Re: Bank accounts and "cash" investments [Was: How safe is BankWest?]

On May 19, 8:11 pm, ppnerkDELETET...@[EMAIL PROTECTED]
 (Phred) wrote:

> But, moving on...  To what extent are bank deposits "protected" in Oz?

This has come up before.

AFAIK, deposits with an Australian bank are not protected. The RBA is
permitted to step in and take control of a bank if it deems it
necessary, but it isn't obliged to, and if it does, it isn't obliged
to treat depositors in any particular way.

OTOH, if a bank collapses, depositors are first in line for whatever
can be salvaged by liquidation.

Summary here:

http://www.brisbanetimes.com.au/news/banking/guarantee-no-savings-grace/2007/10/02/1191091073147.html?page=fullpage#contentSwap2


-- Phil