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NAB, ANZ both have fallen heavily due to increase in provisions - the maginitude
is getting bigger and bigger - some banks basically just write off 100% of their
books on any exposure on US Sub-Prime products - this is not a new mvoe at all,
with a large number of European and US banks already doing so. On M&A
front - howver, interesting movements start to happen - Count has suddenly
increased their shareholding in rival Mortgage Choice, a mortgage provider now
facing a somewhat very challenging time because they are unable to provide
competitive loan products anymore. Rams Home Loan faced the same issue at one
stage - which is still yet to be resolved. But with both Mortgage Choice and
Rams, they have very significant database of customers, we are talking about
millions of customers using their products. I believe the overall mortgage
industry will be consolidated, in fact, including the financial planning
industry - some of the larger financial planners will definitely become larger
and larger. I think this would also apply to the overall funds management
industry including REIT (but will come at later stage because of the credit
crunch problem).
