ADI – Deposit Guarantee Charge - Update for practitioners
From Friday, 28 November 2008, the Federal Deposit and Wholesale Funding Guarantee Scheme will only apply to deposits over $1 million if a Deposit Guarantee Charge (DGC), calculated as a percentage of the total deposit amounts above $1 million, is paid. The Charge is payable to the Commonwealth by Authorised Deposit Taking Institutions (ADIs), through the account holder. The $1 million threshold for the Charge will be calculated in relation to all accounts a depositor maintains.
The LCA with the LIV have argued that the Charge should not be applied to solicitors trust accounts and that these monies should be guaranteed, and exempt. We await their response.
Click here for full details.
For further information contact Michael Hayes on 03 96079357 or visit www.guaranteescheme.gov.au
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