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If all the loans that Northern Rock has originated and then repackaged, securitised and shoved off the balance sheet and into the Granite SIV are brought back onto the balance sheet, what would be NR's loans-to-reserves ratio?

I bet it would be less than 1%.

We have met the enemy, and he is us — Pogo

by Migeru (migeru at eurotrib dot com) on Sat Jan 19th, 2008 at 12:01:02 PM EST

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