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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?

April 26, 2017announcement deposits government guarantee large saw Scheme wholesale withdrawal

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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?

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On Sunday 7 February 2010, the Rudd Government announced the withdrawal of its Guarantee Scheme for Large Deposits and Wholesale Funding on 31 March 2010. This announcement does not affect the deposit guarantee provided by the Australian Government on deposits of up to $1million per customer. This means ING DIRECT personal and business deposits of up to $1 million per customer will still be guaranteed by the Government until 12 October 2011.