friday expectations, page-14

Coppertop137 wrote:
As a banker, you would need to justify your existence if you haven't made provisions for Centro going belly up and so far annual reports from the major banks have not quite done that either in whole or in part. I posted yesterday, that if the banks call it all in after September 30 then in December, there is a case to believe that they nkew they would have to do this.


copper read below:

Centro exposure haunts St George
Abstracted from The Australian

All major Australian banks have some exposure to the troubled Centro Properties Group. However, unlike its four rivals, fifth-ranked St George Bank has not made any write-downs yet, despite secured lending of $A458m to the real estate company. The bank argues that the debt is covered by the shopping centre assets of Centro, which continue to perform well. Centro must service parts of its liabilities by September 2008 and again in December. The exposure to Centro by ANZ Banking is $A1.25bn, with $A870m unsecured, while Westpac only has one of $A100m that is fully secured