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The Group is an international financial services group that provides a comprehensive and integrated range of financial products and services.
Australian banks represent great buying at present as share values have declined due to the US sub-prime lending crises. The banks in Australia and New Zealand are not heavily exposed to sub-prime mortgages and the NAB has made a 90% provision against its exposure. Furthermore Australian and New Zealand banks are much more regulated and are continuously monitored by their Reserve (Central) banks. Depositors do not have any form of deposit insurance although the Australian government is looking at a proposal to cover up to $20,000.Finance ministers of both countries have recently announced that all banks are sound with strong balance sheets.NAB’s half year financials can be seen at http://www.nabgroup.com/0,,93816,00.html
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