The Commission for election of primary dealers of state securities has elected 24 financial institutions for primary dealers, was reported from the press-centre of the Ministry of Finance. Trade Bank Biochim, BNP Pariba - Bulgaria, Bulbank JSC, Bulgaria-invest JSC, Bulgarian Post Bank, State Saving Bank DSK, Eurobank, Ingbank, Neftinvestbank JSC, United Bulgarian Bank, Municipal Bank, First Investment Bank, Raiffeisenbank (Bulgaria), Rossexim JSC Expressbank JSC, Economic and Investment Bank, Central Cooperative Bank, Union Bank, the Sofia branch of Citibank, Hebros Bank JSC, Bulbrokers JSC, Elana JSC, State Insurance Institute DZI - invest JSC, Eurofinance JSC were elected for a term of six months.
Source: BTA (02.01.2002)

Within the end of January Varna District Court have to announce the insolvency of Varna Shipyards for the second time. Before that happens has to be solved the problems with specific pledges on some of the ships. Pledges of this kind owns Central Cooperative Bank, the polish company Cigiels, Bank Consolidation Company. Navigation Maritime Bulgare is a partner for the property in one of the ships.
Source: Pari (04.01.2002)

Chimimport expects a permission from BNB for property of 42.7 per cent of the capital of Central Cooperative Bank (CCB). The company for foreign trade won the auction for the share of 32.8 per cent of the capital of CCB, which belonged to Bank Consolidation Company.The offer of Chimimport was BGN 6 million. The task of Bank Supervision was to the confirm that Chimimport is going to pay for the deal with its own money not with a loan. During December the company raised its capital from BGN 3 million to BGN 10 million and applied all the needed documentary.
Source: Banker (07.01.2002)

Within the end of last year the elected purchaser of 32.77 per cent of the capital of Central Cooperative Bank - Chimimport will receive a permission from BNB to purchase the shares, announced the Executive Directors of Bank Consolidation Company Mrs. Neli Kordovska. Right after the payment is executed the shares will be transferred through Sofia Stock Exchange.
Source: Dnevnik (10.01.2002)

Chimimport JSC - Sofia transferred to the account of Bank Consolidation Company BGN 5.400 million. On Thursday was announced the decision of BNB with which the Central bank gives a permission to the company to gain 32.77 per cent of the capital of Central Cooperative Bank. Chimimport purchased the share of the bank holding in the Cooperative bank for BGN 6 million but the company has made a deposit of BGN 600 000 before the auction. Chimimport is controlled by the TIM Group, Varna which controls 43.9 per cent of the capital of Central Cooperative Bank.
Source: BTA (15.01.2002)

Within January 21 Varna District Court has to declare Varna shipyards in insolvency. The only hinders in the declaration of insolvency proved to be the negotiations with the Central Cooperative Bank and Bank Consolidation Company that has an extraordinary pledge on a ship. Almost 70 per cent of it are finished and was for the use of the Poland sea company.
Source: Pari (15.01.2002)

The two biggest shareholders in Central Cooperative Bank - Central Cooperative Union and Chimimport will soon transfer all their shares in the newly registered Central Cooperative Union -Chimimport consortium JSC. Thus the consortium will hold 83.4 per cent of the shares of Central Cooperative Bank. The property in the consortium will be distributed almost equally, with a small dominance of the foreign trade company (48 per cent: 52 per cent). The Central Cooperative Union will become an owner of totally 39.45 per cent of the shares in the bank. For this purpose Chimimport will transfer to it a stake of its shares in the bank.
Source: Dnevnik (28.01.2002)

The cosmetics company Rubella will not cease its work until the new liquidator is appointed, announced its Director Mr. Krasimir Katev. The company will execute the concluded contracts despite the fact that the Supreme Cassation Court declared it in liquidation. The decision of the Court is by a request of the Director of Aroma Mr. Lukan Lukanov. The financial state of Rubella is stabile and the amount of its production is increasing with 15-20 per cent annually. At the same time the production of Aroma as for 2001 has decreased with 15 per cent and the amount of its debts is growing.
Source: Novinar (14.02.2002)

Four potential buyers are preparing offers for the bankrupted Dobruja bank. Solomon group, Central Cooperative Bank and two English financial groups took interest in the bank. However there is not still any submitted claim for new sale by the syndic of the bank Ms. Antonia Gancheva. The debts amount to BGN 20 million and the State Claims Agency has the biggest share of the whole sum.
Source: Standart (15.02.2002)

