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Australian government guarantees Australian bank, building society and credit union deposits

The Prime Minister has announced the Australian Government will guarantee all deposits of Australian banks, building societies and credit unions and Australian subsidiaries of foreign-owned banks. The guarantee applies to all types of deposits, regardless of the type of account through which the deposit is made. For example, it includes savings accounts, passbook accounts, cheque accounts, pensioner deeming accounts, term deposits, mortgage offset-accounts, farm management accounts, first hom read more

Full post as published by Australian Regulatory Compliance Review on October 12, 2008 (boomark / email).