Goverment Guarantee - banks
Jun 28th 2010, 8:40 pm
#1
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Goverment Guarantee - banks
Does any one know if and how much do the government in Australia guarantee with the banks with individual investors? In the UK the guarantee is £50,000.
Jun 29th 2010, 12:11 am
#2
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Re: Goverment Guarantee - banks
Currently, deposits are guaranteed by the Federal Government upto A$1m of eligible authorised deposit-taking institutions including Australian banks, building societies, credit unions and Australian subsidiaries of foreign-owned banks.
Jun 29th 2010, 1:18 am
#3
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Re: Goverment Guarantee - banks
Official Details of the scheme: http://www.guaranteescheme.gov.au/
An example of one banks changes from Feb 2010
An example of one banks changes from Feb 2010
On 7th February 2010, the Treasurer of the Commonwealth of Australia announced the withdrawal of its Guarantee Scheme for Large Deposits and Wholesale Funding on 31 March 2010, acting on the advice of the Council of Financial Regulators (the Council).
If your total aggregated balance in eligible deposits with the Bank is less than or equal to $1 million, it will continue to be guaranteed by the Federal Government under the Financial Claim Scheme at no charge.
If your aggregated balance in eligible deposits as at Wednesday 31 March 2010 is more than $1 million and you have ‘opted in’ to the Federal Government’s GuaranteeScheme for Large Deposits, your Federal Government Guarantee will progressively expire (depending on your account type) as follows:
If your total aggregated balance in eligible deposits with the Bank is less than or equal to $1 million, it will continue to be guaranteed by the Federal Government under the Financial Claim Scheme at no charge.
If your aggregated balance in eligible deposits as at Wednesday 31 March 2010 is more than $1 million and you have ‘opted in’ to the Federal Government’s GuaranteeScheme for Large Deposits, your Federal Government Guarantee will progressively expire (depending on your account type) as follows:
- Fixed investment products such as term deposits – for term of the investment (up to five years)
- At call deposits such as NetBank Saver – up to October 2015
