From 28 November large deposits (over $1 million) will only be guaranteed if the ADI is approved and pays the fee.
That means lodging your application as soon as possible.
The final form of the Commonwealth’s documents and requirements can be downloaded here.
Today’s Financial Review gives an idea of the behind the scenes activity going on in relation to finalising the deposit guarantee details and the competition issues surrounding deposit rates.
The Commonwealth requires an external legal opinion on the executed counter-indemnity to be lodged with the application. We have a team that has been working on this and the effects of Counter-Indemnity Deed.