Having said that - I still understand that AWB (and FCL) are...

Having said that - I still understand that AWB (and FCL) are spinning their ar*es off when they say the quality of their loan portfolios is good.

That's not what I hear around the traps from people close to the action.

Add to that droughts / major frosts / floods and bushfires plus no water in most of the eastern inland irrigation regions and you have to wonder where all the interest payments are supposed to be coming from?

On top of that the land values underpinning much of their lending must be highly questionable I would have thought as it was mostly based on prices pre GFC.

Are we to believe that agricultural land prices - uniquely amongst ALL OTHER CLASSES of assets will be the only thing not to deflate.

Like hell.