On BAM ripping BEPPAs off, it should be remembered these were...

On BAM ripping BEPPAs off, it should be remembered these were debt securities with security. A poor result should be "remembered" as a betrayal of debt (albeit it mezz debt). Never forgive, never forget ... the Australian energy sector is very, very small....

After adjusting for RAB improvements, improved financing conditions, the sort of numbers being talked about are actually lower than the GS numbers.

If they eventuate, it is an embarassment for them too.