23 Feb – Withdrawal of Government Guarantee
Date: 23/02/2023
Description:
The Federal Government has recently announced the withdrawal of the Guarantee Scheme for Large Deposits and Wholesale Funding, which will come into effect from 5pm on 31 March 2010.
The decision does not affect the Financial Claims Scheme, which guarantees deposits up to $1 million. The Government has advised that this scheme will remain in place until the cap is reviewed in 2011.
Members affected by the Government’s decision will be contacted directly by Queenslanders’ Treasury team. In the interim please note, that while the Large Deposit and Wholesale Funding Guarantee will cease to have effect from 5pm on 31 March 2010, existing large deposits (that have been guaranteed under the scheme) will continue to be guaranteed as follows:
• Term Deposits: will be covered up to the date of maturity; and
• At call accounts: will be guaranteed up to October 2015.
If you have any questions regarding the changes to the Government guarantee on deposits please call QConnect on 1800 753 278 or email [email protected].
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