On 11 September 2011, the Treasurer announced a number of changes to the Financial Claims Scheme including a new permanent cap of $250,000 per person, per authorised deposit-taking institution (ADI), to be effective from 1 February 2012.
The Government’s deposit and wholesale funding guarantees were announced by the Prime Minister on 12 October 2008. Further design and operational parameters were announced on 24 October 2008.
The Guarantee Scheme commenced on 28 November 2008 and the Government has now announced it’s intent to close the Guarantee Scheme to new guaranteed liabilities from 31 March 2010 .
The Treasurer released a report on the Operation of the Guarantee Scheme for Large Deposits and Wholesale Funding in October 2011.
Details on the Financial Claims Scheme can be accessed from the Australian Prudential Regulation Authority website or on their hotline 1300 55 88 49. Details on the Guarantee Scheme can be accessed from the Government Guarantee Scheme for Large Deposits and Wholesale Funding website.
The legislation covering this issue is:
- Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008
- Banking Act 1959 – Declaration of Covered Financial Products
This program closed in 2011.