the reason st george did it was because westpac got a credit on their purchase price for bad debts - so they ramped up the bad debts as high as possible and cleaned out whatever they could.
a guy I spoke to you yesterday said in the late 80's westpac called in a $1m facility, giving him 24hrs to repay. he had already reduced it from $4m (bought the company off someone else). as the original owners still were gaurantors he said stuff it and liquidasted the business
about 10 years ago nab decied they didnt want business clients in a part of south west WA, calle din all facilities and sent a heap to the wall
a couple of years ago allco called in a $1.8m development facility I had with them because I didnt want to go to full development on the build (when the gfc was biting - they were off their rockers). anyway we know what happend to them. they gave me about 1 week to repay
banks will hound you for a $500 credit card debt yet have no problem writing off a $20m bad property loan because the provisions are set aside for it and their systems allow it
a guy I spoke to you yesterday said in the late 80's westpac called in a $1m facility, giving him 24hrs to repay. he had already reduced it from $4m (bought the company off someone else). as the original owners still were gaurantors he said stuff it and liquidasted the business
about 10 years ago nab decied they didnt want business clients in a part of south west WA, calle din all facilities and sent a heap to the wall
a couple of years ago allco called in a $1.8m development facility I had with them because I didnt want to go to full development on the build (when the gfc was biting - they were off their rockers). anyway we know what happend to them. they gave me about 1 week to repay
banks will hound you for a $500 credit card debt yet have no problem writing off a $20m bad property loan because the provisions are set aside for it and their systems allow it
