bought at 17.95, page-20

BnH, because I am assuming they reflect the local rep offices of the OS counter parties anyway, in any case having that much counter party risk based in OZ is hardly well diversified , all that said though I did have a good think about it when you mentioned it the first time, its kind of an odd aspect in my mind, that much risk focussed in OZ ?(who holds the other side?), where i got to was that it probably represented a greater rather than lesser concentration of risk, assuming they arent held with a single party who are they?

on your "hate drum" reference I certainly understand the emotional reactions of a few poster who have lost money on the Opes saga . I am not one of them, I had some close friends who lost the lot my interest in ANZ is more intellectual than emotional, as I have put before the Opes saga represents to me a major failure in risk management and executive judgment, IMO risk management is a systemic quality of a bank, for the bank to perform so poorly in its handling of Opes suggests IMO a deeper more systemic risk management weakness within the bank, if the Opes (and the other securitised brokerages) got through their risk management process then who knows what else made it through. The fact that the Vanuatu tax minimization scheme made it through is another.

the credit default swap risk (as described by Buffett)to me seems like something that might make it through ANZs risk management process, with the risk becoming so topical on the international banking scene, with monolines heading south like a flock of ducks, with counter parties that you could fairly assume that ANZ might deal struggling in the aftermath of the Bear Stearns fall. Im curious to understand where ANZ holds its risk , yes the case is completely circumstantial, ANZ is loaded to the rails with credit default swaps as a CDS hurricane approaches, maybe the hurricane will dissipate and pass, then again maybe it wont.

Happy to hear alternate theories on the ANZ risk exposure lets be guided by intellect and facts rather than emotion.