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At the time of acquisition BankWest was reporting to the Australian Prudential Regulation Authority (APRA) under to Basel I requirements, and under CBA ownership began reporting under Basel II Pillar 3 standardised approach requirements on 1 January 2009.(Refer the CBA 2009 Profit Announcement). At the time both HBOS and the CBA reported provisions for remaining consideration of circa $300 million. The acquisition was completed on 19 December 2008. (refer note 14 of the CBA 11 February 2009 half year profit announcement). The BankWest performing loan book as at 18 December 2008, had a value of approximately $57 billion, $18 billion of which were S&P (Standard and Poors) rated B+ or worse.(Refer the BankWest Credit Policy, the BankWest 2008A financial statements and the CBA Answers to Questions on Notice to the Parliamentary Inquiry(PJC)). As at 18 December 2008 BankWest owed its Parent HBOS a net figure of $21,076 million, and HBOS had secured a further $3,767 million loan from the RBA (Reserve Bank of Australia) to support the funding of the BankWest loan book. The BankWest Parent Company Funding therefore can be calculated as $ billion being ($21,076 million minus $3,767 million). On completion, the CBA paid $ to HBOS and $3,767 million to the RBA leaving a loan from HBOS to the CBA of $2,797 million called the Excess Facility Amount loan.

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