Interim Report 16 of 25

RNS Number : 6296J
HSBC Holdings PLC
10 August 2012
 



Overall exposure of HSBC


At 30 June 2012


At 30 June 2011


At 31 December 2011


Carrying

    amount28


 Including

sub-prime
  and Alt-A


    Carrying

     amount28


    Including
   sub-prime
   and Alt-A


    Carrying

     amount28


    Including
   sub-prime
   and Alt-A


      US$bn


       US$bn


       US$bn


        US$bn


       US$bn


        US$bn













Asset-backed securities ('ABS's) ...............

60.5


6.6


72.9


8.1


65.6


6.9

- fair value through profit or loss ............

3.2


0.2


 10.1


 0.3


3.0


0.2

- available for sale29 ................................

50.3


5.5


 54.7


 6.8


54.6


5.7

- held to maturity29 .................................

1.8


0.2


 2.1


 0.2


2.0


0.2

- loans and receivables .............................

5.2


0.7


 6.0


 0.8


6.0


0.8













Direct lending at fair value through profit
or loss ...................................................

1.1


0.8


 1.1


 0.9


1.2


0.8













Total ABSs and direct lending at fair value through profit or loss ............................

61.6


7.4


 74.0


 9.0


66.8


7.7













Less securities subject to risk mitigation from credit derivatives with monolines and other financial institutions .............

(2.4)


(0.3)


 (8.4)


(0.3)


(1.9)


(0.2)














59.2


7.1


65.6


8.7


64.9


7.5













Leveraged finance loans ...........................

3.0


-


 3.7


-


3.6


-

- fair value through profit or loss ............

0.1


-


 0.1


-


0.2


-

- loans and receivables .............................

2.9


-


 3.6


-


3.4


-

























62.2


7.1


69.3


 8.7


68.5


7.5













Exposure including securities mitigated by credit derivatives with monolines and other financial institutions ....................

64.6


7.4


 77.7


 9.0


70.4


7.7

For footnotes, see page 180.


ABSs classified as available for sale

Our principal holdings of available-for-sale ABSs (see table below) are in GB&M through special purpose entities ('SPE's) which were established from the outset with the benefit of external investor
first loss protection
support, together with positions held directly and by Solitaire, where we provide first loss risk protection of US$1.2bn through credit enhancement and a liquidity facility.


Movement in the available-for-sale ('AFS') reserve


Half-year to 30 June 2012


Half-year to 30 June 2011


Half-year to 31 December 2011


Directly

      held/

Solitaire30


SPEs


Total


  Directly

       held/

  Solitaire30


SPEs


Total


  Directly

       held/

  Solitaire30


SPEs


Total


US$m


US$m


US$m


US$m


US$m


US$m


     US$m


US$m


US$m



















AFS reserve at beginning
of period .......................

(3,085)


(2,061)


(5,146)


(4,102)


(2,306)


(6,408)


(3,099)


(1,744)


(4,843)

Increase/(decrease) in fair value of securities ..........

475


267


742


618


355


973


4


(492)


(488)

Impairment charge:


















-  borne by HSBC ..........

79


108


187


238


-


238


145


26


171

-  allocated to capital
note holders31 ............

-


11


11


-


137


137


-


176


176

Repayment of capital ........

18


99


117


142


94


236


20


89


109

Other movements .............

148


22


170


5


(24)


(19)


(155)


(116)


(271)



















AFS reserve at end of period

(2,365)


(1,554)


(3,919)


(3,099)


(1,744)


(4,843)


(3,085)


(2,061)


(5,146)

For footnotes, see page 180.



Securities investment conduits

The total carrying amount of ABSs held through SPEs in the above table represents holdings in which significant first loss protection is provided through capital notes issued by SICs, excluding Solitaire.

At each reporting date, we assess whether there is any objective evidence of impairment in the value of the ABSs held by SPEs. Impairment charges incurred on these assets are offset by a credit to the impairment line for the amount of the loss allocated to capital note holders, subject to the carrying amount of the capital notes being sufficient to offset the loss. During the first half of 2012 impairment charges in one SPE, Mazarin Funding Limited ('Mazarin'), exceeded the carrying value of the capital notes liability and a charge of US$108m (30 June 2011: nil; 31 December 2011: US$26m) was borne by HSBC as shown in the table below. In respect of the SICs, the capital notes held by third parties are expected to absorb the cash losses in the vehicles.


