If the fair value estimations were pumped as far as you indicate...

If the fair value estimations were pumped as far as you indicate then PwC will have some explaining to do with regard to their highly detailed explanations as to how they audited and approved the accounts for all years up to FY2018. I am well aware that what you say is possible and I agree with your synopsis if it did but I have some trouble accepting that PwC would have let it go that far. If they have there will be trouble for them IMO. The delay in processing of this debacle does in fact somewhat support your theory in that the banks would be wanting to see the outstanding PDPs short term balances collected before making any further demands - but a contra to that is the fact that PNC is still buying PDPs according to the most recent announcements. Would the banks be allowing such purchases to go ahead if they were of the opinion that they are going to take a haircut? IMO definitely not - they would take the current assets and cash at the optimum point and run and accept the loss. After all that's how these bank PDPs originate in the first place. I do not know what banks do now but when I was employed by one of the big 4 they did not have a collection department or collection manager.