Maybe I am missing something but the Five-Year Financials of ASI published in your March 26th issue do not give me greater confidence that a private insurer should be insuring credit unions. If I am reading the reports correctly the Reserve for guaranty losses (in 2002) dropped $2.3 million which I have to assume, there being no evidence to the contrary, were to cover insured losses. At the same time the Provision for Guaranty losses (in 2002) was $1.4 million which would imply a real loss on guaranty of $3.7 million. Further, revenues from 2001 – 2002 were relatively flat yet expenses increased by over $2 million, a 35% increase in expenses resulting in a $2.16 drop in net income. Why would this make me more confident of the ability of ASI to last over the long haul? Steven E Potts Chief Executive Officer Santa Ana Federal Credit Union Santa Ana, Calif.