thanks westpac, page-56

Lol I was right then..you are a child. Here are some facts..you might want to familiarise yourself with them as they come in handy when playing with money.
And a note to all the chauvinists on this thread wailing about Gail ruining your day yesterday instead of behaving like real men and taking responsibility for their own actions .... get some cohunas!!

FACTS
Westpac Banking Corp: Topping up Tier 1 Capital
Up to $3bn in capital (incl $500m SPP) underwritten at $16 — recognizing that Tier 1 ratios need to be above 8% in this part of the credit cycle, WBC has moved to raise its post SGB capital levels. We lower our EPS estimates FY09E: -4%; FY10E: -5.6%; FY11E: -5.3%.
Advanced level on Basel II should maintain tier 1 > 8% — SGB conversion to ‘Advanced’ accreditation by end FY09 should to a large extent offset the risk of $850m in SGB hybrids being redeemed.
$500m of fair value and acquisition adjustments — exceeded our expectations ($100-200m) and are likely to include top ups on SGB provisioning levels, recognising the inadequate coverage ratios prevailing at the time of acquisition.
WBC balance sheet now in good shape —

There should no longer be concerns about the availability of hybrid capital markets, with capital, provisioning and liquidity positions very strong, giving WBC the opportunity to selectively grow market share as many competitors remain hamstrung.

Dividend now looks more assured — While we hadn't seen WBC as a strong candidate to cut its dividend, this raising protects further against the prospect. Citibank