State Bank Group: Impact on the financial position of the State
Overview
In February 1990, the State Bank Board in its report on Results and Financial Position for half year 31 December 1989, advised that, at that date, the State Bank Group had doubtful debts of $1 309 million of which $1 082 million related to its wholly-owned subsidiaries forming the Tricontinental Holdings Group. A review was conducted to determine to what extent matters disclosed in the report on Results and Financial Position for half year 31 December 1989, have, or are likely to impact upon the financial position of the State. The audit was conducted at the request of the Legislative Council.