Ann: Investor Presentation, page-131

Yeah mate thats what my understanding is; the capital that is committed in setting up one debt warehouse wouldn't be used for another as you got to have enough of your own capital before any bank/FI can lend you money or setup a debt facility.

You can understand this with bank's example. The banks are required to provide with their own capial before they can accept deposits and lend money to customers. So in order to setup a debt warehouse facility which will be used to lend money to other customers, we need to chip in with our own share first before any bank can setup such facility for us. And the size of the warehouse also depends on the capital that we chip in. We cant have 500m of debt facility with 5m of our capital. Bigger the 'red debt of sea' bigger the capital we need to come up with to set it up.