Business Services Industry
Wings badly clipped by Ansett.
Australasian Business Intelligence, November, 2001
Nov 9, 2001 (The Australian Financial Review
ABIX via COMTEX) -- National Australia Bank has said that it had $A82m in unsecured loans and aircraft leasing contracts with Ansett Australia in September. Analysts estimate that the bank has an exposure of as much as $A120m with the collapsed airline in potential credit card liabilities. As Ansett's merchant acquirer, National must compensate other banks and credit card issuers refunding customers who used credit cards as their form of payment for now cancelled airfares. The Ansett provision was the largest component of the $A400m blowout in National's bad debt charges for 2000, which tarnished the bank's otherwise robust result for the year.
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