• Hungarian bank tax way out of proportion
• Decision not to renew 12-month tender is part of long-term exit strategy
• Exit strategy remains valid, although in the meantime there have been extra measures
• We are offering extra funds to make sure there is no liquidity sqeeze
• Do not see any need to change the strategy we are following
• Unfortunately have to expect quite a lot of nervousness in bond mkts this week
• Many funds will be foreced to sell Greek bonds in next few days due to downgrade in ratings. This is a special development in bond markets, not long-term