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Australia to guarantee all bank deposits
CANBERRA (AP): Australia's federal government said Sunday it will guarantee all deposits in Australian financial institutions for three years as part of a plan to protect the nation from the global financial crisis.
The move makes the government liable for up to 700 billion Australian dollars (US$458 billion) in bank deposits.
Prime Minister Kevin Rudd said the government would also guarantee the borrowings of Australian banks in international credit markets and double the funds available for mortgage-backed securities to A$8 billion (US$5.2 billion) to help shore up the Australian mortgage market.
Rudd said Australian banks remained in top shape but the global financial crisis was affecting confidence across the world, including in Australia.
He said the measures would ``unclog the arteries of the global financial system'' and enable Australian banks to compete against their global rivals, many of which were getting guarantees from their governments.
``I will not stand idly by while Australian banks are disadvantaged in international credit market places because of the actions taken by foreign governments in support of them,'' Rudd told reporters in Canberra. ``We must act now because other governments with weaker banks have moved to make those institutions more competitive than our stronger banks.''
In return for the guarantees, banks will pay an insurance premium.
``There will be many bumps in the road during the period ahead and the ride will not be smooth,'' Rudd said. ``We are in the economic equivalent of a rolling national security crisis and the challenges are great.''
The announcement came as the Group of 20 developed and developing countries endorsed the use of all available means to deal with the global economic troubles. But the G-20 did not announce a specific plan. The financial crisis has caused Australia's stock market to plummet, ending last week with an 8 percent fall Friday, the second-biggest on record.
Australia to guarantee all bank deposits
CANBERRA (AP): Australia's federal government said Sunday it will guarantee all deposits in Australian financial institutions for three years as part of a plan to protect the nation from the global financial crisis.
The move makes the government liable for up to 700 billion Australian dollars (US$458 billion) in bank deposits.
Prime Minister Kevin Rudd said the government would also guarantee the borrowings of Australian banks in international credit markets and double the funds available for mortgage-backed securities to A$8 billion (US$5.2 billion) to help shore up the Australian mortgage market.
Rudd said Australian banks remained in top shape but the global financial crisis was affecting confidence across the world, including in Australia.
He said the measures would ``unclog the arteries of the global financial system'' and enable Australian banks to compete against their global rivals, many of which were getting guarantees from their governments.
``I will not stand idly by while Australian banks are disadvantaged in international credit market places because of the actions taken by foreign governments in support of them,'' Rudd told reporters in Canberra. ``We must act now because other governments with weaker banks have moved to make those institutions more competitive than our stronger banks.''
In return for the guarantees, banks will pay an insurance premium.
``There will be many bumps in the road during the period ahead and the ride will not be smooth,'' Rudd said. ``We are in the economic equivalent of a rolling national security crisis and the challenges are great.''
The announcement came as the Group of 20 developed and developing countries endorsed the use of all available means to deal with the global economic troubles. But the G-20 did not announce a specific plan. The financial crisis has caused Australia's stock market to plummet, ending last week with an 8 percent fall Friday, the second-biggest on record.
