Australian bank deposits will be protected during the global financial crisis, Prime Minister Kevin Rudd said on Friday.
The Australian Prudential Regulatory Authority (APRA), which supervises deposit taking institutions, would ensure bank balance sheets were in good condition, Australian Associated Press quoted the prime minister as saying in Sydney.
"We are different to banks around the world, our banks are in a strong position," Rudd said.
He said Australians had long had access to a "depositors first scheme". "If ever any bank got into trouble at any time, the depositors would have first recourse," he said.
Rudd said the Australian government put forward a proposal for a new financial claims scheme some months ago, before the financial crisis.
Source: Xinhua
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