Rudd: All deposits now government guaranteed

The Australian Government will guarantee all deposits of Australian banks, building societies and credit unions and Australian subsidiaries of foreign-owned banks. This guarantee will operate for a period of three years. This is similar to action that has been taken in a number of countries. The guarantee will be legislated as part of the Financial Claims Scheme (FCS). For the first three years of its operation, there will be no cap. The guarantee will operate from the date of this announcement. From today there will be no limit on deposits covered by the FCS. In three years time, the Government will review this position.

Source: Prime Minister Kevin Rudd