pennies, page-20

Octain,

Yes. The $20.6bn assets, $16.4bn of liabilities and $4.2bn of equity relates as you say to the consolidated group. I tried to then break out the parent entity (CNP) interest, which is currently $1.289bn, and perform the calculations on this based on the assumption that D2E would be performed at the parent level. This is how I got the $3.289bn post swap equity at the parent. When you roll this back up to a consolidated level, you get $20.6bn assets, $14.6bn liabilities and $6.2bn equity across the group.

If you are suggesting that a D2E swap could be performed within one or more of the consolidated entities in addition to CNP, then I'd say that is a possible outcome.