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Since 2008, as part of the response to the global financial crisis, the Australian government set up the Financial Claims Scheme (FCS) to provide protection to depositors in ADIs in the event that an ADI fails. The FCS guarantees certain deposits (currently up to $250,000 for each account holder at any ADI incorporated in Australia).
The bank was also the first bank in Australia to receive a federal government guarantee. The bank's earliest and most strenuous proponent was the flamboyant American-Australian Labor politician King O'Malley , and its first governor was Sir Denison Miller .
The Isle of Man bank depositors' insurance scheme was introduced in 1991, to cover 75 percent of the first £15,000 per depositor per bank, but it was the October 2008 crisis-stricken Icelandic government's seizure of Kaupthing Bank in Iceland after the United Kingdom suspended the trading licence of Kaupthing's British subsidiary that ...
Australian Military Bank (previously Australian Defence Credit Union) [5] Sydney: 1959: Australian Mutual Bank (previously Sydney Credit Union & Endeavour Mutual Bank) [6] Sydney: 1953 Customer-Owned [7] Certified 2022 [8] Australian Settlements Limited [9] Sydney: 1993: Australian Unity Bank [10] Melbourne: 1840 Subsidiary of Australian Unity ...
Australian Treasurer Josh Frydenberg has promised funding for a major expansion of the powers of the country's banking watchdog, including a veto on the appointment of directors, the Australian ...
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank.There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, [1] and a large number of other financial institutions, such as credit unions, building societies and mutual banks ...
Form 18 registrations are used only for foreign government registrations with the SEC and do not create a corporation. [2] [3] [4] Although digitally available filings date back to 2002, [5] attention was brought to it following the 2008 Global Financial Crisis and the subsequent introduction of the deposit guarantee scheme under the Rudd ...
Both were guaranteed by the Government of South Australia. The two banks were merged in 1984 and traded as the State Bank of South Australia, retaining the Government guarantee. After excessive insufficiently secured lending through the 1980s, the bank collapsed, and because of the guarantee, was bailed out by the State Government.