Aus to guarantee all bank deposits
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The Australian government will guarantee all deposits held in domestic financial institutions for the next three years, Prime Minister Kevin Rudd said on Sunday.
"The Australian government will guarantee all deposits, whatever their size, in all Australian banking institutions for three years," Rudd told reporters in Canberra.
Rudd, who has held two-days of crisis talks with top officials in the national capital on the global financial turmoil, said the guarantee was one of three measures his administration was taking to safeguard Australians.
The government will also guarantee all term wholesale funding by Australian banks operating in international markets and inject a further $2.6 billion into residential-backed securities to support the domestic mortgage market, he said.
"The Australian government will guarantee all deposits, whatever their size, in all Australian banking institutions for three years," Rudd told reporters in Canberra.
Rudd, who has held two-days of crisis talks with top officials in the national capital on the global financial turmoil, said the guarantee was one of three measures his administration was taking to safeguard Australians.
The government will also guarantee all term wholesale funding by Australian banks operating in international markets and inject a further $2.6 billion into residential-backed securities to support the domestic mortgage market, he said.
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