"My real concern that no one seems to share or comment on is...

"My real concern that no one seems to share or comment on is interest rates with each percentage rate drop ironically costing BBP $60-80m in additional swap closure costs. With USA rates having dropped you can bet ours our likely to drop a further 150-200 basis points before now and March 2009. This equates to another $90-160m of costs before shareholders, on top of about a $200m slide since 30 June. Let's hope that the reduced interest rates lowers the cap rate of the assets, but I fear it does not"

yes very true, it lie it fixed or bbp believe the could browwow more money and kept on paying back the intrest.

Kind of like the credit card paying off the credit card .... but people forget about the fees !