Co KEG has brought a successful and constructive equity financing to a close. In seven years Blue Dolphin Handelsgesellschaft mbH has grown from a young business to one of the most important market players in the German-speaking area.

UniCredit CAIB AG, a fully-owned subsidiary of Bank Austria AG, today received an A+ long-term and an A-1 short-term rating from Standard & Poor's (S&P). At the same time its outlook was ranked as stable.

American financial magazine "Global Finance" has chosen Bank Austria as Austria's best bank, based on the results of its "The World´s Best Banks in Developed Markets" annual survey.

A few weeks ago Matthias Klinger, 30, assumed leadership of the Legal Department and the role of Compliance Officer at Bank Austria Finanzservice.

After a slight increase in February, Bank Austria’s Business Indicator was a bit weaker in March, decreasing from 2.9 to 2.8.

The automotive industry in Central and Eastern Europe (CEE) is operating at high speed. Almost 6.2 million passenger cars and commercial vehicles were produced in the region in 2007.  Production grew by 18.7 % in 2007, a much higher than the world average of 5.5 %. The most notable increases were registered in Hungary and Slovakia.

Bank Austria's customer advisers are to be more climate-friendly drivers in future. Together with the Managing Director of ClimatePartner Austria, Klaus Reisinger, members of Bank Austria's Management Board, Regina Prehofer and Ralph Müller, today presented measures for more emission efficient and fuel-saving mobility.

As of today, Bank Austria has taken on ten house sponsorships to support a family in each of the ten SOS Children's Villages in Austria. The house sponsorships, which cover all nine of the federal states in Austria, have been made possible by a substantial donation from Bank Austria employees of EUR 38,575 and mark the start of a long-term partnership with SOS Children's Villages (SOS-Kinderdorf), which will be further intensified in the coming months.

BA-CA Wohnbaubank has closed the financial year 2007 with excellent results and increased its total volume of loans granted by around 300 million Euro to over 4 billion Euro. This is around one third of all housing loans in circulation in Austria. The demand for fixed interest housing loans particularly has risen strongly in recent times.

Disbursements by Bank Austria's "BetriebsService" Club welfare fund have passed the magic 1 million euros mark, as proudly announced today at a joint press conference by Erich Hampel, Bank Austria CEO and Wolfgang Katzian, Chairman of the Gewerkschaft der Privatangestellten, Austria's private sector, white-collar workers' union.

As a part of UniCredit Group, Bank Austria is one of four national supporters of the UEFA EURO 2008^TM, and it is using the large sporting event as an opportunity to give a striking signal in its outdoor advertising: From today until the end of the European Football Championship, the Bank Austria building at Lassallestraße 1 in Vienna’s second district will be covered with three oversized mesh banners.

From today, Austria's largest bank has a new brand name of "Bank Austria" and bears the design of the new joint parent brand of UniCredit Group. The wave has been replaced, giving way to the white number one on a red sphere.

The BA-CA Purchasing Managers' Index (PMI) rose in March from 52.4 to 53.4. After the indicator hit a 2½-year low in the previous month, Austrian industry is now again setting a somewhat brisker pace.

Pressure on prices and earnings persists for printing companies and publishing houses in Austria as a result of the specific market and competitive situation. This pressure remained even when the economic environment was favourable, as in 2006 and 2007, when production output in the printing industry rose by an average of 5 per cent a year.

Rising from 2.8 to 2.9 in February, the business indicator of Bank Austria Creditanstalt (BA-CA) reversed its slide of recent months. There were two opposing trends lurking behind this modest upwards movement.

Bank Austria Creditanstalt (BA-CA), a member of UniCredit Group, one of the leading European banking groups, again performed strongly in the difficult market environment prevailing in 2007.

Bank Austria Creditanstalt (BA-CA), a member of UniCredit Group, one of the leading European banking groups, again performed strongly in the difficult market environment prevailing in 2007.

Although many holiday destinations that are popular among Austrians have exhibited a somewhat lower level of inflation than that seen in Austria over the last twelve months, the difference is insignificant. At the same time, many other popular holiday destinations have experienced higher inflation combined with currency appreciation, such as Turkey, where the lira has appreciated against the euro.

