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ANZ $28.46

Banks having a shocker

  1. fitzman

    1,006 Posts.

    ANZ announce having exposure to marconi in UK of $238.2m AUD approx @ .55c.
    Looking at a debt for equity swap which means with plenty of banks holding equity over the market the share price could remain depressed for years.
    Bottom line is this will have to be written off probably as the most prudent course of action & value the equity at nil.
    ANZ advise no change to full year result & no need to increase provisions.ANZ Shares down .58c.

    NAB no further action on buyback-no announcement of Abbey National replacement head-Abbey National report in the next couple of days-Gee takeover looks a certainty to me NAB -.55c.


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