In an amendment to the new Government Deposit Guarantee scheme announced on 12 October 2008, the guarantee will be capped to a maximum amount of $1 million per customer relationship.

Commencing 28 November all deposits up to $1 million held by Australian Banks, Building Societies and Credit Unions will be covered by a Government backed fee-free guarantee that ensures the repayment of funds in the extremely unlikely event that a banking institution faces stress.

Deposit holdings exceeding $1 million can be guaranteed upon payment of an optiona fee.

The Greater, in consultation with customers affected by the cap, is currently considering the most effective manner to address and implement this change to the scheme.

More information will be provided as soon as possible. Any enquiries concerning the implications of the $1 million cap can be directed to our Business Retention Unit on 49219304 or 49219560.