Discussion in 'Finance & Banking' started by Simon Hampel, 12th Oct, 2008.
Rudd guarantees all bank deposits - ABC News (Australian Broadcasting Corporation)
Thank you Sim!!!
Sim, quick query to you and others in this forum pls... And now that deposits of australian banks seem to be protected are deposits at citibank Australia and Raboplus Australia protected as well?
...Although the branches are in Australia these are not really local banks here!
I would have thought that if your bank account has an Australian BSB number, then it is an Australian bank account - subject to APRA rules and would thus qualify for the protection ?
I know RaboPlus (Rabobank) operates as an Australian company (owned by their foreign parent), and is an AFSL holder.
Having a foreign owned bank is a different thing to having a foreign bank account.
What is it about their accounts which makes you think that they are not Australian bank accounts or wouldn't be protected ?
I think this is a very good move and it's unlikely that it will cost anything...
On 60 Minutes Rudd specifically mentioned all overseas bank with internet presence in Aust are included.
Banks unite in praise of Canberra's plan | theage.com.au
Thank you Handyhandy+all the others...
Last query pls... Sorry for being panicky but I'm from Europe where everyone is panickying still a bit around the banks... Are term deposits at banks covered as well in your opinion?
They should be - it's just another form of cash deposit, and are commonly used by retirees ... there would be a huge outcry if they didn't guarantee the money in a term deposit along with all the other cash deposits.
Thank you Sim! Does anyone else agree with Sim's and my interpretation that term deposits are safe now?
Sorry for being so nervous but when I was in Europe last year I already experienced the Northern Rock panic wave before it got nationalized...
I agree with Sim.
Relax mate, it's all ok, all deposits including term deposits are guaranteed for 3 years.
Actually, I had no doubt that our money was safe in Oz banks but having the gov. guarantee makes everyone feel better...
Come to think of it, you shouldn't have anything to worry about.
If a bank takes your money and doesn't give it back you simply send your boys down and they blow it up...
nice nickname by the way
Thank you Asxbroker! Thank you BV!
BV, yes I agree: I can always "make a proposal they won't refuse" as per movie they shot on me... ...But I'm a bit tired to move from country to country with my bodyguards... Time to settle down a bit!
Guys, 2 great links to bookmark (the second of them clearly mentions the words "term deposits" and gives very clear information):
Government Announcements - Guarantee of Wholesale Funding and Deposits
Sorry, the link above was meant to be my 2nd link (more accurate). Here is my 1st link that got lost on the way:
Guarantee of Wholesale Funding and Deposits
...But now I've some queries to raise on the text... I'm opening a new tread and I'll write to the government hoping to get some answers...
Separate names with a comma.