Available-for-sale reserve and economic first loss protection in SICs, excluding Solitaire


SICs excluding Solitaire at


         30 Jun


           30 Jun


          31 Dec


2012


2011


2011


US$m


US$m


US$m







Available-for-sale reserve .....................................................................................

(1,873)


(1,973)


(2,701)

- related to ABSs ..............................................................................................

(1,554)


(1,744)


(2,061)







Economic first loss protection .............................................................................

2,286


2,286


2,286

Carrying amount of capital notes liability ............................................................

167


354


154







Impairment charge for the period:






- borne by HSBC ..............................................................................................

108


-


26

- allocated to capital note holders31 .................................................................

11


137


176

For footnote, see page 180.


Impairment methodologies

The accounting policy for impairment and indicators of impairment is set out on page 301 of the Annual Report and Accounts 2011.


A summary of our impairment methodologies is provided in the Appendix to Risk on page 183.

 

Impairment and cash loss projections

At each reporting date, management undertakes a stress analysis. This exercise comprises a shift of projections of future loss severities, default rates and prepayment rates. The results of the analysis at 30 June 2011 indicated that further impairment charges of US$900m and expected cash losses of US$400m could arise over the next two to three years.    This exercise was re-performed at 30 June 2012 and the results remained consistent with this guidance.

For the purpose of identifying impairment at the reporting date, the projected future cash flows reflect the effect of loss events that have occurred at or prior to the reporting date. For the purpose of performing
stress tests to estimate potential future impairment charges, the projected future cash flows reflect additional assumptions about future loss events after the balance sheet date.

This analysis makes assumptions in respect of the future behaviour of loss severities, default rates and prepayment rates. Movements in the parameters are not independent of each other. For example, increased default rates and increased loss severities, which would imply greater impairments, generally occur under economic conditions that give rise to reduced levels of prepayment, reducing the potential for impairment charges. Conversely, economic conditions which increase the rates of prepayment are generally associated with reduced default rates and decreased loss severities.

At 30 June 2012, the incurred and projected impairment charges, measured in accordance with accounting requirements, significantly exceeded the expected cash losses on the securities. Over the lives of the available-for-sale ABSs the cumulative impairment charges will converge towards the level of cash losses. In respect of the SICs, in particular, the capital notes held by third parties are expected to absorb the cash losses arising in the vehicles.


Carrying amount of HSBC's consolidated holdings of ABSs, and direct lending held at fair value through profit or loss


     Trading


  Available     for sale


      Held to   maturity


Designated
at fair value      through
     profit or loss


Loans and receivables


          Total


    Of which
held through consolidated

           SPEs


         Gross

   principal

  exposure32


        Credit

       default

           swap

protection33


             Net

   principal

   exposure34


        US$m


        US$m


        US$m


         US$m


        US$m


        US$m


US$m


US$m


US$m


US$m





















At 30 June 2012




















Mortgage-related assets:




















Sub-prime residential .............................

835


2,086


-


-


506


3,427


2,308


5,835


266


5,569

Direct lending ...................................

668


-


-


-


-


668


441


1,555


-


1,555

MBSs and MBS CDOs ........................

167


2,086


-


-


506


2,759


1,867


4,280


266


4,014





















US Alt-A residential ..............................

169


3,414


146


-


200


3,929


2,772


7,825


100


7,725

Direct lending ...................................

91


-


-


-


-


91


-


97


-


97

MBSs ................................................

78


3,414


146


-


200


3,838


2,772


7,728


100


7,628





















US Government agency and sponsored enterprises:




















MBSs ................................................

214


23,103


1,656


-


-


24,973


-


23,401


-


23,401





















Other residential ...................................

568


3,052


-


-


952


4,572


1,855


5,221


97


5,124

Direct lending ...................................

321


-


-


-


-


321


-


316


-


316

MBSs ................................................

247


3,052


-


-


952


4,251


1,855


4,905


97


4,808





















Commercial property




















MBSs and MBS CDOs ........................

295


7,107


-


107


1,450


8,959


5,898


10,440


-


10,440






















2,081


38,762


1,802


107


3,108


45,860


12,833


52,722


463


52,259

Leveraged finance-related assets:




















ABSs and ABS CDOs .............................

