Large Deposit Guarantee Bill

The Guarantee Scheme for Large Deposits and Wholesale Funding Appropriation Bill 2008 has been introduced into Parliament with the goal of taking effect by 28 November 2008.

The Bill appropriates funds to enable claims to be paid under the Guarantee Scheme for Large Deposits and Wholesale Funding. The Bill also provides a borrowing power, should there be insufficient funds in the Consolidated Revenue Fund at the time claims are to be paid.

But,according to the Treasurer,the expected financial impact of the Guarantee Scheme is remote and unquantifiable.

UPDATE: Passed 26 November 2008

Act as passed