Australia gurantees all bank deposits for 3 years: No Limit.

vega · 10-12-2008, 12:13 PM

http://www.reuters.com/article/newsO...49B0M420081012

Australian Prime Minister Kevin Rudd called a snap news conference Sunday to say his government would guarantee Australia's entire deposit base of A$600-A$700 billion ($386-$450 billion) for three years and guarantee wholesale bank funding.

He referred to recent moves by other economies, such as Britain, Germany and Ireland, to extend guarantees or state aid to their banking systems and said Australian banks could be disadvantaged if his government failed to act.

"I don't want a first-class Australian bank discriminated against because some other foreign bank, which has a bad balance sheet, is being propped up by a guarantee by a foreign government," Rudd told reporters.

10-12-2008, 12:13 PM	#1
vega Avalon Senior Member Join Date: Sep 2008 Posts: 23	Australia gurantees all bank deposits for 3 years: No Limit. http://www.reuters.com/article/newsO...49B0M420081012 Australian Prime Minister Kevin Rudd called a snap news conference Sunday to say his government would guarantee Australia's entire deposit base of A$600-A$700 billion ($386-$450 billion) for three years and guarantee wholesale bank funding. He referred to recent moves by other economies, such as Britain, Germany and Ireland, to extend guarantees or state aid to their banking systems and said Australian banks could be disadvantaged if his government failed to act. "I don't want a first-class Australian bank discriminated against because some other foreign bank, which has a bad balance sheet, is being propped up by a guarantee by a foreign government," Rudd told reporters. Last edited by vega; 10-12-2008 at 12:19 PM.