389


5,322


-


-


317


6,028


4,306


6,837


758


6,079

Student loan-related assets:




















ABSs and ABS CDOs .............................

172


4,651


-


-


151


4,974


4,036


6,505


99


6,406

Other assets:




















ABSs and ABS CDOs .............................

1,455


1,598


-


65


1,586


4,704


1,716


6,593


1,326


5,267






















4,097


50,333


1,802


172


5,162


61,566


22,891


72,657


2,646


70,011

 


 


      Trading


    Available       for sale


       Held to     maturity


   Designated
at fair value        through
profit or loss


   Loans and   receivables


          Total


      Of which
held through consolidated

            SPEs


           Gross

     principal

    exposure32


          Credit

         default

            swap

  protection33


             Net

     principal

     exposure34


         US$m


         US$m


         US$m


          US$m


         US$m


         US$m


US$m


US$m


US$m


US$m





















At 30 June 2011




















Mortgage-related assets:




















Sub-prime residential .............................

1,022


2,556


-


-


598


4,176


2,696


6,783


305


6,478

Direct lending ...................................

830


-


-


-


-


830


560


1,854


-


1,854

MBSs and MBS CDOs ........................

192


2,556


-


-


598


3,346


2,136


4,929


305


4,624





















US Alt-A residential ..............................

163


4,231


177


-


255


4,826


3,417


9,232


100


9,132

Direct lending ...................................

80


-


-


-


-


80


-


90


-


90

MBSs ................................................

83


4,231


177


-


255


4,746


3,417


9,142


100


9,042





















US Government agency and sponsored enterprises:




















MBSs ................................................

217


22,570


1,933


-


-


24,720


17


23,815


-


23,815





















Other residential ...................................

800


3,801


-


-


990


5,591


2,332


6,322


-


6,322

Direct lending ...................................

188


-


-


-


-


188


-


187


-


187

MBSs ................................................

612


3,801


-


-


990


5,403


2,332


6,135


-


6,135





















Commercial property




















MBSs and MBS CDOs ........................

552


8,119


-


111


1,935


10,717


6,439


12,217


395


11,822






















2,754


41,277


2,110


111


3,778


50,030


14,901


58,369


800


57,569

Leveraged finance-related assets:




















ABSs and ABS CDOs .............................

379


5,695


-


-


399


6,473


4,450


7,289


806


6,483

Student loan-related assets:




















ABSs and ABS CDOs .............................

137


5,110


-


-


151


5,398


4,411


6,819


100


6,719

Other assets:




















ABSs and ABS CDOs .............................

1,791


2,595


-


6,053


1,637


12,076


1,783


14,799


7,924


6,875





















5,061


54,677


2,110


6,164


5,965


73,977


25,545


87,276


9,630


77,646

 


Carrying amount of HSBC's consolidated holdings of ABSs, and direct lending held at fair value through profit or loss (continued)


      Trading


    Available       for sale


       Held to     maturity


   Designated
at fair value        through
profit or loss


   Loans and   receivables


          Total


      Of which
held through consolidated

            SPEs


           Gross

     principal

    exposure32


          Credit

         default

            swap

  protection33


             Net

     principal

     exposure34


         US$m


         US$m


         US$m


          US$m


         US$m


         US$m


US$m


US$m


US$m


US$m





















At 31 December 2011




















Mortgage-related assets:




















Sub-prime residential .............................

896


2,134


-


-


598


3,628


2,367


6,222


275


5,947

Direct lending ...................................

733


-


-


-


-


733


487


1,684


-


1,684

MBSs and MBS CDOs ........................

163


2,134


-


-


598


2,895


1,880


4,538


275


4,263





















US Alt-A residential ..............................

190


3,516


166


-


243


4,115


2,827


8,610


100


8,510

Direct lending ...................................

114


-


-


-


-


114


-


119


-


119

MBSs ................................................

76


3,516


166


-


243


4,001


2,827


8,491


100


8,391





















US Government agency and sponsored enterprises:




















MBSs ................................................

38


26,152


1,813


-


-


28,003


-


26,498


-


26,498





















Other residential ...................................

670


3,286


-


-


978


4,934


2,098


5,702


-


5,702

Direct lending ...................................

314


-


-


-


-


314


-


309


-


309

MBSs ................................................

