CCP Chart, page-35

That $10.1m provisioning reversal was not stated to be Covid related. It was, I think, related to CCP provisioning too much generally, but it could have had a Covid element. CCP is rather selective when it comes to loans (I have a recollection that it rejected 80% of new applicants). Also, now that Wallet Wizard has existed for years, CCP has a base of returning customers who by the nature of this demographic, have a high tendency to pay their debts. When CCP first started Wallet Wizard, its up-front provisioning was 20%, but from the start, this was too high, and CCP reduced it, but I do not know what the percentage is now, and it could vary for borrowers with good repayment history.

Lower ANZ PDLs would to a degree be compensated for by profits from agency collections, loans, US PDLs, and last, but not least, focusing on older PDLs. Its not only funds to be invested that can shift, it is also staff effort. I have not read all the material Announced today, but it did not look as bad to me as it did to some folk. I'll come back to the NPAT guidance, which I expect would be lifted during the fiscal year.