On the 10th September, 2011 the Federal Government made alterations to the Government Guarantee Scheme.
The Financial Claims Scheme (FCS) protects depositors through the provision of a guarantee on deposits (up to the cap) held in authorised deposit-taking institutions (ADI's) incorporated in Australia and allows quick access to their deposits if an ADI becomes insolvent.
The key features of these changes, and how they might affect you, are listed below.
All Firefighters Credit Union deposits will be guaranteed to $250,000.00 per acount holder, per ADI, will apply.
Firefighters General Manager Michael Enticott recently said “We expect that all our members with over $250,000 invested with Firefighters Credit Co-operative will understand that we are in a very strong financial position. Firefighters Credit Co-operative has no exposure to the American sub-prime market and we only lend to members who are all Australian based.”
“We do not lend to large commercial or business corporations either, as our focus is on assisting individuals and small businesses.”
“Furthermore, Firefighters Credit Co-operative has built up a strong capital position of $3.6 million in member reserves which we believe is a prudent approach to managing the Credit Co-operative through the current environment.”
Options available to members who want their deposits over $250,000 to be guaranteed include:
- Members may be in position to spread out their funds by allocating them across different memberships such as husband and wife or individual or company. Members should seek their own financial advice on whether this is appropriate for them.
For more information please contact Firefighters Co-operative on
03 8417 1777 or 1300 366 350