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Preliminary Final Report

Document date:  Wed 04 Nov 1998
Published:  Wed 04 Nov 1998 00:00:00
Document No:  142712
Document part:  R
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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IMPAIRED ASSETS
                                    AS AT       AS AT       AS AT
                                    SEP 98      MAR 98      SEP 97
                                     $M          $M          $M
SUMMARY OF IMPAIRED ASSETS
Non-accrual loans                   1,662       1,235         872
Restructured loans                      4           5          13
Unproductive facilities               104          41          75
______________________________________________________________________

 Non-accrual loans                   (762)       (587)       (444)
 Unproductive facilities              (57)        (24)         (9)
______________________________________________________________________
NET IMPAIRED ASSETS                   951         670         507
______________________________________________________________________


NON-ACCRUAL LOANS
Non-accrual loans                   1,662       1,235         872
Specific provisions                  (762)       (587)       (444)
______________________________________________________________________
                                      900         648         428  
______________________________________________________________________


BEFORE SPECIFIC PROVISIONS
Australia                             852         729         625
New Zealand                           116          83          94
______________________________________________________________________
Principal domestic markets            968         812         719
International markets                 694         423         153
______________________________________________________________________

TOTAL NON-ACCRUAL LOANS             1,662       1,235         872
______________________________________________________________________


AFTER SPECIFIC PROVISIONS
Australia                             561         423         313
New Zealand                            83          65          74
______________________________________________________________________
Principal domestic markets            644         488         387
International markets                 256         160          41
______________________________________________________________________

TOTAL NET NON-ACCRUAL LOANS           900         648         428
______________________________________________________________________


                                   AS AT       AS AT       AS AT
                                   SEP 98      MAR 98      SEP 97
                                    $M           $M          $M

RESTRUCTURED LOANS
Australia                              4           4          4
New Zealand                            -           -          -
International markets                  -           1          9
______________________________________________________________________
                                       4           5         13
______________________________________________________________________

OTHER REAL ESTATE OWNED (OREO)         -           -          -
______________________________________________________________________

In the event of customer default, any loan security is held as
mortgagee in possession and therefore the Group does not hold any
other real estate owned assets.

UNPRODUCTIVE FACILITIES

Australia                            35          32          17
New Zealand                           -           -          49
International markets                69           9           9
______________________________________________________________________
                                    104          41          75
Specific provisions                 (57)        (24)         (9)
______________________________________________________________________

NET UNPRODUCTIVE FACILITIES          47          17          66
______________________________________________________________________


ACCRUING LOANS PAST DUE 90 DAYS OR MORE(1)

The following amounts are not classified as impaired assets and
therefore are not included within the summary on page 35.

International markets                17          12           8
______________________________________________________________________
                                    283         281         243
______________________________________________________________________

(1)Less than $100,000 or fully secured


Further analysis of non-accrual loans at 30 September 1998 and
interest and/or other income received during the period is as
follows:              
                                                      INTEREST AND/OR
                        GROSS BALANCE    SPECIFIC     OTHER INCOME
                        OUTSTANDING      PROVISION    RECEIVED
                            $M              $M            $M         
NON-ACCRUAL LOANS
Without provisions
 Australia                  166               -            12
 New Zealand                 22               -             2
 International markets       60               -             2
______________________________________________________________________
                            248               -            16
______________________________________________________________________
With provisions and no,
or partial, performance(1)
 Australia                  568             243             8
 New Zealand                 85              27             1
 International markets      566             395             2
______________________________________________________________________
                          1,219             665            11
______________________________________________________________________
With provisions and 
full performance(1)
 Australia                 118               48             9
 New Zealand                 9                6             -
 International markets      68               43             3
______________________________________________________________________
                           195               97            12
______________________________________________________________________

TOTAL NON-ACCRUAL LOANS  1,662              762            39
______________________________________________________________________
(1)A loan's performance is assessed against its contractual repayment
schedule


INTEREST AND OTHER INCOME FORGONE ON IMPAIRED ASSETS 
The following table shows the estimated amount of interest and other
income forgone, net of interest recoveries, on average impaired
assets during the period.
                                FULL      HALF      HALF      FULL
                                YEAR      YEAR      YEAR      YEAR
                                SEP 98    SEP 98    MAR 98    SEP 97
                                 $M        $M        $M        $M

Gross interest and other 
income receivable on 
impaired assets
 Australia                        77        42        35        96
______________________________________________________________________
TOTAL GROSS INTEREST AND
OTHER INCOME RECEIVABLE
ON IMPAIRED ASSETS               122        76        46       121    
______________________________________________________________________
Interest income and other
income received
 Australia                       (29)      (14)      (15)      (42)
 New Zealand                      (3)       (1)       (2)       (3)
 International markets            (7)       (5)       (2)       (5)
______________________________________________________________________
TOTAL INTEREST INCOME AND 
OTHER INCOME RECEIVED            (39)      (20)      (19)      (50)
______________________________________________________________________
Net interest and other
income forgone
 Australia                        48        28        20        54
 New Zealand                       5         4         1         7
TOTAL NET INTEREST AND 
OTHER INCOME FORGONE              83        56        27        71 
______________________________________________________________________

MORE TO FOLLOW

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