Indexes Fall As Early Anz Report Gives Plenty Of Food For Thought
The Age
19 February 2008
Vanessa Burrow
ANZ Bank usually reports in April. But yesterday, a surprise announcement gave the market much to contemplate.
The bank, one of Australia's Big Four, said profit growth was on track but it also said it could lose $200 million on an investment associated with a US bond insurer.The monoline insurers - so called because they insure only one product - have potentially become the biggest threat to credit market stability.If they lose their top credit ratings, the products they insure will also lose their ratings, thereby diminishing their overall value.In response to the announcement, financials fell. The S
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