March 28, 2008
ANZ and Opes Prime Group
Following the appointment of a Voluntary Administrator by the Directors of Opes Prime Group Limited and the subsequent appointment by ANZ of Receivers, ANZ today advised its lending exposure to Opes Prime was supported by security in a portfolio of Australian equities.
The portfolio is diversified and at current market prices is sufficient to cover the amount outstanding from Opes Prime.
ANZ believes that based on an orderly realisation of the security portfolio, it is unlikely to incur a material loss on this exposure.