the PCA quoted in the Apra GILS release was for two subsidiaries only and not the parent or consolidated group. The PCA quoted in the release was low because, I believe, a payment had been made up to the group holding company. ie. The data release was only of use to the regulator looking at the coverage within the regulated entities and not much use to investors looking at excess capital at group level.
Half year result guesses, page-22
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