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ANZ looks set today to become the first Australian bank to utilise the government’s wholesale guarantee scheme.
According to The Australian Financial Review, the bank will announce this morning that it will raise cash using the guarantee.
Under the scheme banks can borrow the government’s AAA rating to raise funds at a cost of 0.7 per cent for AA banks and up to 1.5 per cent for lower rated banks.
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Westpac and Macquarie Group are also expected to make announcements soon that they will utilise the guarantee.
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