I think it was a case of not having a history of hedging the very high margin sub prime M3 book, apparently the lower margin higher quality book was hedged. We'll just have to wait for the repricing of the M3 book to recover margins (but yield growth looks like it will be offset a bit by near prime/prime book growth), as not much point hedging now. It would be good to see an uplift in EBITDA margins given the pivot to higher quality/lower touch customers, but that's yet to materialse and bad debts are likely to be a bit elevated over the next year, NZ was already an issue this year.
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