Italian meringue in an ash

[Island Lescure]

A >50cm diameter branch came down a few days ago in the winds. There is white rot of some sort, a little mat of mycelium, a nice deep (+1.5meter) hole down the stem and another mat of mycelium? It is shiny, wet, non odorous, marshmallow like. Just wondering if anyone can confirm what this is?

 

I may be going back to the site later to do an actual inspection and report. It is a bit of a weird one as the tree is in a no man's land, no one owns it, so essentially the people with the adjacent building want it down. It looks like the soil gradient was raised when the building was constructed so the tree's base is actually more than a meter below current soil levels. They will not want to lower the soil level, though by now I doubt it would be very beneficial apart from allowing access to inspect the lower stem.