Slugsy that extremely well put
to simplify it, ANZ are sitting here with $47,702,000,000 in credit default swaps, in the biggest credit crisis in history, with a number of the monoline insurers and various other likely counterparties hanging by their fingertips to solvency and you guys are sitting there going "nuffin wrong here", "you guys are just sore about Opes"............. what is it? is counter party failure to speculative for you guys to grasp or has ANZ magically managed to miss exposure to any of the monolines ?
ANZs massive credit default swap exposure puts them at greatest risk of losses should a major counter party fail
http://www.wilmott.com/blogs/satyajitdas/index.cfm/2008/5/30/The-Credit-Default-Swap-CDS-Market--Will-It-Unravel
At $47,702,000,000........... NO ALL THE BIG FOUR ARE NOT IN THE SAME POSITION
ok here is another link to an explanation of the issue just in case we arent getting through
http://www.finextra.com/community/fullblog.aspx?id=850
or how about another one
http://dealbreaker.com/2008/05/credit_default_swaps_the_next.php
$47,702,000,000 is allot of risk
sure if a counter party did default the loss might be only the cost of the replacement swap , say the cost was 300k then the banks exposure would simply the cost of the replacement OTC
the real concern though is that if the underlying bond defaults or is downgraded before the counter party fails the bank might not be able to replace the contract and might have to provision the entire debt
kind of a game of pass the parcel but the parcel has got a debt time bomb in it and you dont want to be holding it when the music stops
so tell me guys why isnt this a massive worry for ANZ? why has ANZ more exposure to these contracts than any of the others?
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