356


3,286


-


-


978


4,620


2,098


5,393


-


5,393





















Commercial property




















MBSs and MBS CDOs ........................

300


7,240


-


107


1,816


9,463


5,795


11,222


-


11,222






















2,094


42,328


1,979


107


3,635


50,143


13,087


58,254


375


57,879

Leveraged finance-related assets:




















ABSs and ABS CDOs .............................

362


5,566


-


-


347


6,275


4,324


7,112


782


6,330

Student loan-related assets:




















ABSs and ABS CDOs .............................

179


4,665


-


-


153


4,997


4,114


6,681


199


6,482

Other assets:




















ABSs and ABS CDOs .............................

1,477


2,044


-


94


1,818


5,433


1,473


7,539


1,391


6,148





















4,112


54,603


1,979


201


5,953


66,848


22,998


79,586


2,747


76,839

For footnotes, see page 180.

The above table excludes leveraged finance transactions, which are shown separately on page 161.

 


Exposures and significant movements

Sub-prime residential mortgage-related assets

Sub-prime residential mortage-related assets included US$2.2bn (30 June 2011: US$2.8bn; 31 December 2011: US$2.4bn) relating to US-originated assets and US$0.8bn (30 June 2011: US$1.1bn; 31 December 2011: US$1.0bn) relating to UK non-conforming residential mortgage-related assets.

At 30 June 2012, 24% (US$0.8bn) of our sub-prime residential mortgage-related assets were rated AA or AAA (30 June 2011: 31%, US$1.3bn; 31 December 2011: 25%, US$0.9bn). Of the non-high grade assets held of US$2.6bn (30 June 2011: US$2.9bn; 31 December 2011: US$2.7bn), US$1.1bn (30 June 2011: US$1.5bn; 31 December 2011: US$1.2bn) related to US-originated assets.

There was an increase in market prices for subprime assets during the first half of 2012; this effect was coupled with principal paydowns. A further net writeback of US$29m on assets was recognised in the first half of 2012 (30 June 2011: writeback of US$2m; 31 December 2011: impairment of US$44m). Of the above, there were US$30m of writebacks (30 June 2011: writeback of US$41m; 31 December 2011: impairment of US$36m) in the SICs of which US$14m of writebacks (30 June 2011: writeback of US$41m; 31 December 2011: impairment of US$36m) was attributed to the capital note holders.

US Alt-A residential mortgage-related assets

During the first half of 2012, principal paydowns along with general spread tightening, contributed to an increase in the carrying values for Alt-A assets. Further impairments of US$144m (30 June 2011: US$364m; 31 December 2011: US$323m) were recorded as losses were incurred under the accounting rules. Of this impairment, US$149m (30 June 2011: US$168m; 31 December 2011: US$176m) occurred in the SICs, of which US$25m (30 June 2011: US$168m; 31 December 2011: US$150m) was borne by the capital note holders. At 30 June 2012, 8% (US$0.3bn) of these assets were rated AA or AAA (30 June 2011: 9%, US$0.5bn; 31 December 2011: 9%, US$0.4bn).

Commercial property mortgage-related assets

Of our total of US$9.0bn (30 June 2011: US$10.7bn; 31 December 2011: US$9.5bn) of commercial property mortgage-related assets, US$4.4bn related to US originated assets (30 June 2011: US$4.9bn; 31 December 2011: US$4.9bn). Spreads continued to tighten on both US and non-US commercial property mortgage-related assets during the first half of 2012. Impairments of US$127m were recognised (30 June 2011: nil; 31 December 2011: US$36m).

Transactions with monoline insurers

HSBC's exposure to derivative transactions entered into directly with monolines

Our principal exposure to monolines is through a number of OTC derivative transactions, mainly CDSs. We entered into these CDSs primarily to purchase credit protection against securities held at the time within the trading portfolio.

