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ARTICLE · 11 NOVEMBER 2008

Interim Wholesale Funding And Foreign ADI Guarantee Deed Released

Clayton Utz
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The Federal Government has released an interim Deed of Guarantee covering wholesale funding by Australian and Foreign ADIs. It also covers deposits with Foreign ADIs.

AustraliaFinance and Banking
Steven Klimt
Steven Klimt
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The Federal Government has released an interim Deed of Guarantee covering wholesale funding by Australian and Foreign ADIs. It also covers deposits with Foreign ADIs. The extension of the guarantee to Foreign ADI deposits supplements the guarantee of so called "protected accounts" (which are effectively deposit products) with Australian ADIs under the Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008.

The Deed was entered into by the Commonwealth on 2 November 2008 and, unless it is extended by publication on the Treasury website at www.treasury.gov.au, will expire at midnight on 27 November 2008, when it is intended that it will be replaced with a separate facility.

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