In light of last week's acquisition of Wachovia Corp. by First Union Corp., market observers are closely watching each bank's ABCP conduits to monitor whether there will be any changes in administration, personnel or other merger-related ramifications. So far things are status quo, market sources said, but things can change depending on how the merger turns out.

Wachovia Bank acts as administrator for Centric Capital Corporation and Blue Ridge Asset Funding Corp., both of which were started in 1997, and First Union acts as administrator for Centre Square Funding Corporation and a large conduit known as Variable Funding Capital Corp.

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