During the first half of 2012, the notional value of contracts with monolines reduced, primarily due to the maturity of a structured transaction. The table overleaf sets out the fair value, essentially the replacement cost of the derivative transactions at 30 June 2012, and hence the amount at risk if the CDS protection purchased were to be wholly ineffective because, for example, the monoline insurer was unable to meet its obligations. The value of protection purchased is shown subdivided between those monolines that were rated by Standard and Poor's ('S&P') at 'BBB- or above' at 30 June 2012, and those that were 'below BBB-' ('BBB-' is the S&P cut-off for an investment grade classification). The 'Credit valuation adjustment' column indicates the valuation adjustment taken against the net exposures, and reflects our best estimate of the likely loss of value on purchased protection arising from the deterioration in creditworthiness of the monolines. These valuation adjustments, which reflect a measure of the irrecoverability of the protection purchased, have been charged to the income statement. During the first half of 2012, the credit valuation adjustment on derivative contracts with monolines rose despite the overall decrease in exposure due to an increase in the estimates of loss against investment grade monolines.

Market prices are generally not readily available for CDSs, so they are valued on the basis of market prices of the referenced securities. Our monoline credit valuation adjustment calculation utilises a number of approaches which depend upon the internal credit rating of the monoline. Our assignment of internal credit ratings is based upon detailed credit analysis, and may differ from external ratings. The net effect of utilising the methodology adopted for 'highly-rated' monolines across all monolines would be a reduction in credit valuation adjustment of US$71m (30 June 2011: US$117m;


HSBC's exposure to derivative transactions entered into directly with monoline insurers


          Notional

           amount


Net exposure

  before credit

       valuation

    adjustment35


             Credit

        valuation

    adjustment36


  Net exposure

     after credit

        valuation

     adjustment


              US$m


             US$m


              US$m


              US$m

At 30 June 2012








Derivative transactions with monoline counterparties








Monolines - investment grade (BBB- or above) .....

4,213


789


(118)


671

Monolines - sub-investment grade (below BBB-) ....

1,502


343


(216)


127










5,715


1,132


(334)


798









At 30 June 2011








Derivative transactions with monoline counterparties








Monolines - investment grade (BBB- or above) .....

5,269


846


(85)


761

Monolines - sub-investment grade (below BBB-) ....

2,224


539


(372)


167










7,493


1,385


(457)


928









At 31 December 2011








Derivative transactions with monoline counterparties








Monolines - investment grade (BBB- or above) .....

4,936


873


(87)


786

Monolines - sub-investment grade (below BBB-) ....

1,552


370


(217)


153










6,488


1,243


(304)


939

For footnotes, see page 180.


31 December 2011: US$76m). The net effect of utilising a methodology based on CDS spreads would be an increase in credit valuation adjustment of US$52m (30 June 2011: US$49m; 31 December 2011: US$178m).

Credit valuation adjustments for monolines

·   For highly-rated monolines, the standard credit valuation adjustment methodology (as described on page 232) applies, with the exception that the future exposure profile is deemed to be constant (equal to the current market value) over the weighted average life of the referenced security, and the credit valuation adjustment cannot fall below 15% of the mark-to-market exposure. 

·   In respect of monolines where default has either occurred or there is a strong possibility of default in the near term, the adjustment is determined based on the estimated probabilities of various potential scenarios, and the estimated recovery in each case.

·  For other monoline exposures, the credit valuation adjustment follows the methodology for highly-rated monolines, adjusted to include the probability of a claim arising in respect of the referenced security, and applies implied probabilities of default where the likelihood of a claim is believed to be high.

HSBC's exposure to direct lending and irrevocable commitments to lend to monolines

We had no liquidity facilities to monolines at 30 June 2012 (30 June 2011: nil; 31 December 2011: nil).

HSBC's exposure to debt securities which benefit from guarantees provided by monolines

Within both the trading and available-for-sale portfolios, we hold bonds that are 'wrapped' with a credit enhancement from a monoline. As the bonds are traded explicitly with the benefit of this enhancement, any deterioration in the credit profile of the monoline is reflected in market prices and, therefore, in the carrying amount of these securities at 30 June 2012. For wrapped bonds held in our trading portfolio, the mark-to-market movement has been reflected through the income statement. For wrapped bonds held in the available-for-sale portfolio, the mark-to-market movement is reflected in equity unless there is objective evidence of impairment, in which case the impairment loss is reflected in the income statement. No wrapped bonds were included in the reclassification of financial assets described in Note 10 on the Financial Statements.

