Ben/David/Bill -  Please see the what we have for the following policy excerpts at the end of=  this message, and address the following:  1.=09Advisory Limit Setting - is it by the BOD or by the CEO?
Our presenta= tion says CEO, but also specifies the trigger as 3.0 for P50 and 1.5 for P9= 9.
If it's CEO level, we don't need to specify in the policy what the trig= ger limit is, as CEO can change.
If it's in the Policy itself, it's consid= ered a Board approved limit.=20 a.=09Let's decide - if CEO level, let's change to say "a certain multiple o= f..." instead of 3.0 and 1.5 b.=09If at Board level,  don't we need to specify a time horizon?
If not, w= hy bother to specify the trigger - if one's going to be at CEO discretion a= nd consequently not specified in the policy itself, why not all of it?
2.=09Definitions in 3.4 excerpt below - Rick Buy wants these definitions ha= rd coded and clearly defined in the policy  ?=09Future Available Cash -=20 ?=09Is this straight off a daily report from Accounting?
What does this # = represent and what do we want in the policy?
?=09which individual is going to provide this daily, and when?
=20 ?=09Borrowing Capacity -=20 ?=09I defined this by pulling terms straight from the slide in the Joint Au= dit/Finance Committee presentation - do you agree?
?=09who is going to calculate this daily and provide to RAC, and by when?
?=09Potential Future Cash Requirements - ?=09is this clear enough?
any specific collateral assumptions given contra= ctual cash posting optionality?
worst case assumption?
3.=09Does RAC really need to calculate this if GRMO is going to report it o= n the Executive Report Viewer, and the calculations are hard-coded above?
= Seems like we could implement a process by which the 3 pieces of informatio= n get fed to GRMO to calculate and report, like all the other market risk m= etrics.
Please call me in the morning so I can run through any required changes.
Regards,

Liquidity Ratio Calculation and Definitions in Policy
Ben/David/Bill - Please see the what we have for the following policy excerpts at the end of= this message, and address the following: <NUMBER>.=00Advisory Limit Setting - is it by the BOD or by the CEO?
Our presenta= tion says CEO, but also specifies the trigger as <NUMBER> for P00 and <NUMBER> for P0= <NUMBER>.
If it's CEO level, we don't need to specify in the policy what the trig= ger limit is, as CEO can change.
If it's in the Policy itself, it's consid= ered a Board approved limit.=<NUMBER> a.=00Let's decide - if CEO level, let's change to say "a certain multiple o= f..." instead of <NUMBER> and <NUMBER> b.=00If at Board level, don't we need to specify a time horizon?
If not, w= hy bother to specify the trigger - if one's going to be at CEO discretion a= nd consequently not specified in the policy itself, why not all of it?
<NUMBER>.=00Definitions in <NUMBER> excerpt below - Rick Buy wants these definitions ha= rd coded and clearly defined in the policy ?=00Future Available Cash -=<NUMBER> ?=00Is this straight off a daily report from Accounting?
What does this # = represent and what do we want in the policy?
?=00which individual is going to provide this daily, and when?
=<NUMBER> ?=00Borrowing Capacity -=<NUMBER> ?=00I defined this by pulling terms straight from the slide in the Joint Au= dit/Finance Committee presentation - do you agree?
?=00who is going to calculate this daily and provide to RAC, and by when?
?=00Potential Future Cash Requirements - ?=00is this clear enough?
any specific collateral assumptions given contra= ctual cash posting optionality?
worst case assumption?
<NUMBER>.=00Does RAC really need to calculate this if GRMO is going to report it o= n the Executive Report Viewer, and the calculations are hard-coded above?
= Seems like we could implement a process by which the <NUMBER> pieces of informatio= n get fed to GRMO to calculate and report, like all the other market risk m= etrics.
Please call me in the morning so I can run through any required changes.
Regards,
message address following au dit number ceo level policy trig ger limit report viewer clear specific collateral bother specify trigger agree 00who assumptions given contra