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Deposit guarantee cut to $250K

30/01/2012

The Australian government guarantee on bank deposits will fall to $250,000, from the present level of $1 million, with effect from Wednesday, February 1.

The government introduced the present guarantee at the height of the financial crisis in late 2008. This was after some years of hesitation around proposals to clarify the extent of the implied guarantees on deposits.

According to Treasury and industry associations, the lower cap will still cover 99 per cent of deposit accounts covered by the Financial Claims Scheme.

Source: Banking Day



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