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The heads of Australia’s four major banks met with the prime minster and treasurer in Canberra overnight to discuss the final details of the deposit guarantee scheme.
The meeting came as cash continues to flow away from funds and institutions not backed by the deposit scheme to those that do have the government’s assurance.
Perpetual and Axa were yesterday forced to freeze approximately $5.5 billion of investor finance in an attempt to curb investors’ funds shifting to guaranteed institutions.
Furore has erupted in parliament this week over the consequences of the deposit scheme – as well as the processes behind its conception – and the government is now under increasing pressure to introduce a threshold on the guarantee to return some normalcy to the financial system.
Published: 24-10-08
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