Just a quick clarification on my earlier piece on APRA’s announcement process. APRA have apparently, and informally, let it be known that the answer to the question on how much capital BankWest and NAB will have to carry next year is that it will be the Basel I number until they get Advanced credit risk clearance.

Now – how long before they formally tell the banks concerned? So far, as far as I have heard, they have not yet been told. You would have thought it would be polite

to tell them.