Banks Covered by the Australian Government Guarantee

by Stubborn Mule on 24 October 2008 · 8 comments

Following the shenanigans in parliament earlier this week, the Government has modified their original 12 October media release about the Government guarantee for banks. In the process they no longer list the local and foreign banks covered by the guarantee, so with the help of Google’s cache* I am republishing the original list here. The Government has also (finally) announced the terms of the wholesale guarantee, so stay tuned for another post on that subject. Update: here is that post.

Today the Government announced the fees payable for a guarantee on wholesale debt, which will also apply to retail deposits over $1 million. At the same time they announced that foreign bank branches will be able to access the deposit guarantee but only if they pay the fee, regardless of the size of the balance. The lowest possible fee is 0.70% (it varies with each bank’s credit rating) and the bank is sure to pass that on!

Note that foreign banks not in the list below are now also able to access the wholesale guarantee (for short-term debt only) and the deposit guarantee, but the wholesale guarantee fee will apply even on balances below $1 million.

List of Eligible Institutions for the Guarantee of Wholesale Funding and the Guarantee of Deposits (not exhaustive):

Australian-owned banks

* Adelaide Bank Limited
* AMP Bank Limited
* Australia and New Zealand Banking Group Limited
* Bank of Queensland Limited
* Bendigo and Adelaide Bank Limited
* Commonwealth Bank of Australia
* Commonwealth Development Bank of Australia Limited (a subsidiary of Commonwealth Bank of Australia)
* Elders Rural Bank Limited
* Macquarie Bank Limited
* Members Equity Bank Pty Limited
* National Australia Bank Limited
* St. George Bank Limited
* Suncorp-Metway Limited
* Westpac Banking Corporation

Foreign subsidiary banks

* Arab Bank Australia Limited
* Bank of China (Australia) Limited
* Bank of Cyprus Australia Limited
* BankWest (the trading name of Bank of Western Australia Ltd)
* Citigroup Pty Limited
* HSBC Bank Australia Limited
* ING Direct (the trading name of ING Bank (Australia) Limited
* Investec Bank (Australia) Limited
* Laiki Bank (Australia) Ltd
* Rabobank Australia Limited (a subsidiary of Rabobank Nederland from October 1994)

Building Societies

* ABS Building Society Ltd
* B & E Ltd
* Greater Building Society Ltd
* Heritage Building Society Limited
* Home Building Society Ltd
* Hume Building Society Ltd
* IMB Ltd
* Lifeplan Australia Building Society Limited
* Maitland Mutual Building Society Limited
* Newcastle Permanent Building Society Limited
* The Rock Building Society Limited
* Wide Bay Australia Ltd

