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| Australian Government Deposit Guarantee by the Australian Government |
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On
12 October 2008 the Australian Government announced plans to guarantee
all money on deposit made at Authorised Deposit-taking Institutions
(ADIs) regulated by the Australian Prudential Regulation Authority
(APRA), including the Commonwealth Bank of Australia.
All money on deposit with the Commonwealth Bank is Federal Government
Guaranteed free of charge up until 28 November 2008. After that date,
the Government has applied the following conditions:
If your total deposits with the Bank are less than AUD
1 million or its equivalent, they will continue to be
covered by the Federal Government Deposit Guarantee at
no charge.
The AUD 1 million or its equivalent threshold applies
to individual (legal entity) depositors. So if you have
AUD 1 million or its equivalent on deposit in your own
name, and a further AUD 1 million or its equivalent in
a partnership, then each of these deposits will continue
to be guaranteed at no charge. |
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