HSBC's exposure to credit derivative product companies

Credit derivative product companies ('CDPC's) are independent companies that specialise in selling credit default protection on corporate exposures. At 30 June 2012, we had purchased from CDPCs credit protection with a notional value of US$4.3bn (30 June 2011: US$4.8bn; 31 December 2011: US$4.4bn) which had a fair value of US$0.3bn (30 June 2011: US$0.2bn; 31 December 2011: US$0.4bn), against which a credit valuation adjustment (a provision) of US$51m (30 June 2011: US$49m; 31 December 2011: US$93m) was held. At 30 June 2012, none of our exposure was to CDPCs with investment grade ratings (30 June 2011: nil; 31 December 2011: nil).

Leveraged finance transactions

Leveraged finance transactions include sub-investment grade acquisition or event-driven financing. The following table shows our exposure to leveraged finance transactions arising from primary transactions. Our additional exposure to leveraged finance loans through holdings of ABSs from our trading and investment activities is shown in the table on page 156.

We held leveraged finance commitments of US$3.0bn at 30 June 2012 (30 June 2011: US$3.8bn; 31 December 2011: US$3.7bn), of which US$2.7bn (30 June 2011: US$3.3bn; 31 December 2011: US$3.3bn) was funded. At 30 June 2012, our principal exposures were to companies in two sectors: US$0.8bn to data processing (30 June 2011: US$1.5bn; 31 December 2011: US$1.3bn) and US$1.9bn to communications and infrastructure (30 June 2011: US$1.8bn; 31 December 2011: US$1.9bn).


HSBC's exposure to leveraged finance transactions


Exposures at 30 June 2012


Exposures at 30 June 2011


Exposures at 31 December 2011


              Funded37


      Un-

funded38


     Total


              Funded37


      Un-

  funded38


   Total


              Funded37


      Un-

  funded38


   Total


  US$m


  US$m


   US$m


   US$m


   US$m


   US$m


   US$m


   US$m


   US$m



















Europe .....................................

2,194


221


2,415


 2,761


 289


 3,050


2,795


253


3,048

North America .........................

443


126


569


 489


127


 616


445


126


571




















2,637


347


2,984


  3,250


416


3,666


3,240


379


3,619



















Held within:


















- loans and receivables .........

2,593


323


2,916


 3,249


356


3,605


3,120


328


3,448

- fair value through profit or loss ...................................

44


24


68


1


60


61


120


51


171

For footnotes, see page 180.


Representations and warranties related to mortgage sales and securitisation activities

We have been involved in various activities related to the sale and securitisation of residential mortgages, which are not recognised on our balance sheet. These activities include:

·     the purchase of US$24bn of third-party originated mortgages by HSBC Bank USA and the securitisation of these by HSBC Securities (USA) Inc. ('HSI') between 2005 and 2007;

·     HSI acting as underwriter for third-party issuance of private label MBSs with an original issuance value of US$37bn, most of which were sub-prime; and

·     the origination and sale by HSBC Bank USA of mortgage loans, primarily to government sponsored entities.

In sales and securitisations of mortgage loans, various representations and warranties regarding the loans may be made to purchasers of the mortgage loans and MBSs. In respect of the purchase and securitisation of third-party originated mortgages and the underwriting of third-party MBSs, the obligation to repurchase loans in the event of a breach of loan level representations and warranties resides predominantly with the organisation that originated the loan.

Participants in the US mortgage securitisation market that purchased and repackaged whole loans have been the subject of lawsuits and governmental and regulatory investigations and inquiries which have been directed at groups within the US mortgage market such as servicers, originators, underwriters, trustees or sponsors of securitisations. Further details are provided in Note 25 on the Financial Statements.

At 30 June 2012, a liability of US$222m (30 June 2011: US$237m; 31 December 2011: US$237m) was recognised in respect of various representations and warranties relating to the origination and sale by HSBC Bank USA of mortgage loans, primarily to government sponsored entities. These relate to, among other things, the ownership of the loans, the validity of the liens, the loan selection and origination process, and compliance with the origination criteria established by the agencies. In the event of a breach of our representations and warranties, HSBC Bank USA may be obliged to repurchase the loans with identified defects or to indemnify the buyers. The liability is estimated based on the level of outstanding repurchase demands, the level of outstanding requests for loan files and estimated future demands in respect of mortgages sold to date which are either two or more payments delinquent or are expected to become delinquent at an estimated conversion rate. Repurchase demands of US$167m were outstanding at 30 June 2012 (30 June 2011: US$103m; 31 December 2011: US$113m).


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