It may help a tad, but isn't a rescue solution. The markets main...

It may help a tad, but isn't a rescue solution. The markets main issue with VPG is it's troubled European business which the govt backing isn't going to touch. The outline of the package is:-

* $2b line of credit from the Govt + $500m from each of NAB, Commonwealth, Westpac and ANZ (the shareholders).

* Consent is required from all five shareholders to obtain financing.

* Financing from this source will only be available if there is an absence of finance from foreign lenders.

* They will only fund those assets they deem to be "financially viable".

* LVR on a case by case basis, so the quantum of debt offered could be insufficient to repay existing debt.

It's a liquidity backstop more than anything else.