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Westpac bad debts double

Discussion in 'Finance & Banking' started by Tropo, 12th Dec, 2008.

  1. Tropo

    Tropo Well-Known Member

    17th Aug, 2005
    Westpac bad debts double

    Westpac will tighten its lending standards after a doubling in its bad debt provisioning for 2008.
    Westpac Chairman Ted Evans told shareholders yesterday that the worsening economic environment would lead to even higher loan impairment charges over the coming 12 months.
    Chief executive Gail Kelly says Westpac will steer clear of companies with high levels of debt that are dependent on rising asset prices to run the business.
    Westpac has a $400 million exposure to the failed Allco Finance Group and ABC Learning Centres.

    Source: Sydney Morning Herald