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With the Banks likely not to pay dividends, will they pay distribution on e.g. CBAPF, NABPF and other similar Bank notes? Secondly what is the impact on SWTZ dividends/distributions?
A: My guess is that the Bank’s will still want to pay a dividend, albeit at a reduced level. The unknown in the equation will be the reaction of APRA, and whether they will accept the stress testing scenarios that the Bank’s need to pass. A lot will probably also depend on the position of ANZ. It is the first major bank to report (next Thursday 30 April). If it decides to not pay a dividend, I think that it is more likely that the other majors will follow suit.
This all said, decisions around the interim dividend shouldn’t effect distributions on hybrid securities.
In regards to SWTZ, if the major banks don’t pay a dividend, then the distribution from SWTZ payable in early July will also be impacted.
