Thanks, David. In summary MoneyGram is financially strong. We have a solid balance sheet with $369 million in unrestricted assets as of September 30th, 2008. We are generating substantial cash flow to continue to invest in the $400 billion money transfer opportunity and to service our debt. We maintain a conservative investment portfolio of 90% cash and cash equivalents and 80% agency securities as of September 30th, 2008. We achieved strong growth in our core money transfer and bill payment business with fee revenue increasing 19% and agent locations increasing by 17%. Our official check product is once again profitable after the re-pricing efforts and most importantly we are executing our plan to achieve profitable global growth.

There are enormous market opportunities available to us and while it is impossible to predict the full impact of the weakening global economy we believe we have superior value proposition, the financial discipline and the right strategies to solidify our strong emerging global money transfer position and to continue to grow our business profitably. Meanwhile we will continue to diligently manage our expenses and carefully scrutinize our capital investments as the effects of the turbulent global economy continues to play out in the days ahead.

We thank you for your time today and we’ll now open it up for questions, Ryan.

Question-And-Answer Session

Operator

(Operator Instructions) Ladies and gentlemen the question-and-answer session will be conducted electronically. If you’d like to ask a question, please do so by pressing the * key followed by the digit 1 on your touchtone telephone. Please note that if you are using a speaker phone, make sure your mute function is turned off to allow your signal to reach our equipment. Once again, please press “*1” on your touchtone telephone to ask a question. We will take our first question from Craig Maurer with Calyon.

Craig Maurer – Calyon Securities

Good afternoon.

Anthony P. Ryan

Hi Craig, how are you?

Craig Maurer – Calyon Securities

Great. Over the long term seeing where the margin is that you’re projecting for TFT this year, considering what’s going on in the global environment with the possibility that transaction values shrink while transaction growth might be steady, what do you think the long-term target is for the margin?

Anthony P. Ryan

Hi Craig, this is Tony. The first thing I’d start with is to say we believe the long term dynamics of this market are still in place. There’s an agent population in the Western economies and low growth rates within those economies the migrants will continue to search for work. So we think over the long haul here there is a real stable environment in terms of the dynamics of this market. Within that in the near-term obviously the volumes could be affected in terms of the amount that’s transferred. So within the margins then I think what you start to look at is what can we affect and what are we focused on? And I think there are several things there. Number one we believe that the formal players with more market share should have the ability to gain leverage on received commissions over time within this marketplace.

We believe that we have the scale now and the marketing front because of the size that we have to be able to leverage the marketing expense around the globe and in fact we’re actually getting some of our agents to participate as well in contributing marketing. We also can leverage the infrastructure that we built with the various regional offices. We have people on the ground in about 14 different locations now and with that headcount comes leverages because we have a lot of the disciplines represented in those offices. And then finally we’re looking at rolling out this uniform point of sale platform across our retail and super agent structures that we think will get us leverage on those platforms. So why don’t we don’t project long-term margins I did want to give you some feel for the fact that we feel that the long-term dynamics are in place and we have many leverage points on the cost side over time.

Craig Maurer – Calyon Securities

Okay. Concerning the 18% growth you had this quarter in top line fee and revenue, how do you think that’s going to be affected by what we’re seeing globally? Western Union had to take their guidance off the table because of what we’re seeing in the global economy. So, using the 18% as a baseline how do you think the next 6 to 12 months play out?

Anthony P. Ryan

Right, again I go back to if you look over the long-term we believe the dynamics in this market are in place but certainly in the near-term one of the challenges is the economic slowdown and how that will impact this consumer both in terms of the frequency and amount that they send. We’ve certainly seen challenges in markets such as Spain and Mexico due to housing, the immigration debate and so forth but we are focused on our expense base and prioritizing our investments and also looking at ways of diversifying our network as well.
So, we have good diversity and we’re starting to penetrate places like France and Germany and also we see markets that we haven’t been in before like Serbia, the Czech Republic and Algeria. So, we think that we have opportunities because of our market position in places that we’re not fully penetrated to offset some of this shifting patterns of migration, keep up with that but also offset some of the markets like Spain where we’ve seen more of a slowdown. So again, we’re not going to get into trying to project, I think it’s very difficult to do what the growth rates are going to be but we feel strongly about the long term dynamic and the fact that we have places that we can penetrate further that will offset some more challenging markets.

Craig Maurer – Calyon Securities