Adam Frisch (UBS): Is there anything else going on in your credit portfolio that would explain the growth there?
Martina Hund-Mejean: From everything that we can really see, this is what is happening in the market in the United States. We obviously still the moves of non-discretionary purchases to discretionary purchases, but we also do believe that the housing crisis and the restrictions in credit for consumers have an impact on the consumers utilizing their cards.
Adam Frisch (UBS): What are your other plans for debit growth going forward?
Martina Hund-Mejean: We really have all options open. IPS is obviously a significant investment that we did over last year and the first part of this year. So that is our primary focus, to make sure that we get Security Service Federal Credit Union up and running and then focus the next customers in the pipeline.
Elizabeth W. Grausam (Goldman Sachs): On SEPA, how should we think about that as possibly some offset in your processed transaction growth?
Martina Hund-Mejean: SEPA is really a guideline, it’s not a law. The banks in Europe are supposed to comply with the guideline, by the end of 2010. However, this is a relatively slow process.
We are not just working with banks in the market, but we are also working with merchants in the market because at this point in time, merchants can actually re-point wherever they would like to have the acquiring activity to go through.
And obviously given our network and the cost-effectiveness of our network, we found ourselves to be the first choice in a number of those engagements.
Christopher Brendler (Stifel Nicolaus): Any insights on what exactly is happening in U.S. credit?
Martina Hund-Mejean:] What is happening with the issuer environment and they way that they have to manage their portfolio in order to make sure that their existing accounts continue to be very profitable for them and the work around it that they have to do on the credit side, that does have some impact and we already said that.
We do see some step up of the average tickets but mostly related to what people pump at the gas stations, as well as little bit related to food. The one noticeable difference that we are seeing is related to fuel in this country.
Christopher Brendler (Stifel Nicolaus): There is a big drop-off in cash transactions, particularly in the U.S. credit program. Does that have an impact on your revenue slide or is that cash transactions are a lower margin?
Martina Hund-Mejean: That really comes at a lower margin. That really does not have a significant impact whatsoever on our revenues.
Craig Maurer (Calyon Securities (USA) Inc.): In comparison, do you feel you are at relative parity on a global level or has one moved ahead of the other?
Martina Hund-Mejean:It is really region-by-region specific, and then you really are going to have to think about what is the pricing environment on the issuing side versus the acquiring side.
And on the issuing side, it is not just list prices in terms of what you actually charge to issuers, but it really is dependent on what kind of customer business agreement we strike, which have often rebates and incentives attached to performance, total incentives.
Sanjay Sakhrani (Keefe Bruyette & Woods): On the volume growth in Europe, how much of that growth in Europe is organic growth versus new customer additions?
Martina Hund-Mejean: This is really coinciding with the secular trends we see from paper payments to electronic payments. But when you compare the U.S. to France, a Frenchman uses their credit card maybe five times a month.
A German uses their credit card maybe one time a month, so the things that have yet on their team to, in terms of really encouraging higher use of credit and debit cards, in terms of the categories that they are actually opening up from a merchant acceptance point of view.
It really does influence the end customer in terms of where they find the utilization of a card much easier than utilizing cash or a check. But that is an evolutionary trend. So there is a big impact from that.
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