Ann: German Government Guarantee , page-10

Hmm ... it seems the IFC have retained all their shares and options.

Anyway, it's getting a bit boring, all this approval process stuff. It's a bit like a new drug coming onto the Australian market ... normally has to be FDA approved, followed by the Australians doing their own checks, even when identical. I had been hoping one EIS would be enough, for example.

The announcement today was interesting, but not really news. There was little doubt GIP qualified. The German related finance package is potentially a significantly better deal than what the IFC were offering (it looked even better when interest rates were higher), but the wheels of Government related processes are slow and private enterprise wheels are even spinning backwards in many cases at the moment. There is protracted fear in most Western lending institutions at the moment and it will take time for the anxiety pills to work and as the NAB's head has pointed out, Basel II isn't helping the wheels to spin forwards - hence the Government injections.