Of that, bankers estimate that its securities lending program has between $20 billion and $30 billion.

Analysts, and bankers at the Union Bank of Switzerland, have estimated that Thailand will need as much as $20 billion in credits.

Guarantees Needed American officials and bankers estimated that Saudi Arabia would need to borrow $3 billion to $10 billion this year.

Analysts and bankers estimate the company's profits at $20 million to $30 million.

"From a fundamental, analytical point of view, our bankers had estimated that the value was in the mid-50's or maybe 60 marks," he said.

Western bankers have estimated that more than $7 billion of state money has been siphoned off since 1990, much of it thought to be in private bank accounts.

One foreign banker, who asked not to be identified, estimated that $1 billion had fled the country this month.

It is a major coup for Bear Stearns - worth at least $30 million in fees, bankers estimate.

Also vital is an early devaluation of the national currency, the dong, which bankers now estimate is 30 percent overvalued.

Another Western banker estimated total new business at $5 million.