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Urgent bank question!

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    Are any of the Aussie banks guaranteeing deposits? ie what you put in you get back? we are in a position that we have no choice but to transfer money now, what is the safest option? are there any safe options?

     

    Thank you

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    Are any of the Aussie banks guaranteeing deposits? ie what you put in you get back? we are in a position that we have no choice but to transfer money now, what is the safest option? are there any safe options?

     

    Thank you

     

    This article on news.com.au seems to sum the situation up, although I see it was dated Sept 20th

    http://www.news.com.au/business/money/story/0,25479,24375006-5013952,00.html

     

    I'm trying to find another story I read on this yesterday but can't find it. Will keep looking. We have a small amount of money in NAB so have been keeping an eye on things.

     

    Heres a more recent one from Oct 11th

    http://www.theaustralian.news.com.au/story/0,,24478526-20501,00.html

     

    Heres the one I was looking for

    http://www.theaustralian.news.com.au/story/0,25197,24478524-20501,00.html

     

    Seems $20,000 is the most that is guaranteed and I'm not even sure if that has come into operation yet. They are confident that the Australian banks are not in the same mess as the US/European ones.

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    Guest rockpool crab
    This article on news.com.au seems to sum the situation up, although I see it was dated Sept 20th

    http://www.news.com.au/business/money/story/0,25479,24375006-5013952,00.html

     

    I'm trying to find another story I read on this yesterday but can't find it. Will keep looking. We have a small amount of money in NAB so have been keeping an eye on things.

     

    Heres a more recent one from Oct 11th

    http://www.theaustralian.news.com.au/story/0,,24478526-20501,00.html

     

    Heres the one I was looking for

    http://www.theaustralian.news.com.au/story/0,25197,24478524-20501,00.html

     

    Seems $20,000 is the most that is guaranteed and I'm not even sure if that has come into operation yet. They are confident that the Australian banks are not in the same mess as the US/European ones.

     

    This all makes great reading..thanks for posting it :-)

     

    Carol Ann

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    Rudd guarantees all bank deposits

     

     

    Kevin Rudd ... Bank deposits are safe. (ABC News)

     


    Prime Minister Kevin Rudd has announced that the Government will guarantee all deposits in all Australian banks and other financial institutions for the next three years.

    Mr Rudd has announced the measures in response to the global financial crisis.

    He says the Government will also guarantee that any money Australian banks borrow from foreign institutions would be repaid.

    Mr Rudd says Australia's institutions are sound, but these measures are needed because other Governments are offering guarantees on their institutions.

    "This global financial crisis has entered a new and dangerous phase with real consequences for growth, for jobs and therefore for the future," he said.

    Earlier, Federal Treasurer Wayne Swan said the Government must be mindful that other countries are guaranteeing all bank deposits.

    "We are looking at broadening the scheme and we are getting feedback on what's occurring elsewhere in the world, because we can't operate separately from the rest of the world," he said.

    "We have to have a scheme which is broadly compatible with the rest of the world and that's what I've been providing the feedback on."

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