which way anz shareprice on monday , page-25

It would be unusual for a blue chip to break down over a single issue, rather look at OPES as a symptomatic tracer to a much larger generic problem at ANZ. First we had the write downs from the Mono line bond insurers relating to sub prime, this issue is far from over and bad debt provisioning has been avoided to date because several of the monolines have retained their credit rating (by a thread), as soon as these ratings are dowgraded expect ANZ to be forced to make more provisions

The there are the tax dodger in Vanuatu that ANZ encouraged, the deritivative book exposure, the pulp mill etc

All it reflects is the poor quality of ANZ managment , proces and policies (ezpecially with regard to risk managment)

When the global credit situation re surfaces over the next few month ANZ is ill prepared for the storm