The management of Central Cooperative Bank gave its approval for the sale of Varna Shipyards, announced the Executive Director of CCB . The bank is one of the secured creditors of the shipyards. The management of the bank has sent letters to Varna District Court, to the syndic of Varna Shipyards and to the Ministry of Economy.
Source: Pari (22.02.2002)

The purchaser of Varna Shipyards - Navigation Maritime Bulgare paid the sum of BGN 35.5 million before the deadline for the deal has expired, was confirmed by the Director of the Shipyards Mr. Ivan Boyadjiev. In order to provide the money the Board of Directors of Navigation Maritime Bulgare had negotiated with several banks among which are Central Cooperative Bank, Societe Generale Expressbank, State Saving Bank DSK, Bulbank and Rosseximbank. The company have requested a state guarantee for a credit from a foreign bank. Finally the sum was provided by Raiffeisenbank. No state guarantee as given for the loan, was reported from the Ministry of Transport.
Source: Standart (09.04.2002)

A preliminary contract for the purchase of the bankrupted Dobrudja bank was concluded between the Central Cooperative Bank and the court. Recently the state stake in Central Cooperative Bank was purchased by Chimimport, one of the companies of the TIM group. The deal for the privatization of Dobrudja bank have to be approved by Bulgarian National Bank. If the contract for the finalizing of the deal is concluded it will be announced not earlier than the end of June.
Source: Standart (31.05.2002)

Sofia City Court registered changes for Central Cooperative Bank. As member of the Board of Directors is wrote off Mr. Ivo Goranov and is registered Mr. Kamen Genov.
Source: State Gazette (12.06.2002)

ODDONE INVESTMENTS LIMITED, sold 65982 shares from the capital of Central Cooperative Bank JSC. Before the deal the owner held 5.3556 per cent of the capital and after it - 4.9476 per cent. The deal was concluded on June 13, 2002.
Source: Central Depository (20.06.2002)

Central Cooperative Bank reported a profit in amount of BGN 2.128 million. The profit in full amount will be referred in Reserves Fund. The shareholders’ capital of the bank is BGN 16.170 million, the total amount of the assets is BGN 210.080 million. Central Cooperative Bank has granted credits in amount of BGN 92.985 million. 83.4 per cent of the credits are for the private sector, 40.2 per cent are for the companies from the processing industry.
Source: BTA (27.06.2002)

The shareholders of Central Cooperative Bank voted a decision for the issuing of mortgage bonds at a General Meeting. The mortgage bonds will be ordinary, coupon, registered, free-transferable and paperless. The amount of the issue is up to BGN 7 million. The payment in full of the capital will be lump sum at the date of the payment. The expenses on the issuing will be covered in full by the bank. The minimum amount, at which the issue shall be considered executed is BGN 3 million. Three members of the Supervisory Board of CCB were elected at the General Meeting. These are Prof. Danail Danailov, Head of the International Financial Relations Department with UNWE (University of National and World Economy), Mr. Bozhidar Grigorov, former Executive Director of First Investment Bank, Mr. Georgi Popov from NEDRA Bank - Kiev. Mr. Atanas Dobrev, representative of BCC, is dismissed from the Supervisory Board. The whole profit (according to the National Accounting Standards) in the amount of BGN 2.128 million for the past year after taxation will be deposited in the Reserve fund. "By the end of next week, we are expecting the arrival of payment from Varna Shipyard in the amount of BGN 5 million," was stated from CCB. The bank is guaranteed creditor of Varna Shipyard.
Source: Pari (27.06.2002)

Central Cooperative Bank submitted a new offer for the purchase of the bankrupt Dobrudja Bank. The initial offer provided for Dobrudja Bank to be bought for BGN 1, while the sum of BGN 4.170 million had to be distributed between its creditors in addition. The improved offer of CCB now provides for the creditors to share between themselves BGN 4.5 million. Since the next creditor of Dobrdja bank is the state, the sum in the deal should be transfered directly to the budget. The receipt of the state as of the current moment is BGN 6.779 million, was specified from the Ministry of Finance.
Source: Capital (01.07.2002)

