According to OTP Bank business policy for 2006 OTP Bank expects net earnings of HUF 184.7bn, up 16.7%, that is slightly higher than consensus estimates of HUF 184.5bn, but slightly lower than our estimates of HUF 185.8bn, up 17.4%. We see 2006 business policy in line with earlier guidance of management board that was presented after 4Q05 results. We would expect OTP Bank to beat management board estimates. We reiterate our Buy recommendation with a fair value of HUF 9,985.