Ann: CLH ASX Release, page-23

If CCP sticks to form, it would work out the risk criteria it must use to lend to a demographic so that the loan business achieves the same target as the PDL business. The bad-risk applicatiions are rejected, and CCP can make a profit on 35% loans. That approach simply means that the USA potential relative to ANZ may be a factor of 6, whereas the population factor may be 12, or whatever it is.

I imagine CCP looks at the total business holistically. It needs a collections capacity to be able to acquire more PDLs, but it needs fall-back deployment options for times when freash PDLs are in short supply. The Manila collections facility may well become a great deal more critical to CCP's success, because the manila facility can switch attention to either North America, or ANZ. Options, options and options is the name of the game. so we have three lines of business (PDLs, agency collections and small loans) in two majior geographies (ANZ and North America), with Manila complementing collections teams based in ANZ and NA.