In my view it is too late for ANZ to undo what has been done, and recap Opes and restore the portfolios...it would cost them circa $2Bn. Their balance sheet could not cope...particulary with the BNB meltdown currently occurring and the banks exposure there...plus more writedowns in the pipeline...and potential credit ratings downgrade. It just gets worse and worse for this bank.
I believe the Opes debacle will be viewed by the historians as being one of the worst banking errors in Australia this decade; and the tipping point for ANZs descendency into the lower ranks.
anz need to sort out opes asap to move forward, page-14
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