Percy i respect your views and opinions, i am a new shareholder thankfully having entered the registry in the past few weeks. As someone who works in banking its clear to all HGH are taking higher risks to obtain the NIM they achieve which is all well and good but it doesn't sit well that they then try and compare their NIM to dare i say it real banks (those that provide full banking services (corporate, property finance, institutional etc). To try and say HGH are conservative by lending xxx LVR is a red herring one only has to look at how quickly valuations which are relied on in lending decisions are proven to be wrong and guesstimates at one point in time. Lets hope HGH earnings can be sustained through a downward cycle with particular emphasis on keeping impairments manageable.