ricee007
More a general observation on the huge differences in capital treatment of acquired businesses than a specific disagreement with any of your comments.
That said, ANZ have plenty of hybrid capacity (it is limited to 25% of total tier 1 capital), so as they acquire more businesses, I would expect them to use more hybrid equity than more expensive ordinary equity.
Given the GFC, APRA have been strongarming all ADI's to hold plenty of capital - 8% appears to be the new minimum tier 1 ratio for banks. APRA have also made comments about banks holding more capital on an ongoing basis - if 8% becomes the norm, 70% dividend payout ratios can only be sustained via earnings dilution from DRP's.
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