westpac, like the other banks, raise about 2/3 of the cash they lend for mortgages, they raise by issuing bonds overseas.
because australians won't deposit enough money in the banks.
A lot of these bonds westpac issue are for 2/3 years only. So they have to keep issuing new ones to roll over the bonds they issued in about 2005.
what in the hell is happening, page-12
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