Rudd says no to government deposit guarantee

Australia's Prime Minister, Kevin Rudd, yesterday ruled out a guarantee for all bank deposits – along the lines of Ireland's precedent this week – and reiterated the government planned to introduce an insurance scheme covering $20,000 for each depositor. Rudd had waffled in avoiding an answer to this question in an ABC Television interview on Wednesday evening, but has firmed up his rhetoric subsequent to that interview. The financial compensation legislation has yet to be introduced to the parliament.

Source: The Sheet