$20k deposit guarantee likely to be lifted

Simon Hampel · 12th Oct, 2008

$20k deposit guarantee likely to be lifted | NEWS.com.au

THE Federal Government is poised to raise the level at which it guarantees consumer bank deposits after Prime Minister Kevin Rudd held a crisis meeting in Canberra yesterday in response to the continuing global financial meltdown.

With governments around the world moving to back their national institutions, Mr Rudd joined key Cabinet ministers, Treasury head Ken Henry and Department of Prime Minister and Cabinet secretary Terry Moran to discuss the latest financial developments and their implications for Australia.

The Sunday Mail understands from those involved in the meeting that the Government is now likely to increase its guarantee of bank deposits above the current $20,000. Previously Mr Rudd has refused to commit to raising the deposit protection, citing the stability of the Australian banks.

Cabinet sources said yesterday the $20,000 limit was likely to be lifted, though to what level is uncertain.

Opposition Leader Malcolm Turnbull has called for a $100,000 guarantee in the wake of Ireland, Britain and the US governments' decision to lift bank guarantees.

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Godfather · 12th Oct, 2008

Let's hope that the protection will be 100K

Is Australia one of the strongest economies in the world? Then pls show it by following that 100K rule that other strong countries (US, Ireland, UK, Holland, etc) in the world are following...

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$20k deposit guarantee likely to be lifted

Simon Hampel Founder Staff Member

Godfather Member

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$20k deposit guarantee likely to be lifted

Simon Hampel Founder Staff Member

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