The September run on Suncorp

In the group's annual report, published on Friday, Suncorp more or less confirmed, at long last, the fact, though not the significance, of its near-death experience 12 months ago.

In green reverse type in the elegantly designed shareholder review, Suncorp noted as one of the "events of 2008/09" that "Suncorp Bank experienced deposit outflows in September as investors shifted funds from regional banks and credit unions to AA-rated banks".

Suncorp was always sensitive to the reporting, guarded at the time and essentially as a historical footnote since, that this episode in the weeks following the crash of Lehman Brothers, was a serious one. In the past Suncorp has denied this run even took place.

The remainder of the Suncorp annual review, such as the chairman's report, ignores the topic completely, leaving a few comments on banking to a rehash of the need to refocus the banking division on the least risky product lines.

Saved ultimately by the Australian government guarantee announced in mid October 2008, Suncorp avoided the ignominy of a forced sale to ANZ.

Suncorp reported growth in deposits over the financial year of 13 per cent, and even opened 77,000 new accounts.

(There is no chief executive's report in the annual review, Suncorp having pushed the former CEO John Mulcahy out the door with a severance package of $2.1 million, and with the group waiting until four weeks ago for the arrival of Patrick Snowball as the new chief executive.)