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Asian Exposures reduced by 38%

Document date:  Thu 16 Apr 1998
Published:  Thu 16 Apr 1998 00:00:00
Document No:  136598
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     

Following the undertaking made at the Annual General Meeting to keep
shareholders informed about the Group's exposure to North and South
East Asia, ANZ today is releasing details of its Asian exposure as at
31 March 1998.

The key points are:

* Since 30 September 1997 ANZ's total exposure to the Asian region
has been reduced by 38% to USD7.1 billion (AUD10.8 billion).

* Exposure to the three countries most affected by the economic
turmoil, Korea, Indonesia and Thailand, has been reduced by 28% to
USD1.9 billion (AUD2.8 billion).

* The total specific provisions for the Group are still anticipated
to be contained within the Economic Loss Provision charge for the
year, as indicated by the Chairman at the Annual General Meeting.

The schedules provide country exposures and detail the change since
30 September 1997 (Schedule 1), and provide a breakdown of current
exposures by counterparty and product type (Schedules 2&3). Details 
of non-accrual loans and specific provisions will be provided on 27 
May as part of the interim results release.

Asia is of strategic importance to ANZ. The Group will continue to
focus on its core strengths and interests in Asia including
supporting trade and investment into the region by Australian and
international customers, while continuing with the program to
rebalance non strategic exposures to the region.

P Marriott
CHIEF FINANCIAL OFFICER                                                                                                                                                                                                                                                                                                                                                                1