The Chairman of LVC Gamza in Suhindol Mr. Trifon Dragiev is being investigated. According to preliminary information, he is being investigated for intentional squandering of more than BGN 7 million. There is still no indictment raised against Mr. Trifon Dragiev. About USD 2 million and more than BGN 4 million are the amounts in the initiated investigation. The Suhindol-based cooperation exported wine to Moldova for more than USD 1.5 million over the period 1997-1999. Although no money were received after the first tranche, two more contracts for export to Moldova again were signed. Mr. Dragiev is guilty of draining production from the cooperation, which is given, without being paid and in spite of previous debts of the contracting party. Mr. Dragiev was a shareholder in CCB until 1998.
Source: Borba - Veliko Tarnovo (03.07.2002)

The Dobrich Judge Ms. Eva Ivanova gave up the lawsuit for insolvency of Dobrudja Bank. By July 15, Dobrich District Court must selecte a buyer of the insolvent bank. A new speaker is not determined yet. CCB is candidate for purchase of the safety vault.
Source: Standart (04.07.2002)

The state exerted pressure on the magistrates from Varna District Court. That is why they decided how to distribute the money from the sale of the shipyard so quickly, stated Mr. Rosen Teodosiev, Chairman of KT Podkrepa in the shipyard. The syndics' proposal is that the money from the sale of the factory, which was sold for BGN 32 million should be distributed only between two creditors - Bulgarian Consolidation Company (BCC) and Central Cooperative Bank (CCB).
Source: Standart (11.07.2002)

Dobrudja bank was sold and the case for the insolvency against the credit institution was ceased, announced the Chairman of the Dobrich District Court Mrs. Tanya Angelova. The new owner of the financial institution is the Central Cooperative Bank. Dobrudja bank was sold for BGN 1, but the Central Cooperative Bank will pay BGN 4.5 million in cash to the Ministry of Finances as a creditor. At the moment of the sale the total amount of the debts of Dobrudja bank were BGN 22 185 000.
Source: BTA (15.07.2002)

The restructure of Central Cooperative Bank started with changes in its Board of Management. On July 23 the selected one month ago new Supervisory Board of the credit institution changed 4 of the 5 members of the Executive Body. Only Mr. George Konstantinov who is Executive Director of the bank, will continue to manage the bank, acquired recently by Varna group TIM. There were selected two new Executive Directors - Mr. Borislav Chilikov and Mr. Nikolai Dudev.
Source: Banker (29.07.2002)

Varna District Court with a Chairman Mr. Vanuhi Rakelian initiated the first five cases by claims of creditors of Varna shipyards who dispute the share of BGN 35.5 million for which was sold the shipyard. The general item in the five claims is that according to them Bank Consolidation Company (BCC) can pretend as a creditor only for BGN 14.7 million. And according to the distribution account, prepared by the syndics of the shipyard and approved by the Court, BCC has to receive over BGN 30 million.
Source: BTA (30.07.2002)

Bulgarian National Bank issued certificates for three new members of the Managing Board of Central Cooperative bank. One of them is the former Deputy Minister of Finances Mr. Biser Slavkov, who at the moment is an audithor. The other two members are Mr. Nikolay Dudev and Mr. Borislav Chilikov, who also received certificates for Executive Directors. Mr. Genadi Tabakov will be released from the management of Central Cooperative Bank. The rest of the members of the Board - Mr. Alexander Vodenicharov, Mr. Tzvetan Botev, Mr. George Konstantinov and Mr. Alexander Kerezov will keep their positions. The Procurator M. Tihomir Atanasov will remain on his position as well.
Source: Capital (05.08.2002)

The Cyprus-based company Ukrabultrans Gas-commerce Limited bougth up the receipt of Central Cooperative Bank from Varna Shipyard. The receipt is for BGN 5 130 650. Thsi was announced from Varna District Court. The information was confirmed by CCB. The offshore company insisted that the lawsuits inititated by the four creditors, who were not satisfied with the distribution of BGN 35.5 million, granted by BMF for the tender for the factory, should be canceled.
Source: Pari (09.08.2002)

