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Banking Amendment Regulations 2008 (No. 1)

Authoritative Version
  • - F2008L04286
  • No longer in force
SLI 2008 No. 222 Regulations as made
These Regulations amend the Banking Regulations 1966 to set a threshold on payments made under the FCS of $1 million. This puts in place the Government's free deposit guarantee for deposits up to A$1 million (or its foreign currency equivalent) per account holder.
Administered by: Treasury
Registered 03 Nov 2008
Tabling HistoryDate
Tabled HR10-Nov-2008
Tabled Senate10-Nov-2008
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013
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Banking Amendment Regulations 2008 (No. 1)1

Select Legislative Instrument 2008 No. 222

I, QUENTIN BRYCE, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Banking Act 1959.

Dated 31 October 2008

QUENTIN BRYCE

Governor‑General

By Her Excellency’s Command

WAYNE SWAN

1              Name of Regulations

                These Regulations are the Banking Amendment Regulations 2008 (No. 1).

2              Commencement

                These Regulations commence on 28 November 2008.

3              Amendment of Banking Regulations 1966

                Schedule 1 amends the Banking Regulations 1966.

Schedule 1        Amendment

(regulation 3)

  

[1]           After regulation 4

insert

5              Financial claims scheme — limit on payments

         (1)   For subsection 16AG (1) of the Act, a limit of $1 000 000 is prescribed.

         (2)   For the purpose of determining the prescribed limit on the payments to the account‑holder, if the amount held in the account is expressed as a foreign currency, it must be converted to Australian dollars using the daily exchange rate published by the Reserve Bank of Australia.

Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.