I dont know much about this stock. But what I dont get is at...

I dont know much about this stock. But what I dont get is at these levels the book is value to a big bank, not just the distribution channel. I may have my understanding wrong but from what I can see for a bank to raise the funds would not be difficult nor too costly, soon they would have the ability to use the book as security to bowwow from the RBA. Well the fully verified part anyhow.