The Veliko Tarnovo-based State company Dervent Ltd., which was announced in insolvency because of its debts in amount of more than BGN 2 million has undertaken the debts of Dervent 94 Ltd, which has received a credit from Bank for Agricultural Credit for the privatization of 75 per cent of the capital of Dervent. Later Dervent 94 was delisted from the trade registers because it bankrupted. This non-existing company has to pay to Dervent BGN 1 028 000, which the company would use to pay its debts to 65 creditors. The main participant in both companies is Mr. Staiko Grigorov who a partner in Dervent 94 along with his wife and his son.
Source: Borba - Veliko Tarnovo (27.08.2002)

The Supreme Court confirmed the decision of Dobrich District Court and of Appeal Court for the property of the eight contravertial grain elevators of Dobruja trade bank. The dispute has dated since 1997 when the syndics of the bank wanted to declare for invalid the deal on the transfer of the grain bases from the bank to the company of the former Director of the bank Mr. Krassimir Mihailov - Dobrich mel.
Source: Monitor (13.09.2002)

Central Cooperative Bank (CCB) and the syndic Ms. Hristina Stamova signed a contract for the sale as a whole enterprise of Credit Bank and submitted it for approval in Sofia City Court. CCB shall pay BGN 1 and engages to distribute BGN 16.160 million between the creditors of the bankrupted bank, owned by Multigroup. It's not a secret, that Corporate Commercial Bank and Municipal Bank also demonstrated interest in Credit bank. Corporate bank stated, that they had offered to pay BGN 25 million to the creditors, but according to unofficial information, their offer was received by the syndic after the deadline (September 3).
Source: Capital (16.09.2002)

Insurance company Armeetz will include in its subject of activity "reinsurance services". This was stated by the company's procurator Mr. Rumen Georgiev. He expects that this should happen at the next General Meeting of the company, which will be held on October 11. In order to be able to perform such an activity, Armeetz shall have to obtain a license from the Agency for Insurance Supervision. The company will have no problems with the capital requirements, since it's capital is in the amount of BGN 4.5 million, and the requirement is for BGN 4 million.
Source: Dnevnik (18.09.2002)

IJSC Armeetz voted changes in its Supervisory Board at its General Meeting. The number of members of the Supervisory Board will remain three. In the place of State Insurance Institute (DZI) and Mr. Dancho Danchev will come Chimimport and CCB as legal entities, explained Mr. Rumen Georgiev, procurator of the military insurance company. Deputy Minister Sonya Yankulova, who is also Deputy Chairperson of the Supervisory Board, will remain representative of the Ministry of Defense. The Chairman of the Board is Chimimport, which is the new owner of Armeetz. They bought DZI's share, which represented 91.92 per cent of the capital, on June 14 for BGN 4.327 million.
Source: Pari (19.09.2002)

The General Meeting of Insurance company Armeetz decided that the members of the Supervisory Board will remain three again, as State Insurance Institute and Mr. Dancho Danchev will be replaced by Chimimport and Central Cooperative Ban as legal entities, explained Mr. Rumen Georgiev, a Procurator of the military-insurance company. From the quota of the Ministry of Defense in the Supervisory Board remained only the Deputy Minister Mrs. Sonya Yankulova, who is also a Deputy Chairman of the Supervisory Board. Chairman of the Supervisory Board will be Chimimport, which is also the new owner of the Insurance company. The company purchased the share of the State Insurance Institute, which represented 91.92 per cent of the capital at a price of BGN 4.327 million. Chimimport was the only applicant for the purchase of the insurance company. The new owner undertook the obligation to execute investments in amount of BGN 500 000 annually for a term of years.
Source: Pari (19.09.2002)

The debts of Loviko-Suhindol will be managed by factoring. This activity will be executed by the established between Central Cooperative Bank and Central Cooperative Union joint stock company Finance Consulting 2002. A part of the activity of the new financial structure is consultations and management of debt portfolios, management of companies in liquidation. As a Chairman of the board of Directors is appointed Mr. Boyan Cheresharov, a Secretary of the Central Cooperative Bank. The Executive Director of the new financial structure is Mr. Andrei Preselski.
Source: Pari (19.09.2002)

Central Cooperative Bank is going to release its own debit cards with an overdraft in the amount of two working salaries.
Source: Trud (19.09.2002)

The Bulgarian meat-processing company Tandem-V invested more than EUR 4 million in the construction of a brand new meat-processing enterprise in Sofia. 2/3 of the funds were invested in new equipment and technologies. The production output is 30 t of ready production a day. 150 people will work in the factory. A part of the money for the investment was provided through a credit, and the remaining part is provided by the company itself. The foreign financing is by the German Hypovereinsbank and Central Cooperative Bank (CCB). The loan should be repaid within a period of three years.
Source: Dnevnik (23.09.2002)

