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On 12 October 2008, the Prime Minister announced a government guarantee of the deposits and wholesale funding of Australian deposit-taking institutions. On 24 October 2008, the Treasurer announced further design and operational parameters for these guarantees. On 28 November, the Treasurer announced the commencement of the Guarantee Scheme. On 7 February 2010, the Treasurer announced the Government’s intention to close the Guarantee Scheme to new liabilities. On 31 March 2010, the Guarantee Scheme closed to new liabilities. The following media releases appear on their respective websites.

On 11 September 2011, the Treasurer announced that from 1 February 2012 a new permanent cap of $250,000 per person per institution will apply to the Financial Claims Scheme. The following media release outlines the changes and transitional arrangements.

The Financial Claims Scheme is administered by the Australian Prudential Regulation Authority, so inquiries should be directed to their hotline on 1300 558 849. The Financial Claims Scheme has its own website which includes a questions and answers summary.