Q3 2020 National Australia Bank Ltd Trading Statement Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Victor German - Macquarie Research - Analyst : I actually was hoping to ask 2 questions as well, one follow-up for Shaun. I completely appreciate with aircraft leasing you don't want to talk about individual clients. That makes a lot of sense, but maybe you just can give us a little bit more color in terms of that book and provisioning behind that book. And I know that CBA, in their recent disclosure, effectively put an impairment of around 35% on their portfolio. Obviously your book is very different, but I'd be just interested in some more color in terms of why your book is different. And how do -- from our perspective, how do we get comfort that we have -- that you have enough provisioning for that?

Question: Victor German - Macquarie Research - Analyst : Yes. No, no, no. That's -- you're 100% right. So it's sort of direct leases. And they've had some embedded gains on that portfolio, which they unbound as well. But no, you're 100% right.

Question: Victor German - Macquarie Research - Analyst : And are you able to disclose how much provisions you have specifically for that portfolio?

Question: Victor German - Macquarie Research - Analyst : Okay, okay, okay. And then Ross, maybe just a follow-up question from Brian's on expenses. And Gary provided a little bit of color in terms of what moved expenses. And there's perhaps some -- as Gary mentioned, there will be some offsets coming through in 2021. Now that you've had a bit more time in the bank -- and if we look at market's expectation, market is looking for a pretty good cost performance 2021 and some of the reversal of additional expenses you've taken earlier. Do you still think that that's a realistic assumption on a sort of short-term view? I know you've talked