davo22,
I dont disagree that the global credit situation is going to get worse, I believe this will create opportunities for Australian banks. As these huge multinationals are struggling with their capital management, Australian bank will buying assets at distressed prices. eg NAB wanting to buy ABN Amro's Investment Banking Assets. There are also rumours that HBOS may need to sell Bankwest to shore up their balance sheet.
PS - Japan is a whole different kettle of fish than the developing Asian counteries. ANZ's game plan is to invest in countries that can have strong sustainable GDP growth. Those same countries have predominantly a cash society = opportunity for ANZ to gain additional source of liquid funds
Perhaps I should stop ranting and stick to the O&G sector :)
sell this rally and sit it out, page-13
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