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Aus to guarantee all bank deposits
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NEWSX on 12 October, 2008 02:24:40
 
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.