Deposit guarantee update

The legislation covering the deposit guarantee is:

The government has also released a copy of the Interim Deed of Guarantee in Respect of Specified Wholesale Borrowing and Deposits of ADIs dated 2 November 2008. It covers wholesale funding by Australian and Foreign ADIs. It also covers deposits with Foreign ADIs. It will expire at midnight on 27 November 2008, when it is intended that it will be replaced with a separate facility.

There has been speculation that further legislation will be required for the wholesale funds guarantee to carry the government's AAA rating. See The Australian.

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