As the currency sinks, banks learn to swim. (Australian banks)

AS THE CURRENCY SINKS BANKS LEARN TO SWIM

Large Australian banks and corporates, caught napping when the Australian dollar plummeted in February last year, have prepared themselves for the dollar’s latest drop from about 74 cents to about 61. They are finding the road to salvation in sharply-increased professionalism, specialized treasury operations, the Euro-Australian dollar bond market and domestic hedging products.

Some, however, are still floundering — particularly the government authorities which find it easier to procrastinate rather than solve their long-term problems.