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Banking Act 1959 - Declaration of Covered Financial Products (27/10/2008)

Authoritative Version
Declarations/Other as made
This Declaration specifies the products that are covered financial products in order to provide the coverage of the Financial Claims Scheme for the first three years of its operation. This is part of putting 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
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 12
Registered 10 Nov 2008
Tabling HistoryDate
Tabled HR12-Nov-2008
Tabled Senate12-Nov-2008

COMMONWEALTH OF AUSTRALIA

 

Banking Act 1959

 

DECLARATION OF COVERED FINANCIAL PRODUCTS

 

I, WAYNE MAXWELL SWAN, Treasurer, pursuant to subsection 5(8) of the Banking Act 1959 DECLARE that the financial products specified below are covered financial products.

(a)     Saving accounts

(b)     Call accounts

(c)     Term deposits

(d)     Current accounts

(e)     Cheque accounts

(f)      Debit card accounts

(g)     Transactions accounts

(h)     Personal basic account

(i)      Cash management accounts

(j)      Farm management deposits

(k)     Pensioner deeming accounts

(l)      Mortgage offset accounts, either 100 per cent or partial offset, that are separate deposit accounts 

(m)    Trustee accounts

(n)     Retirement Savings Accounts

(o)     First home saver accounts that are deposit accounts

(p)     Other deposit accounts that meet the following conditions:

(i)   the terms applicable to the deposit do not permit the amount from time to time standing to the credit of the facility to be reduced otherwise than as a result of one or more of the following:

 

–               a withdrawal, transfer or debit on the instruction of, or by authority of, the depositor, not being on account of entry fees, exit fees or charges for the management of the funds (but this does not exclude charges for the maintenance of the facility itself);

–               a payment of charges or duties on deposits into, or withdrawals from, the facility that are payable under a law of the Commonwealth or of a State or Territory;

–               a payment that a law of the Commonwealth, or of a State or Territory, requires to be made out of the facility;

–               a payment that an order of a court requires to be made out of the facility;

–               the exercise of a right to combine accounts;

–               the correction of an error; and

(ii)  any return to be generated for the depositor on the amount from time to time standing to the credit of the deposit is an amount that is set out in, or that is calculated by reference to a rate or rates that are set out in, the governing terms.

 

 

 

Dated:         27 October 2008

 

 

 

 

Wayne Swan

Treasurer