ANZ may have outlined terms for a settlement with the administrators of Opes Prime, the boutique stockbroker and reseller of margin loans that collapsed at the end of March.
The Financial Review this morning backs up a contested report in the Sydney Morning Herald yesterday afternoon, with both suggesting ANZ is willing to settle.
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SMH had reported ANZ outlined an offer of 62 cents in the dollar, a report rejected in a brief media statement emailed by the administrators, Ferrier Hodgson, later in the day.
The Financial Review suggests the offer is in the order of 60 cents in the dollar.
On this basis, any losses by ANZ may be in the order of $350 million on AFR estimates.
The AFR reports that any settlement between ANZ and the administrators of Opes will be made by way of a deed of company arrangement. Any settlement may also require clients of Opes to waive any legal actions against the bank.
ANZ is hosing down the reports through media spokespeople, describing the talks to media outlets as "exploratory, preliminary and no specific solutions have been discussed".
Fairfax newspapers have been unable to publish reports on some other aspects of the Opes affair for a week or so, with the company subject to restraining orders obtained by ANZ, according to SMH.