proof lending covenants might be ok, page-12

Ata,

I looked at the 30 June 2008 Annual Report.

The total investment in Derivatives is $92.5 million.

They might not be all interest rate related but lets assume so to be safe.

Thats not too much to lose except that you made the point about those types of derivatives having a downside risk. (unlike ETO's).

Interesting.

I think for the sake of the excercise I'll just whipe $93 million of the total assets to allow for this.