But HNZ has security for nearly all their loans.
5/ The biggest problem I have with the Grade 6 to Grade 9 loans is that when you add them all up for FY2013 I get $265.683m.
SNOOPY[/QUOTE]
Snoopy your are right that Grade 6 to 9 loans add up to $265mil. But HNZ is likely to have more than $200mil of security for those loans so potential loss is only a fraction of the at risk loans.
Also some of the the secured assets might appreciate in todays economic climate therefore I see HNZ as a good investment at todays SP.
Was it worth it for CBS Canterbury?
All this argyle bargy about impaired loans begs the question;
Would CBS Canterbury shareholders have been better off to remain clear of MARAC and steer their own more prosaic course?
Boop boop de do
Marilyn