PA reported that it had opened a new competition for the election of an investment intermediary for the sale of 7 per cent of the capital of St. St. Konstantin and Elena. The reason for the ceasing of the present procedure is that the offers of Central Cooperative Bank and First Financial Brokerage House are not appropriate for the purposes of the privatization. The shares of the resort has to the traded at the Stock exchange for restitution bonds, was explained from the Agency. The new deadline for applying offers for investment intermediary expires on October 1. The deposit for participation in the competition is BGN 10 000.
Source: Monitor (23.09.2002)

5 per cent of the capital of Central cooperative bank JSC were transferred to the block segment on the stock exchange on September 27. Real finance is the broker on the realization of the transaction. The price of the deal is BGN 687 207.15 or BGN 0.85 per share. The major sharehoder in the bank is Chimimport JSC with 42.66 per cent.
Source: Banker (30.09.2002)

Mr. Rumen Georgiev and Mr. Nikolay Sotirov are the new Executive Director of Armeetz IC, was decided at the first meeting of the new Managing Board of the insurance company, which was conducted on September 30. Mr. Sotirov was the former Executive Director of Armeetz and Mr. Georgiev - a Procurator of the company for the last three years. The other Executive Director Mrs. Snejana Tzeneva was released from the management of the company. The changes in the management are caused by the change of the majority owner of the insurance company three months ago
Source: Pari (03.10.2002)

Central Cooperative Bank was elected by PA for an investment intermediary for the sale of 72 per cent of the capital St. Konstantin and Elena. The stake of 161 365 shares of the company will be traded at the privatization segment of Bulgarian Stock Exchange for Compesatory Vouchers. The guarantee deposit, applied by Central Cooperative Bank in amount of BGN 10 000 will be kept as a guarantee for the conclusion and execution of the contract. The deposits of the other three applicants - Elana IP, First Financial Brokerage House IP and Fix plus FH will be returned In accordance with the conditions of the auction the minimal sale price per share of St. Konstantin and Elena could not be less than BGN 200 on the face value of he Compesatory Vouchers.
Source: Dnevnik (08.10.2002)

Insurance company Armeetz acquired 5 per cent of the capital of Central Cooperative Bank. According to the bulletin of the stock exchange the purchase happened on September 27 when through the block segment were transferred the shares at a price of BGN 0.85. The deal was registered in the Central Depository on October 2 and the total amount of the stake of shares is BGN 687 000. According to the specification of the depository on the same day were sold 5 per cent of Central Cooperative Bank that have so far been held by Chimimport. Now the foreign trade company possesses 37.66 per cent in the cooperative bank.
Source: Dnevnik (11.10.2002)

BNB sent to Sofia City Court its attitude for the sale of the assets of the declared in insolvency Credit bank to Central Cooperative Bank. In it is said that the offer of CCB is considered with its financial state and does not have risks for its stability. BNB gave a positive valuation of the corporate credit institution to buy the assets of Credit bank. For them CCB will pay BGN 1 and will distribute BGN 16.16 million among its creditors.
Source: Banker (21.10.2002)

The Supervisory Board of PA approved the contract with Central Cooperative Bank for brokerage at the sale of the state-owned 72 per cent of the capital of St. st. Konstantin i Elena JSC. The shares will be sold at the Stock Exchange against Compesatory Vouchers. The minimum price, promised by the bank is BGN 350 per share and the bank has to buy at this level all papers that are not bought by the investors. In this way the success of the privatization is sure. As probable future owners of the resort are defined MG corporation and Varna group TIM(it has control on Central Cooperative Bank through its subsidiary Chimimport).
Source: Dnevnik (23.10.2002)

Central Cooperative Bank returned the debts of the bankrupted Credit Bank to its creditors in accordance with the lists which were approved in the curt. The bank will distribute among them BGN 16.160 million, which is about 72.04 per cent of the rest of all receivable on the debts. The court approved the contract between Central Cooperative Bank and Credit Bank last week, announced the Procurator of the cooperative bank Mr. Tihomir Atanasov. The insolvency judge Mr. Svetlin Mihailov allowed to Central Cooperative Bank to purchase for BGN 1 the assets of the bankrupted bank. Two of the creditors of the Credit Bank - Overgas Engineering (Yambol) and Overgas Ltd. (registered in Vadutz, Liechtenstein) announced hat they are credits for fifth range and they agree with the sale of Credit to Cooperative Bank.
Source: Pari (30.10.2002)

