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The trade-off between falling values and tax savings is not strong enough, she said.
We estimate the recent £584m rights issue gave the group's debt covenants headroom of 24% to falling values.
No immediate end to this vicious cycle of falling values, foreclosures and distress sales is in sight.
So just as rising asset values cushioned the last two downturns, falling values could aggravate the next one.
Last November, Mike Mayo, an analyst at Deutsche Bank Securities, estimated that losses from falling values of subprime mortgages could reach $400 billion.
The UK commercial property sector has been thrown into turmoil by the vote to leave the EU, with concerns about falling values of City office blocks and retail parks if the economy shrinks.
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The falling value of creativity is a big problem".
And that does not count the falling value of its investment in Comair.
Its falling value hurts Chinese exports, by making them relatively more expensive than Japanese goods.
The immediate effect is the falling value of the pound against the euro.
Fortunately the falling value of the Australian dollar has lessened the fall in Australian dollar terms.
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