Ann: Pause in trading, page-56

I agree, but as I stated I was using that metric as an example not suggesting that it was the best metric.

Its probably a combination of a few metrics that account for the cost of the debt book. But the problem I see here with amortisation, is this number is a manufactured rate which you are told to use. I would have suggested that fair value was probably the better way to account for it.

My point being is that the cash flow of this business is what really matters, so whether you look at FCF, Cash from Ops, EBIT, etc they are the numbers that truly represent the real underlying business. I think PNC has a fair history of proving its-self to generate cash. I also note the consolidation in the industry which can only be a good thing for PNC - may that be cheaper debt books due to limited competition or the ability to buy higher quality (pick and choose).

If i am wrong and the underlying business is not as cash generative as I thought, then I have made a mistake in my analysis and will have to wear this, learn from the mistake and move on.