Sorry for the catchy headline but when the minister pondered on whether the bank was worth something between zero and 150 million surely you have to subtract its likely debt from that and end up with a minus figure?
So if the bank has loaned out 80 billion to developers and lets say its gets half of that back surely conversations about some value for shareholders is pointless - no?
And the point the minister makes about Anglos's loans still being "serviced according to their terms" (and therefore not in default) must surely be intentionally misleading due to (a) those terms allowing for suspension of repayment until the development is sold on, and (b) does not account for the likelyhood of what is to come.
So if the bank has loaned out 80 billion to developers and lets say its gets half of that back surely conversations about some value for shareholders is pointless - no?
And the point the minister makes about Anglos's loans still being "serviced according to their terms" (and therefore not in default) must surely be intentionally misleading due to (a) those terms allowing for suspension of repayment until the development is sold on, and (b) does not account for the likelyhood of what is to come.