For about 15 years, Calyon has gained a recognised expertise in cash management, in Hungary as well as in the CEE region. Hungary was one of the first countries that developed cash management solutions for Calyon (Credit Lyonnais at that time). The Hungarian entity of the Group showed the way to the other countries in the CEE, who then developed this business line successfully. The Internet based electronic banking tool of Calyon in the CEE region, Optim-CLIC, has a history of ten years already.

Calyon in Hungary was a pioneer in all cash management solutions. For instance, we were the first country of the region to offer cash pooling solutions, through notional and zero balancing products. For more than ten years, we have developed a strong cash pooling offer, evolving and improving all over the years. We are continuously trying to improve cross-border cash pooling, notably with Calyon in Poland, Czech Republic and Slovakia. Cash pooling is a very important product, strengthening our relationship with our clients.

For cash management, the strategy of Calyon E-business & Cash management business line is to provide our clients with a global offer, including all our products and services, but also with a worldwide common tool. Today, the six entities of Calyon CEE region use Optim-CLIC, a personalised tool dedicated to 1,600 corporate customers. The global tool of Calyon is Optim.Net, which is also used by nearly 1,500 clients. One of our projects is to make Optim-CLIC move to Optim.Net, integrating new improvements ensuring a personalised service to our CEE customers.  We plan to offer the Optim.Net system in the CEE region within the next two years. We are working on this project in close cooperation with other Calyon entities using Optim.Net around the world, especially in France and in the Asia Pacific region.

Last October, we successfully implemented ISIS, the new core system of international Calyon entities. Thanks to this achievement we will make our payment services SEPA-compliant, enabling our clients to initiate the SEPA transfers in 2010. As I told you earlier, the move from Optim-CLIC to Optim.Net will also be on our 2010 roadmap. Calyon also aims at becoming one of the top cash management providers in the world. To achieve this goal, we will leverage on our long-standing expertise in Hungary, to continue the deployment of our online FX trading portal and to develop new products like Optim Suppliers.