David Parker – Merrill Lynch
Okay. Any thoughts on the political scene, the impact that a Democrat President could have on the potential for immigration reform in the US and any general thoughts on that subject?

Anthony P. Ryan

I think that’s hard to project. I think both candidates were in favor of looking at immigration reform of some type. I think that if we go back to the long term dynamics, we believe that the Western economy is again with lower birth rates and Asian populations are going to continue to need migrants as far as their economies and I think that’s the dynamic that we’re focused on and we believe that that’s going to play out over time.

David Parker – Merrill Lynch

Okay and just a final question, I think we can assume that there’s no update on the CEO search?

Anthony P. Ryan

What I would say about that is that the Board is focused on trying to find the person that they believe will drive long-term shareholder value and they are continuing to work on that and taking their time to find the right candidate.

David Parker – Merrill Lynch

Okay great. Thanks guys, I appreciate it.

Operator

(Operator Instructions) Before we go to our next question, I’d just like to remind our phone audience that it is “*1” for question. We’ll next hear from Robert Dodd with Morgan Keegan.

Robert Dodd – Morgan Keegan & Co

Going back to currency if I can for a moment, about a third of your revenues denominated in foreign currency if I remember right. Can you give us an indication about the cost base? I mean is there essentially a natural hedge or do you have proportionally more expense overseas than you do revenue which would be my guess?

David J. Parrin

Robert, it is David, we do have expense overseas, obviously with MoneyGram International, Ltd. located in London. Much of our revenue from outside the United States of course is denominated in euro. Outside the US we also have a fair amount of euro-based expense as well as GDP based expense. The net impact of FX is relatively small. On the revenue side I have to pull out a schedule, I don’t have it right now. It was about $8 million during the quarter positive impact. As I said the op income impact was about $2 million. And it changes on a year-over-year basis. So, from that perspective it really has not had a big impact. The other place we have FX exposure is ion the settlement of the money transfer transactions and we buy spot market contracts and that exposure is relatively limited.

Robert Dodd – Morgan Keegan & Co

Moving onto pricing if I could, this is the third quarter in a row that your revenue growth has exceeded transaction growth by at least a couple hundred basis points. I mean is there anything new going on there? I imagine there are currency affects in that as well, and then product mix but if you can give us a little bit if rundown on what the current pricing environment is like at the moment?

David J. Parrin

Sure. In terms of your initial question on the spread between transaction growth and revenue growth you’re absolutely right, probably the biggest impact on that has been the Euro impact and the change and strengthening of the dollar. Beyond that in terms of pricing and Tony can probably provide a little more color but our pricing has been very stable in virtually all of our corridors. So that really has not had a real big impact. We’ve had some impact from mix of where the transactions originate. Transactions outside the Americas are slightly higher on a fee base or fee amount than in the US and in Latin America. So that’s had some impact on it but by and large it has been the Euro impact.

Anthony P. Ryan