Credit banking crisis began damage Australia

Australia's third-largest bank - Australia-New Zealand Bank (ANZ) a profit warning Monday that the global credit crisis has begun to damage Australia had a vibrant banking sector, saying the second half are expected to more than 1 billion U.S. dollars of bad debt for Preparation.

This news against Australia in Australia Bank shares were down 13.2 percent early trading.

ANZ Bank said that the second half to be out about 12 billion Australian dollars (about 1.1 billion U.S. dollars) of bad debt provision, but only three days ago, its larger rival National Australia Bank also set aside a further 830 million The Australian dollar provision for credit losses related to the crisis, the market was surprised.

ANZ Bank in a statement that since the cost of credit impairment (credit impairment cost) of the increase in its 2-year cash earnings per share may fall 20-25 percent a year.

ANZ Bank said its mortgage loan to the United States and sub-sub-optimal secured debt certificate (CDO) is not directly敞口, the commercial real estate敞口about 26 billion Australian dollars, its book value of the assets of eight percent.