Thanks for your reply.

CurDir is not bad but it doesn't really care what is written in 'Start
in:' resp. from which path I've startet the Excel workbook.

If I start the Excel workbook e.g. from the Desktop it should show 'C:
\Documents and Settings\Administrator\Desktop'.
If in 'Start in:' of the shortcut of the Excel workbook is written 'C:
\Temp' it should show 'C:\Temp'.