NAB did not impair exposure, page-5

The Morgans report is a good analysis. Thanks for posting. The other "perhaps" you didn't quote is that NAB will match WBC SGH writedowns in H2. I don't think Morgans or anyone knows except that H1 had a very big difference in treatment between biggest exposure to SGH in WBC and the second biggest NAB.

Goes without saying that lender writedowns - if sustained and not written back - would make it very unlikely for shareholders to see anything. Lenders come first.