As all of us who follow the banking sector know, the most useful comparisons and updates of the sector is provided by KPMG with their reviews.
They are most probably the most respected banking "analysts".
They also happen to be HNZ's auditors.
And ANZ
Your point being?
Last edited by winner69; 01-12-2015 at 09:02 AM.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
Decide for yourself.
I have found in any field you do get better advice from a specialist,whether it is your car,your body,and I would expect audit is the same.
As all of us who follow the banking sector know, the most useful comparisons and updates of the sector is provided by KPMG with their reviews.
They are most probably the most respected banking "analysts".
They also happen to be HNZ's auditors.
I wish I could have faith in auditors and trustees after the GFC but what we leaned as the GFC unfolded was that most provisioning was grossly inadequate when the "custard" hit the fan and the situation many highly leveraged dairy farms are currently in is analogous to a GFC type situation. I find it very interesting that almost every other bank is dramatically ramping up their dairy loan provisioning other than HNZ...hmmm.
In this instance , the Company seems to know best and so far have been spot on . Bankers know Banking ...............accountants ..well , they can be creative!
HNZ certainly more accurate than the Guru of Doom and gloom.
So most of the other banks that are being conservative and really ramping up dairy sector loan provisioning have it wrong and HNZ are right...yeah that makes perfect sense. Time for a Tui
Yeah they probably would mate. After all what does excessive LVR average loan ratio's really mean and if the guy in the fancy suit paid a seven figure salary says dairy is recovering next year who is he to argue especially seeing as said suit is paying the wages ! We're supporting our clients through this...its such a wonderfully politically correct approach to take isn't it.
So most of the other banks that are being conservative and really ramping up dairy sector loan provisioning have it wrong and HNZ are right...yeah that makes perfect sense. Time for a Tui
So which banks?
Provide verifiable figures for at least two of them.
The bank's charge to provide for bad and doubtful debts surged $42 million, or 91.3%, to $88 million. The rise was attributed to an increase in collective provision charges, mainly due to the outlook for the dairy industry.
Originally Posted by percy
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Drink Anchor Strong.
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