Rudd guarantees all financial deposits

Australian’s should be able to sleep better tonight, knowing that PM Rudd has today decided to guarantee all deposits (of any size) in ADIs (Authorised Deposit-taking Institutions) for three years.

Rudd has also gone further to guarantee all money Australian banks borrow internationally and instructing the Australian Office of Financial Management to purchase an additional $4 billion in residential mortgage backed securities, taking this to $8 billion.

» Rudd guarantees all financial deposits – The Australian, 12th October 2008.
» Rudd guarantees all bank deposits – The ABC, 12th October 2008.