| |
| Multi
Currency Deposit Account |
 |
| Japan
Residential Property Loan |
 |
| |
 |
|
|
|
|
| Australian
Government Deposit Guarantee by the Australian Government |
|
|
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.
If your total deposits are more than AUD 1 million or its equivalent,
you can eopt inf for the additional funds to be covered by the Federal
Government Deposit Guarantee. This is subject to a government charge
currently equal to 0.70% p.a. (charged monthly) on the average deposit
balance exceeding AUD 1 million or its equivalent.
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.
If you are a customer with deposit balances of greater than AUD 1
million or its equivalent, you have the choice to eopt-inf to the
guarantee by paying the Federal Government Deposit Guarantee fee.
However, before making the decision as to whether you should take
up this option and pay the government charge, you should consider
that the strength and security of the Commonwealth Bank is unparalleled
in Australia with a AA rating by the major ratings agencies, the
most highly awarded deposit products through Cannex, and being named
Money Magazinefs Bank of the Year for 2008, so it is highly unlikely
that any of our customers will ever need to utilise the Federal
Government Deposit Guarantee. |
|
|
|
|
|
