And ANZ
Your point being?
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Decide for yourself.
I have found in any field you do get better advice from a specialist,whether it is your car,your body,and I would expect audit is the same.
I wish I could have faith in auditors and trustees after the GFC but what we leaned as the GFC unfolded was that most provisioning was grossly inadequate when the "custard" hit the fan and the situation many highly leveraged dairy farms are currently in is analogous to a GFC type situation. I find it very interesting that almost every other bank is dramatically ramping up their dairy loan provisioning other than HNZ...hmmm.
Ditto, no faith in auditors....fudge to make things look good or look at places that makes them feel good.
In this instance , the Company seems to know best and so far have been spot on . Bankers know Banking ...............accountants ..well , they can be creative!
HNZ certainly more accurate than the Guru of Doom and gloom.:D
So most of the other banks that are being conservative and really ramping up dairy sector loan provisioning have it wrong and HNZ are right...yeah that makes perfect sense. Time for a Tui :)
Yeah they probably would mate. After all what does excessive LVR average loan ratio's really mean and if the guy in the fancy suit paid a seven figure salary says dairy is recovering next year who is he to argue especially seeing as said suit is paying the wages ! We're supporting our clients through this...its such a wonderfully politically correct approach to take isn't it.
BNZ reported this a month or so ago
The bank's charge to provide for bad and doubtful debts surged $42 million, or 91.3%, to $88 million. The rise was attributed to an increase in collective provision charges, mainly due to the outlook for the dairy industry.
http://www.interest.co.nz/business/7...-rise-expenses