Dargie,>Maybe they wait until the first rollover in 2012 to deal...

Dargie,

>Maybe they wait until the first rollover in 2012 to deal with the bondholders, however if we were left without interest until then, we'll we'd be pretty grumpy.

I reckon we will see the interest payment, this year.

Remember, there are provisions to prevent certain significant restructuring initiatives, if the interest is unpaid. Further, there is provision for penalty interest - the BNBG's are valuable as cheap money - not expensive money.

One final point - the BNBG's are a tiny fraction of debt. If the shareholders are to be burnt off completely, adding the BNBG debt to the bonfire is insignificant. Certainly not enough for the banks to feel comfortable enough in handing control over to a receiver.

It is in BNBG holder interest to see that the BNB ordinary holder preserves some value in this (not just from a moral perspective).

The better the BNB ordinary holders do out of this deal - the more protection BNBG holders have from rapacious banks.