Hi swap,"The market already knew we were in for property...

Hi swap,

"The market already knew we were in for property write-downs and this was factored in a long while ago.

For my 2c worth the write down, which is primarily NON CASH, is is a lot less than I thought it was going to be... "

Ding, Ding, Ding, Ding, Ding!!! Go to the top of the class swap, lol.

Yes, the write-downs are intangible so there is no realised cash loss in the main, and yet it is a very complex document because as you pointed out you are only seeing one side of one part of the whole which is further made complex by the merger from NPR.

I was surprised by one of the figures tho on 1 section of a fixed mortgage; it appears that they are paying up to 11.67% interest.

I expect (and hope) December '08 to December '09 to be a lot less complex!

Cheers, Pie :)