The Federal Government Deposit Guarantee

Closure of the Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding

The Australian Government Guarantee for Large Deposits (more than $1 million) Scheme closed to new applications in March 2010.

Existing cover under the Scheme progressively expires (depending on the account type) as follows:

• Fixed investment products such as term deposits – covered for the term of the investment (up to five years)
• At call deposits such as Netbank Saver – covered up to the closing guaranteed amount as at 31 March 2010 – until October 2015

The Government Guarantee Scheme for Large Deposits includes interest accrued on Term Deposits until the maturity date.

For further information, please contact APRA at http://www.apra.gov.au or on 1300 55 88 49 (if calling from within Australia) or +61 2 9210 3480 (if calling from outside Australia).

Change to the Financial Claims Scheme

The Federal Government’s Financial Claims Scheme provides a guarantee of deposits up to and including $250,000 at no charge – there is no requirement for customers to specifically request the application of this guarantee.

Change to the Financial Claims Scheme
Cancel a previous request to guarantee funds in excess of $1m under the ‘large deposit guarantee’ arrangements

This information is up to date as of 3 February 2012. CBA will update this when further information is made available from APRA.