The chairman of Bendigo Bank, Rob Johanson, discusses with Alan Kohler the impact of the EU's 'PIGS' foreign debt scares on Australia's banks + the impending withdrawal of federal government bank guarantees..... AUSTRALIA will axe the bank guarantee offered to protect deposits in the wake of the global financial crisis early reflecting a stronger economy. Treasurer Wayne Swan today confirmed the withdrawal of the Guarantee Scheme for Large Deposits and Wholesale Funding (the Guarantee), acting on the advice of the Council of Financial Regulators. The Guarantee will cease to have effect from 5pm on 31 March 2010. Without the Guarantee, our banks would have lent less and interest rates for borrowers would have been higher, leading to lower growth and higher unemployment, Mr Swan said in a statement. The Guarantee has been vital to the stability of our financial system when others were collapsing across the globe, leading to the first contraction in the global economy since World War II..... www.theaustralian.com.au Bank guarantee to be withdrawn - The federal government is withdrawing its guarantee scheme for banks as it is no longer needed given the strength of the Australian financial system. Australia's financial regulators say the guarantee scheme for large deposits and wholesale funding - introduced at the height of the global financial crisis to help the nation's banks borrow funds overseas - can be phased out because of improved funding conditions. The withdrawal ...
http://www.youtube.com/watch?v=wtP71Rs2kBg&hl=en
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