But how many of the sixty schemes -- launched before Sebi guidelines came into force -- which have been now audited are in trouble: a third or all sixty? How badly off is each scheme in terms of the mix of exposure to debt instruments and equities? Clearly, those with excessive exposure to equity are in trouble. But share prices may rise before the repayment of principal falls due; or they may not. UTI and public sector banks face a worrisome prospect. But the problem could be exaggerated since available reports are based on snatches of the USAID-sponsored audit by Price Waterhouse. Besides, judging by indications that the deficit in the schemes is of the order of Rs 3,000 crore, it should not be difficult to clean up accounts, with (in the last resort)capital from the government, though this will certainly add to the fiscal deficit. The assured return schemes facing trouble were floated in 1994 (or earlier) in the expectation that equities would give dazzling rewards, with corporate performance scaling new peaks each successive year. That expectation has suffered a massive setback, and the current mood, reflected in the audit report, views the chances of a turnaround to be slim. The finances of Unit Trust and the sponsoring banks will get a big jolt if they take over the underperforming assets of the concerned schemes on maturity. The government will have to bail them out.