Corrections

Every correction made to a published page, newest first: the page, the date it went live, what was wrong, and what the page says now. A site about reading numbers honestly has to keep its own record in public.

// THE RULE

A correction is made on the page itself and moves the page's last-updated date, which is printed on every case and every guide. It is then listed here, and the row is never edited afterwards except to fix its own error, which gets a row of its own. Dates are the day the corrected page went live.

What belongs here is a figure, a name or a reading that was wrong. What does not: a change of presentation — a currency, a renamed section, a redrawn picture — new material added to a page, or a composite case revised to match a real business, which never happens, because none describes one.

// THE LOG

2026-09-26
How to Write a Credit Paper
WAS
The sample paper's downside case put total debt at 2.54× EBITDA and said the 2.5× leverage covenant would still hold. Its financial section counted three years of dividends, US$1.7m, under 'the two years'. Its risks section said most of FY26 revenue sat with two customers.
NOW
The downside says the covenant would be just breached, and names that as the residual the paper accepts. The two years' dividends are US$1.1m. The two largest customers are 44% of FY26; five agreements together cover 78%. The PDF of the paper was made after these corrections.
2026-09-26
Issue 04 — Highview Industries
WAS
The senior read set aside option D because 'the agreements are in the file', while the file lists the two supply agreements as not in it. The facility card showed US$2.0m drawn and a peak of US$2.4m.
NOW
The read says what the file does hold about the agreements — three-year terms, CPI pass-through, 78% of next year contracted — and that reading the documents is work for the annual review. The card shows US$2.1m drawn, as the accounts do, and a peak within US$0.1m of the limit.
2026-09-26
Issue 01 — Pacific Premium Foods
WAS
The senior read sized 'a healthy operation in this sector' at US$3.5–4.5m of working capital, from sector day counts it did not source. It said the borrower's CFO should have raised the cycle, and the file has no CFO. The file appendix said gross margin held; it rose.
NOW
The read sizes the need from the business's own terms two years earlier: about US$1.9m for the growth, against a US$7.2m rise in trade working capital. The conversation is one the founder's accountant should have started. The appendix says gross margin rose.
2026-09-26
Issues 01 to 08, their chairs, and the guides that quoted them
WAS
Each case printed an 'industry benchmark' as fact — debtor days of 35–50, cash conversion of 90–110%, a top customer below 35%, aged stock under 8%, a 5–10% contingency, dairy debt near NZ$19 a kilogram, six to twelve months of hedging — and several readings judged the file against it. None had a source.
NOW
Each file is read against its own history, its board's policy or the bank's written policy: Pacific Premium's 48 days two years earlier, Coastline's 131% the year before, Kauri's NZ$22.3 of debt per kilogram in FY23, Aoraki's own treasury policy, the bank's 60% presales line and a contingency its surveyor sizes.
2026-09-26
Working Capital Case Study, Cash Conversion Cycle, the Interview Quiz
WAS
Still said Issue 01's US$1.5m was 'roughly half' of the working capital the cycle had absorbed, after the drill itself was corrected on 2026-09-25.
NOW
Less than a third, as the drill says. The frameworks page and llms.txt were corrected the same day.
2026-09-26
Personal Guarantees, Relationship Manager Interview
WAS
Called Issue 03 'a twenty-year relationship'.
NOW
Thirty years, as the drill says.
2026-09-26
The Trade Loan
WAS
Described Issue 02's request as a US$6m multi-currency facility.
NOW
NZ$6m, as the drill says.
2026-09-26
How Banks Read You
WAS
Gave debtor days 'moving from 44 to 79' as an example. No published file has those numbers.
NOW
Issue 01's, 48 to 82 over two years of growth.
2026-09-26
The Five-Step Read
WAS
Called the Five-Step Read 'one of the frameworks How Bankers Think names'. The book never names it.
NOW
It is this site's tool, putting the order on How Banks Read You onto six of the reader's own numbers; the book works through the lender's side of the same read.
2026-09-26
Privacy
WAS
Said drill answers are never sent to us, and that registering sends a sign-in link.
NOW
Answers reach us only when a reader registers a desk, and the page lists what is then held, including the quiz's five letters, the calculator's verdict and an optional name, role and focus. Registering emails a six-digit code and a link, or uses Google.
2026-09-26
Four chairs
WAS
The daughter 'grew up on the second farm', bought in 2011, and was told her father's guarantee would come off 'in due course' where the accountant's draft says at signing. Highview's customer signed its three-year agreement 'three years ago'. Kowhai's shareholder read that the bank had declined to fund the 18% of aged stock 'twice'. Basalt Ridge's buyer read presales 'at 40%' as if 40% of the homes were sold.
NOW
The home farm; the guarantee off at signing in the draft; two years ago; the aged stock read against the business's own stocktakes, the bank's one refusal being the increment above last year's peak; presales covering 40% of the debt, four of the twenty-four townhouses.
2026-09-26
Issue 02 and Issue 05, from their chairs
WAS
The finance manager's advice ignored the board's own treasury policy on file, six to twelve months of cover, and set cover to the receivables' tenor, below it. Meridian's MD was told the clause could not be moved while the customer's chair had the bank itself ringing the customer to ask for 180 days.
NOW
The finance manager runs the board's policy and proposes its six-month floor as the covenant. Meridian's MD trades the clause before signing for the fit-out, and the customer hears the request from the MD, with his bank's term sheet in hand.
