Hope,
Good Post. For Westpac it may as well be $558 unsecured after the St. George Merger.
So across the four groups, 1.5 bill that will evaporate instantly upon administration of centro and 2.5 bill that they might get 60% of after asset sales.
That's a lot of impairment for the banks. Then there's still all the rubbish form the CDO exposure that the banks have.
reality check, page-3
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