I think the perpetual note swap is just a away for the bank to...

I think the perpetual note swap is just a away for the bank to turn the debt to another form of debt and avoid to book the loan as a bad debt and add further to their already long list of write offs at the same time give them option of convert the debt later on to equity when asset market return and the equity value restore. They are now take a longer view to recover their money rather than just senseless write off! This + the interest replayment delay will also take pressure off BNB and hence give BNB time to restore the values over the time. I suppose the win-win solution for everyone involve. The alternative, everyone lost + long and complicate administration process + even court cases. In this current investment climate, the last thing everyone (banks, poli, investors and workers) want to hear is yet another financial institution goes burst. This will do no good to investment confident.