merril lynch valuation of 69 cents, page-11

Ok from a broker perspective -

loan book of $14bn as a database its worth 4 times its earnings, however its the loan writer that owns the client.
You can bet that these loans will be re-written very quickly if the clients interest rate goes up above RBA increase. We are already getting clients calling to refinance at any cost from non-bank lenders. The smart thing to do is for a rival bank to buy the book, refinance the loans, get the brokers to do the work and guarentee trailing commissions for 5 years. ( hi break costs ) So unless a deal is on the table RAMS book will be in trouble.