An interesting thing has been observed now that the purchase has been finalized. A review of the loan portfolio has shown that HSBC sold off the best loans and the loans that had low LTV and were saleable before the deal was finalized. What First Niagara has been left with are lower quality loans and loans that cannot be sold do to poor marketabilty. High LTV loans and poor performers are what is left. It looks like more money will have to be put aside for loan losses.