What deposits are covered by the Government guarantee?
• All deposits in an authorised deposit-taking institution (ADI) up to $1 million will be guaranteed free of charge under the Financial Claims Scheme, until 12 October 2011; • Deposits in an ADI over $1million, that are held in the relevant account/s on 31 March 2010, will be guaranteed until October 2015 subject to the continuous paying of a guarantee fee, under the Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding. Funds added to these accounts after 31 March 2010 will not be eligible for the Government guarantee: • Bank bills and certificates of deposit that fall within the definition of short term liabilities under the Scheme rules will be guaranteed for up to 15 months from 31 March 2010 subject to paying a guarantee fee, whether above or below $1 million, under the Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding.
Related Questions
- I saw an announcement regarding the withdrawal of the Governments Guarantee Scheme for Large Deposits and Wholesale Funding. Can you explain what it all means and how it affects me?
- Why did the Australian Government introduce the Guarantee Scheme for Large Deposits and Wholesale Funding?
- Are Term Deposits opened before Friday 28 November covered in full by the Government Guarantee?
