Originally Posted by
minimoke
Jeez, I'm sitting here wondering just how much we are going to be asked to stump up with - is if around $200m. I'll take heart from Chris Lee's wise words just less than a month ago: "Allied Nationwide Finance, in our view, is a well managed business and the shareholders are beginning to display a willingness to add more capital as they convert the Hanover assets into useful cash."
But then I'm dragged back to reality and reminded ALF / Hanover investors knew ages ago that at least 73% of Hanovers loan book was impaired and 90% of Uniteds was either unsecured or second mortgage loans (now where does this sound familiar - Oh I know SCF and Aorangi). And we are being asked to support the Deposit Guarantee because of turmoil in world financial markets and maintaining public confidence in our Finance Sector. Give me a break - they (the investors and Companies) are incompetent so why should we support them!