Over the weekend, the deputy Prime Minister, Mr Wayne Swan, announced changes to the Financial Claims Scheme that guarantees deposits with Australian deposit taking institutions.
The changes are summarised as follows:
- The guarantee limit per investor and institution will reduce to $250K as of 1 February 2012.
- Any term deposits placed prior to 10 September 2011 will continue to be guaranteed up to $1M until the earlier of the maturity date of the deposit, or 31 December 2012.
- Any term deposit placed after 10 September 2011 shall be guaranteed up to $1M until 1 February 2012, at which point the guarantee will be limited to $250K.
You can read the full media release here.
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