Quote Originally Posted by belgarion View Post
Snoopy, "operating" or "operating & one-off expensed developing cost"? Will it the same 70.3m next year?
OK we are talking Heartland bank now? The selling and administrative expenses" of $70.347m as summarized in note 9 of the HNZ FY2013 annual report include a $7.7m RECL termination fee. This is unlikely to be repeated. So you might conclude that Heartland selling and administration fees might reduce to:

$70.347m - $7.7m = $62.647m, plus an allowance for inflation of course.

SNOOPY