With ABC I believe the CBA has the largest vested interest.
I'm sure WBC have already allowed for a provision in Allco for the 08 fin year.
Dont know how much exactly but Im sure the provision would have been generous.
THe announcement today reaffirms WBC's ultra conservative stance in its forecasts.
As a secured creditor, Im sure WBC will get the majority, if not all of its $200m back. Its the noteholders, unsecured creditors and shareholders that should be worried.
Depending on what WBC allowed for as a provision in the 08 financial year, there may be a write up in its books for this financial year.
Conclusion: Today's announcement should have zero bearing on its earnings for this financial year and therefore should have zero impact on the share price tomorrow.
Cheers
With ABC I believe the CBA has the largest vested interest.I'm...
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