rams a test for sub prime, page-7

Rams cant refinance directly via the RBA as it is the originator of the XCP it holds. However a bank/ESA holder could use ram's XCP to refinance with cash from the RBA (as the holder wouldn't be the initial issuer) which would make rams XCP much more attractive to an oz investor even if XCP market INTERNATIONALLY was to remain grid locked. The RBA's widening of eligible repo securities is specifically designed to counteract the credit crunch - and it will become another option for rams if it still cant get its XCP away at attractive rates on the 8th of October.