I think talking about the tail risks is a good contribution to...

I think talking about the tail risks is a good contribution to the discussion, however both regulators were investigating the company for months prior to taking legal action. Particularly in NZ, if there were more cases it would be stated as such. I remember reading in a press report the CC claim will include remidiation for affected customers. Also, is the BNW example apples and apples? I would imagine those loans are many times larger than the ones issued by Go Car and M3, and that 72m would be reflective of that? The company also has a big chunk of "free cash" outside of its requirements for the banking facilities. I don't think the balance sheet is at the risk from these cases.