Credit Unions

* Alliance One Credit Union Ltd
* AMP Credit Union Ltd
* Austral Credit Union Limited
* Australian Central Credit Union Ltd
* Australian Country Credit Union Ltd (trading as Reliance Credit Union)
* Australian Defence Credit Union Limited
* AWA Credit Union Limited
* Bananacoast Community Credit Union Ltd
* Bankstown City Credit Union Ltd
* Berrima District Credit Union Ltd
* Big Sky Credit Union Ltd
* Broadway Credit Union Ltd
* CAPE Credit Union Limited
* Capital Credit Union Ltd
* Capricornia Credit Union Ltd
* Central Murray Credit Union Limited
* Central West Credit Union Limited
* Circle Credit Co-operative Limited
* Coastline Credit Union Limited
* Collie Miners Credit Union Ltd
* Community Alliance Credit Union Limited
* Community CPS Australia Limited
* Community First Credit Union Limited
* Companion Credit Union Limited
* Comtax Credit Union Limited (including the former Security Credit Union)
* Country First Credit Union Ltd
* Credit Union Australia Ltd
* CSR and Rinker Employees Credit Union Limited
* Defence Force Credit Union Limited
* Dnister Ukrainian Credit Co-operative Limited
* Electricity Credit Union Ltd
* Encompass Credit Union Limited
* Esso Employees’ Credit Union Ltd
* Eurobodalla Credit Union Ltd
* Family First Credit Union Limited
* Fire Brigades Employees’ Credit Union Limited
* Fire Service Credit Union Limited
* Firefighters & Affiliates Credit Co-operative Limited
* First Choice Credit Union Ltd
* First Option Credit Union Limited
* Fitzroy & Carlton Community Credit Co-operative Limited
* Ford Co-operative Credit Society Limited
* Gateway Credit Union Ltd
* Geelong & District Credit Co-operative Society Limited
* GMH (Employees) Q.W.L. Credit Co-operative Limited
* Goldfields Credit Union Ltd
* Gosford City Credit Union Limited
* Goulburn Murray Credit Union Co-operative Limited
* H.M.C. Staff Credit Union Ltd
* Heritage Isle Credit Union Limited
* Holiday Coast Credit Union Ltd
* Horizon Credit Union Ltd
* Hunter Mutual Limited
* Hunter United Employees’ Credit Union Limited
* Industries Mutual Credit Union Limited
* Intech Credit Union Limited
* Karpaty Ukrainian Credit Union Limited
* La Trobe Country Credit Co-operative Limited
* La Trobe University Credit Union Co-operative Limited
* Laboratories Credit Union Limited
* Latvian Australian Credit Co-operative Society Limited
* Lithuanian Co-operative Credit Society “Talka” Limited
* Lysaght Credit Union Ltd
* MacArthur Credit Union Ltd
* Macquarie Credit Union Limited
* Maleny and District Community Credit Union Limited
* Manly Warringah Credit Union Limited
* Maritime, Mining & Power Credit Union Limited
* Maroondah Credit Union Ltd
* MECU Limited
* Melbourne University Credit Union Limited
* MemberFirst Credit Union Limited
* MyState Financial Credit Union of Tasmania Limited
* New England Credit Union Ltd
* Newcom Colliery Employees Credit Union Ltd
* Northern Inland Credit Union Limited
* Nova Credit Union Limited
* NSW Teachers Credit Union Ltd
* Old Gold Credit Union Co-operative Limited
* Orange Credit Union Limited
* Phoenix (N.S.W.) Credit Union Limited
* Plenty Credit Co-operative Limited
* Police & Nurses Credit Society Limited
* Police Association Credit Co-operative Limited
* Police Credit Union Limited
* Polish Community Credit Union Ltd
* Powerstate Credit Union Ltd
* Pulse Credit Union Limited
* Qantas Staff Credit Union Limited
* Queensland Country Credit Union Limited
* Queensland Police Credit Union Limited
* Queensland Professional Credit Union Ltd
* Queensland Teachers’ Credit Union Limited
* Queenslanders Credit Union Limited
* Railways Credit Union Limited
* RegionalOne Credit Union Limited
* Resources Credit Union Limited
* R.T.A. Staff Credit Union Limited
* Satisfac Direct Credit Union Limited
* Savings and Loans Credit Union (S.A.) Ltd
* Security Credit Union (which was taken over by Comtax Credit Union on 1 October 2008)
* Select Credit Union Limited
* Service One Credit Union Limited
* SGE Credit Union Limited
* Shell Employees’ Credit Union Limited
* South West Slopes Credit Union Ltd
* Southern Cross Credit Union Ltd
* South-West Credit Union Co-operative Limited
* St Mary’s Swan Hill Co-operative Credit Society Limited
* StateWest Financial Services Limited
* Sutherland Credit Union Ltd
* Sutherland Shire Council Employees’ Credit Union Ltd
* Sydney Credit Union Ltd
* Tartan Credit Union Ltd
* The Broken Hill Community Credit Union Ltd
* The Gympie Credit Union Ltd
* The Police Department Employees’ Credit Union Limited
* The Summerland Credit Union Limited
* The TAFE and Community Credit Union Ltd
* The University Credit Society Limited
* Traditional Credit Union Limited
* TransComm Credit Co-operative Limited
* United Credit Union Limited
* Victoria Teachers Credit Union Limited
* Wagga Mutual Credit Union Ltd
* Warwick Credit Union Ltd
* WAW Credit Union Co-operative Limited
* Westax Credit Society Ltd
* Woolworths Employees’ Credit Union Limited
* Wyong Council Credit Union Ltd

Other ADIs

* Cairns Penny Savings & Loans Limited
* Australian Settlements Limited
* Cuscal Limited
* Indue Ltd

UPDATE: that cache link no longer works, but a full list of ADIs is available from APRA’s website.

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{ 6 comments… read them below or add one }

1 Keith Wade October 27, 2008 at 1:52 pm

Would Esanda Term Deposits be covered under the government guarantee?

2 stubbornmule October 27, 2008 at 3:19 pm

@Keith: According to the revised PM’s notice the deposit guarantee applies to “The guarantee applies, from today, to all deposits held in Australian-owned banks, Australian subsidiaries of foreign-owned banks, building societies and credit unions. These institutions are authorised to accept deposits by APRA and are subject to prudential regulation to protect the safety of these deposits.” APRA provides list of Authorised Deposit-taking Institutions (ADIs) and Esanda is not in the list (it is a finance company rather than a bank, building society or credit union). If you have money with Esanda, I would encourage you to give them a call, but my understanding would be that they are not covered by the Government guarantee.

3 jmconisbee February 5, 2009 at 12:54 pm

Is Sandhurst Trustees or R.A.C.V. Finance covered by government guarantee

4 stubbornmule February 5, 2009 at 1:10 pm

@jmconisbee: Based on APRA’s list of Authorised Deposit-taking Institutions (ADIs), I would say that neither are covered by the guarantee, but they would be able to confirm that if you contacted them directly.

5 annieb February 19, 2014 at 10:20 am

Does government guarantee cover ING and ANZ banks separately

6 Stubborn Mule February 19, 2014 at 6:37 pm

The guarantees were separate.

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