Slovakia had an outstanding year 2007 with an economic growth rate of 10.3 %.

Bank Austria Creditanstalt (BA-CA) has reached a decision in principle to sell its profit participation rights in the Austrian firm Immobilien Holding GmbH.

The BA-CA Purchasing Manager’s Index (PMI) sank from 54.1 to 52.4 in February.

UniCredit Group, one of Europe’s leading financial service providers, has combined its Russian financial markets activities under one management with the aim of providing ideal services to its clients.

The Austrian business community strongly associates Bank Austria with internationality and size and sees us as a financial institution that can support companies expanding into Central, Eastern and South Eastern Europe with competent consulting services and highly specialised products. 

As of 1 March Friedrich Führer, 42, will be the new Bank Austria Creditanstalt (BA-CA) Regional Director for Retail and Corporate Customers in Salzburg.

The Bank Austria Creditanstalt (BA-CA) business indicator, which was recalibrated at the start of 2008, fell from 3.4 to 2.8 in January, continuing the downward trend from the closing months of 2007.

The international magazine Global Custodian ranked UniCredit Bulbank in Bulgaria first in the category of best custodian banks of the country. UniCredit Bulbank is part of UniCredit Group.

The international stock markets went into the new year with heavy losses. Wall Street has never gotten off to such a bad start in its history.

Bank Austria Creditanstalt (BA-CA) is starting the sale process for two properties owned by the bank in Vienna, at Am Hof 2 and Vordere Zollamtsstrasse 13.

In January, the BA-CA Purchase Managers’ Index (PMI) rose from 53.2 to 54.1. "At the beginning of the year, Austrian industry shows no sign of an economic collapse and looks in rather better shape once more", says Stefan Bruckbauer, Deputy Chief Economist at Bank Austria Creditanstalt (BA-CA).

Within the scope of the SEPA launch, from today [Monday, January 28, 2008] UniCredit Group will be making a common euro payments platform available to its 240,000+ corporate customers in Europe.

Today Bank Austria Creditanstalt AG (BA-CA), responsible within the UniCredit Group for commercial banking activities in CEE has finalized the acquisition of 94.2% of the total issued share capital of CJSC Ukrsotsbank (USB) from a group of investors (the "Selling Shareholders") represented by EastOne, an international investment advisory firm.

Today Bank Austria Creditanstalt AG (BA-CA), responsible within the UniCredit Group for commercial banking activities in CEE has finalized the acquisition of 94.2% of the total issued share capital of Ukrsotsbank (USB) from a group of investors represented by EastOne, an international investment advisory firm (the "Selling Shareholders").

At its annual awards ceremony, which took place in London yesterday night, Acquisitions Monthly magazine presented a "Deal of the Year" Award to the joint venture between Generali and PPF Holding in Central and Eastern Europe.

The Czech Republic ranks among the best countries in Central and Eastern Europe (CEE) in terms of attractiveness for foreign investors. Especially the favourable economic and business environment creates this strong position. The country is ranked among the first 30 to 40 economies in the world in terms of "ease of doing business", level of corruption and global competitiveness.

The economic indicator of Bank Austria Creditanstalt (BA-CA) fell from 4.0 percent to 3.7 percent in December. Consequently, the lowest figure in 2007 was posted at the end of the year, and therefore the more sombre mood that set in around the summer continued to darken both among consumers and in industry at year-end.

This weekend marks the start of UniCredit CAIB's traditional investor conference at the Hotel Arosa in Kitzbühel. The official conference programme will be opened on Monday morning by Willi Hemetsberger, Head of Global Markets at UniCredit, and Member of the Managing Board of Bank Austria Creditanstalt.

The US sub-prime crisis has changed the global operating environment, leaving a world characterised by higher uncertainty, lower growth in the US (and maybe also a recession) and in the Eurozone, lower liquidity and higher cost of risk.

European integration to create a single market is making tangible progress. The economic links between Germany, Italy and Austria have strengthened significantly. Foreign trade between the three markets has increased to an annual volume of almost EUR 200 billion.