Notwithstanding significant efforts by ANZ and Primebroker over recent weeks, there has been a further deterioration in Primebroker’s position. This, combined with a lack of commercially acceptable proposals from Primebroker, has led to this unfortunate outcome.
The deterioration in Primebroker’s position has also been to ANZ’s detriment. As a result, a provision of approximately $50 million is currently anticipated. Total exposure of $260 million is secured by a portfolio of equities and property.