Because reported financial liabilities include 3.8bn$ of repos, which cancel out against the corresponding securities (reported as assets).
You can essentially ignore that amount, for debt/equity calculation purposes.
There is also ~750m$ of debt against the property/infrastructure assets, included in the corresponding trust structures.
The debt that really "matters" is Capital Notes 1 and 2, and Subordinated Debt, for a total of 1.2bn$ (at June 30th 2018).
Why has the share dropped., page-120
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