For the ex head honchos, the job could get a bit toxic if they...

For the ex head honchos, the job could get a bit toxic if they don't resign at some stage. Now they have a slight face saver available if ANZ's custodians say they will rubber stamp the deal if the ex head honchos leave. Obviously they will have done the SH a favour, possibly at their own expense if they don't get the opportunity defend themselves and maintain their roles.

So I see things arranging themselves into a deal with APRA and the ANZ custodians, and some big resignations. Maybe the odds of the deal have gone from very low before APRA blinked with the extension, to medium after APRA blinked, to high now that ANZ is playing along.

The remaining deal is worth about 35% of earnings to IFL roughly I believe.

Everybody should benefit from a deal - relative to their positions without a deal.