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Alternative measure of MIS arrears at Bendigo

The prospectus for the sale by Bendigo and Adelaide Bank of $300 million in new shares provides some additional data on the extent of arrears on loans provided by the bank to investors in tax-effective schemes managed by Great Southern.The prospectus states that about 18.2 per cent of loans by borrower (or 1492 loans in all) and 21.6 per cent by value ($120 million) are in arrears.This is probably a stricter definition of the arrears than used by the bank in a short market update earlier this month and repeated in the bank's full-year financial statements published on Monday.

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