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Deposit guarantee lowered to $250,000

12/09/2011

The cap on the Australian Government's guarantee on bank deposits will fall to A$250,000 from the present level of $1 million the treasurer, Wayne Swan, announced yesterday.

The lower cap will apply from February 1, 2012.

Credit unions, building societies and banks now have four months to prepare customers for the lower cap and adapt their own funding plans if necessary.

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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