Macq confirms bank guarantee
Thursday, 20 November 2008 12:15pm
Macquarie Group has informed retail banking clients the Federal Government's Guarantee will extend to its cash deposits across its banking product suite at no extra cost.
According to Macquarie Group, cash deposits held by retail clients are protected and the guarantee would also extend to the underlying wholesale bank deposit of the Cash XL fund at no extra cost.
The bank said it would ensure the deposits of retail bank investors are covered by the guarantee regardless of the size of the investment, ahead of the government issuing final details of the guarantee later this week.
The statement follows the launch of the Macquarie Cash Management Account (CMA), which includes the bank's guaranteed cash deposit, in eight days.
Peter Maher, Macquarie Banking and Financial Services Group head, said the CMA is being developed in partnership with the Macquarie Cash Management Trust (CMT), which remains one of the most secure and functional cash investments available.
"We are continuing to work with the relevant government, regulatory and industry bodies to assist them in their review process and will keep you informed of further developments," he said.
Michael Hobbs
