Exposure to Enron
Document date:
Fri 30 Nov 2001
Published:
Fri 30 Nov 2001 00:00:00
Document No:
184447
Document part:
A
Market Flag:
Y
Classification:
AUSTRALIA AND NEW ZEALAND BANKING GROUP 2001-11-30 ASX-SIGNAL-G HOMEX - Melbourne +++++++++++++++++++++++++ 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