November 6, 2008
ANZ exposure to ABC Learning Centres Group
ANZ today advised it has credit exposures to ABC Learning Centres Group of approximately $182 million.
Although ANZ does not normally comment on customer relationships, this disclosure has been made following the appointment today of Voluntary Administrators by the Directors and subsequently the appointment of Receivers and Managers by a syndicate of secured creditors to ABC Learning Centres Group.
ABC Learning Centres Group was treated as a non-performing loan and an individual provision taken as part of ANZ’s 2008 results. ANZ will make further adjustments to provisions as required.
Following disclosures by other major Australian banks, ANZ also confirmed its exposure to Allco Finance Group Limited is insignificant.