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However, section 96 provides the Commonwealth with the power to grant money to any state. These monetary grants are typically tied to certain terms and conditions (often legislative) that the states must adhere to in order to receive the grant. As these grants are linked to a particular purpose, they are known as 'tied grants'.
The government assumed control of the bank's £50 billion mortgage and loan portfolio, while its deposit and branch network were sold to Spain's Banco Santander. [17] In October 2008, the Australian government made A$4 billion available to nonbank lenders unable to issue new loans.
The Loan Council is an Australian Commonwealth-state ministerial council that coordinates public sector borrowing, [1] comprising the Commonwealth of Australia and the states and self-governing territories, New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania the Australian Capital Territory, and the Northern Territory.
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These loans are backed by a third party, most often the U.S. government, who agrees to cover a portion of the loan if the borrower defaults. What is a guaranteed mortgage? Mortgage
In Australia, bank deposits were guaranteed [7] in October 2008 and (A$20 billion) mortgage backed bond purchase programme was introduced by the government via the AOFM. Government strategies were virtually all based on supporting their various regulated banking systems however, and non-bank lenders were largely left to fend for themselves.
Its business specialised in lending for cars and farm machinery and later expanded into personal loans and lending for non-farm business equipment. Most of the funding for AGC's loans came from issuing debentures to the public, offering attractive interest rates. The first Managing Director was Mr G K Bain who assumed control from the company ...
UBank is an Australian direct bank, that operates as a division of National Australia Bank (NAB). It was established in 2008, and provides savings products and home loans online and over the phone. It was established in 2008, and provides savings products and home loans online and over the phone.
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