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Bank exposure to Hastie bigger than thought

Australian banks may suffer larger than expected losses from exposure to industrial services company Hastie Group as performance bonds are called upon by builders working on yet to be finished projects.

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Australian banks may suffer larger than expected losses from exposure to industrial services company Hastie Group as performance bonds are called upon by builders working on yet to be finished projects.

Press reports on Monday noted that Australia’s Big Four banks issued $215 million in performance guarantees out of a total of $530 million of exposures.

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    Original URL: https://www.afr.com/companies/manufacturing/bank-exposure-to-hastie-bigger-than-thought-20120723-j27uk