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On 12 October 2008, the Prime Minister announced a government guarantee of the deposits and wholesale funding of Australian deposit-taking institutions. On 24 October 2008, the Treasurer announced further design and operational parameters for these guarantees. On 28 November, the Treasurer announced the commencement of the Guarantee Scheme. On 7 February 2010, the Treasurer announced the Government’s intention to close the Guarantee Scheme to new liabilities. The following media releases appear on their respective websites.

• Prime Minister’s media release of 12 October 2008
• The Treasurer’s media release of 24 October 2008
• The Treasurer’s media release of 28 November 2008
• The Treasurer’s media release of 7 February 2010

Further details of the Guarantee Scheme have also been placed on the Australian Treasury website.

• Australian Government 2008 Deposit and Wholesale Funding Guarantees

Information on the Financial Claims Scheme, which provides depositors with a guarantee of their deposit balances up to and including a total of $1 million per customer per eligible institution, can be found on the APRA website.

• Financial Claims Scheme Questions and Answers - PDF