"We left the money in the UK because of the cost of swapping it"!!!
Saturday, 26 September 2009 | 
Finance - Banki...
NAB's group treasurer Eric Williamson said £500 million ($1.02 billion) raised by the bank through an oversubscribed debt issue in May was kept in NAB's two UK subsidiaries, Clydesdale and Yorkshire Bank.
"We left that money in the UK because the cost of swapping it back here was pretty expensive,'' Mr Williamson said in June.
"We've got assets in the UK so it made sense just to leave it there.''
Ratings agency Standard & Poor's (S&P) downgraded Clydesdale Bank's long-term credit rating on July 28 on anticipated lending losses over the next three years, and over the possibility that the subsidiary may report a loss in fiscal 2009.
NAB raises $690m in offshore hybrid note issue, source: news.com.au READ THE ARTICLE!
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Comments
KPMG Australia - Regional Banks 2009
http://www.kpmg.com/AU/en/IssuesAndInsights/ArticlesPublications/Financial-Institutions-Peformance-Survey/Regional-Banks/Documents/Regional-Banks-2009.pdf
Reserve Bank of Australia raises rates
a wee bit earlier than expected - what is going on down there?
STATEMENT BY GLENN STEVENS, GOVERNOR MONETARY POLICY
aSX - the best quarter ever?
MORE AUSTRALIAN COUNTER-TREND LOGICAL POSITIVISM
Fiscal policy focus needed with rate hikes just ahead
Market tips interest rate rise before Christmas
a very confident statement I
a very confident statement I thought