The sourcing of funds through covered bonds, reeks of desperation of the big 4.
Mainstream are going to be hit for 6, and are in for the biggest reality check and shock of their life time, when they realise property doesnt go in a one way direction. It's going to be hard not to say i told you so! ;)
The credit boom is officially over. Massive delevaraging will occur for a years to come. Euro and US are in a quagmire and us in OZ just got some dumb luck becuase of whats in the ground.
Work hard, dont speculate, focus and become a guru of your profession.
Good luck to everyone in these next few years, were gonna need it.
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