Sofia City Court registered the following changes for Central Cooperative Bank. The number of the members of the Managing Board is raised from 5 to 7. As an Executive Director and member of the Managing Board is wrote off Mr. Genadi Tabakov. As members of the Managing Board are registered Mr. Nikolay Dudev, Mr. Borislav Chilikov and Mr. Biser Slavkov. As Executive Director are registered Mr. Nikolay Dudev and Mr. Borislav Chilikov. The company is represented by two of Executive Directors Mr. Borislav Chilikov, Mr. Nikolay Dudev, and Mr. George Konstantinov or each one of them along with the Procurator Mr. Tihomir Atanasov.
Source: State Gazette (05.11.2002)

Central Cooperative Bank do not agree with the evaluation, made by Tekla Invest Ltd. to the assets of Balkan Universal bank. The bank, which is declared in insolvency was announced for sale as a whole enterprise by the syndic Mr. Vladimir Donchev. According to the experts’ evaluation of Tekla Invest is in amount of BGN 685 000. Central Cooperative Bank is the potential purchaser of the bankrupted bank, which by the moment is the only one who has purchased an information memorandum. Central Cooperative Bank requested the evaluation to be lowered because of the suspicious legal statute of a part of the assets which the bank reported as its property.
Source: Capital (11.11.2002)

The fair market value of the assets of Bank for Agricultural Credit is a little bit more than BGN 7 million, announced the syndic of the closed financial institution Mrs. Iglika Logofetova. The evaluator of the bank is the specialized company Impact. This week will start the negotiations between the syndic and Central Cooperative Bank, which intends to purchase the bankrupted bank. Mrs. Logofetova announced that she is waiting for the decision of the Prosecutor's office for the request of the change of the syndic of Agropromstroy. Recently Mr. Boyan Panov, syndic of the company debtor to Bank for Agricultural credit sod the assets of the former owner Mr. Borislav Slavchov.
Source: Pari (11.11.2002)

Aqualand - Varna Ltd, which a week ago purchased 10 per cent f the capital of Sv. Sv. Konstantn and Elena resorts turned out to be related to MG Corporation. The registration of the company was published in State Gazette and from it it became clear that partners in it are Balkantourist and Barundi Services Limited. There is no information for the second company and the tour-operator is a part of the structures of MG Corporation.The Executive Director of Balkantourist, which is also a manager of Aqualand - Varna gave no comment The Manager of Barundi Services Ltd. is a member of the Board of Directors of the Agency for Promoting of Trade and Industrial Cooperation.
Source: Dnevnik (13.11.2002)

The bankrupted Credit bank has already become a property of Central Cooperative Bank (CCB) after the decision was promulgated in State Gazette. CCB pays BGN 1 to Credit bank and it takes the obligations to pay the debts to the creditors, included in the approved by the Court lists. The Court stops the distraint on the property of Credit bank.
Source: Pari (14.11.2002)

Bank Consolidation Company will receive for the time being the half of the distributed amount of BGN 30 million as a creditor of Varna shipyards, was reported from Varna District Court. Navigation Maritime Bulgare bought the assets of the shipyard on April 2 for BGN 35.5 million. The funds from the sale were distributed by the current two syndics - BGN 30 million for BCC and BGN 5 million for Central Cooperative Bank.
Source: Dnevnik (15.11.2002)

PA announced an auction for the election of an investment intermediary for the second pull, which includes 49 per cent of Energoremont-holding, its subsidiary companies in Russe, Bobov Dol and Varna and HPS Maritza - 3, 30 per cent of the capital of Bulgarian River Navigation and 25 per cent of the capital of Sofia-film. The state stakes of the capital of these companies will be traded at the Stock Exchange for restitution bonds. According to the experts from the Agency the listing of the shares on the Stock Exchange may be postponed for the next year because the energy companies and Bulgarian River Navigation are not registered as public yet and could not be traded at the Stock Exchange.
Source: Monitor (20.11.2002)