From: Sherrill, Frederick [mailto:email@example.com]
Sent: Thursday, October 23, 2008 7:18 PM
Subject: Next Step to Implementation: Need to Establish Clear, Uniform
Disclosure Language re Guarantee
The critical path item we see right now is the need to establish clear
disclosure language in an offering circular on the nature of the guarantee.
As you may recall from previous discussions, the UK Treasury has required
all participating banks to use the same disclosure language, and this has
been viewed by market participants as creating the most orderly markets and
sales possible. We think it would be highly beneficial to all interested
parties to have a uniform & consistent set of disclosure language on this
You all deserve strong congratulations for helping to ease the systemic fear
in the marketplace with the creation of the TLGP. We look forward to getting
the last little piece in place to allow the funds to flow!