2026-09-26
Issue 03 file appendix, How Banks Manage Credit Risk
WAS
The appendix said part of Kauri's drawings funded the son's first sharemilking contract, which the bank's file does not show. The credit-risk guide said the route of Issue 03's disclosure was the finding.
NOW
The drawings are recorded as one line and the file does not say which part went where. Issue 03's finding is that a consent can be two new lending decisions; the route is information about the family.
2026-09-26
The home page, the Highbank bank, Credit Paper Review
WAS
Said there were four reading orders and one quiz; that the bank appears in 8 published files; that every drill opens three years of accounts; that every issue has a borrower's chair.
NOW
Eleven reading orders and four quizzes; nine published files; three years of accounts for Issues 01 to 07, a feasibility for Issue 08; every single-borrower case file has a chair.
2026-09-26
Assessing a Working Capital Request, Cash Flow Analysis, Diagnostics
WAS
Named the Three Diagnostics three different ways, including a third diagnostic that checks whether suppliers are carrying the gap.
NOW
One naming throughout: the calculator runs the first two diagnostics, growth and cash conversion, with the payables leg part of the second; the third, whether the structure matches the need, is a judgment the written read covers.
2026-09-26
The Annual Review
WAS
Said most committed facilities can be cut at an annual review.
NOW
A facility renewed annually comes up at the review; a committed term loan is usually fixed to maturity unless there is an event of default.
2026-09-26
Interview Quiz
WAS
The first question's scenario said it was the first question in 95% of commercial banking interviews. The figure had no source.
NOW
It says the question is the one most commercial banking interviews open with. The app's copy of the quiz was corrected the same day.
2026-09-25
Issue 03 — Kauri Dairy Holdings
WAS
The case printed a real-world benchmark as fact — NZ dairy breakeven 'typically NZ$6.30–6.80/kgMS all-in' — and the senior read set Kauri against that range. It is not true of the sector today.
NOW
The benchmark now says lenders test dairy debt at a payout well below the season just paid, against each farm's own breakeven. The read uses this operation's own figures: a little over NZ$6.20 per kgMS before the family's drawings, nearer NZ$7.30 after them. The daughter's chair, the agricultural lending guide and the app's content were corrected the same day.
2026-09-25
Issue 01 — Pacific Premium Foods
WAS
The senior read gave the healthy cycle's inventory days as 50, and put the working capital the cycle had already absorbed at about US$3.4m, saying the US$1.5m increase covered less than half of it.
NOW
The arithmetic the read rests on uses 30 days (40 + 30 − 35 = 35 days on US$42m of revenue), which is what returns the healthy need to the US$3.5–4.5m the page states. The amount absorbed beyond growth is about US$5.3m, and the requested increase covers less than a third of it. The founder's chair and the app's content were corrected the same day.
2026-09-25
How It Works
WAS
Said that the tools' results are not stored. For a signed-in member that was not true.
NOW
A member's record keeps the calculator's verdict and the quiz's five answers, and never the figures typed into either calculator. The page now says so.
2026-09-25
How It Works, the Book, About, the Highbank Universe
WAS
Five statements had drifted from what the site actually holds: a drill takes 'seven minutes' to read; How Banks Read You works 'three' files from the borrower's chair; the site has two tools; there are three kinds of reader; Highbank's borrowers 'come back'.
NOW
A drill is designed to be read in about six minutes. How Banks Read You works four files from the borrower's chair. There are three tools, the Five-Step Read among them. Four kinds of reader, one per door. Highbank's borrowers can come back — some do not.
2026-09-24
Subscribe, How It Works
WAS
Said each letter carries the same senior banker's read as the site. It never has: the letter stops at the judgment question.
NOW
One letter per drill, with the file and its question; the senior banker's read opens on the site once you have answered. How It Works was corrected to say the same on 2026-09-25.
2026-09-13
The Working Capital Case Study and the framework pages
WAS
Their references cited the Australian prudential regulator's credit risk standard by paragraph numbers one too low, taken from a 2021 draft, and cited a practice-guide paragraph on scenario analysis that covers complex lending only.
NOW
The paragraph numbers are those of the standard in force from 1 January 2023, and the working capital references cite the practice guide's paragraph on challenging cash-flow projections.
2026-09-04
Issue 07 — Coastline Retail Group
WAS
Cash conversion was shown as 62%, from 118% the year before, and the reading said underlying profit was down roughly 20%. Those were derived figures, and they did not follow from the NPAT and operating cash flow the page states.
NOW
Conversion is 83% (US$11.8m of operating cash flow against US$14.2m of NPAT), from 131% the year before, and underlying profit is down roughly a third. Corrected on the page, in the current-issue strip on the home page, in the newsletter copy and in the app's content. The issue's letter had already reached its readers with the earlier figures.

// TO REPORT ONE

If a figure, a name or a reading is wrong, write to hello@bankingjudgmentlab.com with the page and the line. Anything that turns out to be wrong is fixed on the page and added above, with the date. How the Cases Are Made describes the checks a case goes through before it is published, which is where most errors are meant to be caught.