Hi DF
They have started building cash reserves but I don't think enough. Some of the funds are altering there T's & C's to limit withdrawals... the applications to withdraw are still coming in - let's say these go to 750,000... and all of them want to withdraw $10,000 in June and $10,000 in September - the funds will have to find $15b in cash.
Lets say 1/3rd of this comes from selling Australian equities - $5billion - let's say some of this is re-invested by the withdrawee's back into the market - you will still be looking at $3b+ selling pressure.... even on minimum numbers...... There will be pressure - inevitable: I don't think this was thought through when Morrison / Frightenedburgh made the announcement: this is par for the course for Morrison - announce then sort out the details: I don't think the details were considered....
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