From ANZ Accounts ...They conclude no material loss
Question ..to those who understand Banking Provisions..
How in the triple heck can you say this?
Or is it ..We have provided $xyz ...but haven't disclosed the figure ..as implied below...as it might prejudice the on going legal proceedings.
And we dont expect a material loss above that figure already provisioned.?
Comment from Ctindale and the more learned re banking accounts ..welcome
14. Contingent liabilities and contingent assets
Contingent liabilities
# General
There are outstanding court proceedings, claims and possible claims against the Group, the aggregate amount of
which cannot readily be quantified. Appropriate legal advice has been obtained and, in the light of such advice,
provisions as deemed necessary have been made. In some instances we have not disclosed the estimated financial
impact as this may prejudice the interests of the Group.
# Opes Prime Stockbroking Limited
ANZ entered into Australian Master Securities Lending Agreements (AMSLAs) with Opes Prime and a related company
on 26 July 2006. Under the AMSLAs, ANZ acquired shares in various companies listed on the ASX. On 20 March
2008, there was a reorganisation of security arrangements between Opes Prime and ANZ. On 27 March 2008, ANZ
appointed a receiver and manager to Opes Prime and related companies.
In relation to Opes Prime:
- There are outstanding court proceedings and claims against ANZ including a class action on behalf of some clients
of Opes Prime.
- ASIC is conducting an investigation into Opes Prime generally. As part of that investigation, ASIC and ANZ have
had extensive correspondence concerning Opes Prime. ASIC has raised concerns about disclosure requirements in
respect of interests in entities (arising under transactions entered into pursuant to the AMSLAs) and various other
potential breaches of the Corporations Act. From investigations to date, ANZ believes it has in all material
respects acted in accordance with the applicable laws.
- It has been suggested that the reorganisation of security arrangements between Opes Prime and ANZ might be
challenged under the Corporations Act by the liquidators of Opes Prime. In a Notice to Creditors of Opes Prime
issued on 6 October 2008, the liquidators valued these potential claims in the region of $205 million to
$270 million and also flagged potential claims against another financier, Merrill Lynch. They also pointed out to
the creditors that there would be complexities, risks and considerable time periods involved, if these potential
claims were to be pursued by litigation.
ANZ and Merrill Lynch have engaged in a mediation process with the liquidators and ASIC.
There are ongoing developments concerning the events surrounding Opes Prime which may continue for some time.
There is a risk that further actions (court proceedings or regulatory actions) may be commenced against various
parties, including ANZ. The potential impact or outcome of future claims (if any) cannot presently be ascertained.
ANZ would review and defend any claim, as appropriate.
No material impact on the Group is expected in respect of the claims currently anticipated or commenced
- Forums
- ASX - By Stock
- anz trying to bankrupt opes customers now
From ANZ Accounts ...They conclude no material lossQuestion ..to...
-
-
- There are more pages in this discussion • 14 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add ANZ (ASX) to my watchlist
|
|||||
Last
$30.95 |
Change
0.290(0.95%) |
Mkt cap ! $92.54B |
Open | High | Low | Value | Volume |
$30.63 | $31.02 | $30.54 | $116.2M | 3.772M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 12103 | $30.93 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$30.98 | 383 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 12103 | 30.930 |
3 | 12816 | 30.910 |
1 | 1000 | 30.900 |
1 | 12103 | 30.890 |
1 | 7669 | 30.880 |
Price($) | Vol. | No. |
---|---|---|
31.000 | 69727 | 6 |
31.020 | 16494 | 4 |
31.030 | 13904 | 4 |
31.040 | 608 | 1 |
31.050 | 22711 | 11 |
Last trade - 16.10pm 03/09/2024 (20 minute delay) ? |
Featured News
ANZ (ASX) Chart |