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Exposure to Enron

Document date:  Fri 30 Nov 2001
Published:  Fri 30 Nov 2001 13:51:26
Document No:  184447
Document part:  A
Market Flag:  Y
Classification:  Periodic Reports - Other , Issued Capital - Other

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-11-30  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today advised it has direct unsecured credit exposures to Enron
Corporation Group of approximately US$69 million. In addition, ANZ
has indirect or contingent exposures of approximately US$51 million
primarily associated with stand-alone power projects.

Although ANZ does not normally comment on customer relationships,
this disclosure has been made in view of the level of market interest
and following similar disclosures made by other banks.

Following its 2001 Annual Results ANZ highlighted that it was
cautious about the credit outlook in line with expectations for this
point in the credit cycle. ANZ continues to expect specific
provisions in 2002 to be moderately higher than those seen in 2001
and our earnings expectations remain unchanged.

For media enquiries, contact:

Paul Edwards
HEAD OF GROUP MEDIA RELATIONS
Tel: 03-9273 6955 or 0409-655 550
Email edwardp12@anz.com