Black Monday

[ratkin]

Then you would get away 'haircut free'.



Based on each single bank account balance



Yes I think that would work too,

SNOOPY

where does this 50k figure come from?

[Snoopy]

Do overseas customers have the same rights as Australians if the CBA failed?

I would think yes, because, like Australians, they pay the same bank deposit insurance in Australia, which takes the form of receiving lower interest rates than they otherwise would.

This is quite interesting
https://pursuit.unimelb.edu.au/artic...oo-big-to-fail

Some would argue that the Australian Government imposed (from 1st July 2017) 'banking levy' that now applies to the big four banks is a way of paying for some of the 'implied government guarantee' of a bank that is too big to fail.

The smaller banks in Australia think the Australian banking levy, a non trivial amount of $388m for Westpac in FY2009 - for example, is a great idea because they don't have to pay it!

SNOOPY

[Snoopy]

where does this 50k figure come from?

From Grant Robertson

https://www.interest.co.nz/banking/1...osit-insurance

"Finance Minister Grant Robertson says the Government will introduce deposit insurance of $50,000 per individual per financial institution"

SNOOPY

[peat]

A weekend is a long time in a coronacrash...

Yeh I agree I actually had a profitable long but made sure I got out before close

[ynot]

From memory it's Ausi Citizen only.

I stand corrected. Can see no reference to non Australian individual.

The FCS does not apply to the following accounts:

accounts with funds that are not in Australian dollars
accounts kept at foreign branches (located overseas) of Australian banks, building societies and credit unions
credit balances on credit card facilities or other loans
pre-paid card facilities or similar products
‘nostro’ accounts and ‘vostro’ accounts of foreign corporations that carry on banking business or otherwise provide financial services in a foreign country

[ratkin]

https://www.gfmag.com/magazine/novem...mmercial-banks

Here is a list of the worlds 50 safest commercial banks according to global finance magazine.

Only One New Zealand bank features

[Aaron]

https://www.gfmag.com/magazine/novem...mmercial-banks

Here is a list of the worlds 50 safest commercial banks according to global finance magazine.

Only One New Zealand bank features

I could be wrong but the Australian banks all listed quite high up the list own their nz subsidiaries

[Bjauck]

https://www.gfmag.com/magazine/novem...mmercial-banks

Here is a list of the worlds 50 safest commercial banks according to global finance magazine.

Only One New Zealand bank features

All the big banks operating in NZ are not actually NZ owned. Westpac, NAB, ANZ & CBA are all in the top 20.

NZ has encouraged investment in residential land as its main "pension scheme". Only 10% of KiwiSaver funds are invested in NZ shares. So we do not hold on to our big and/or successful companies very well.

[bull....]

the huge 6 - 7% rally in the us markets on friday in the last 30 mins was a computer driven short squeeze

[kiora]

From Grant Robertson

https://www.interest.co.nz/banking/1...osit-insurance

"Finance Minister Grant Robertson says the Government will introduce deposit insurance of $50,000 per individual per financial institution"

SNOOPY

So then "Based on each single bank account balance" would not apply? ie different accounts in the same bank wouldn't be covered for $50,000? Only one of the accounts?
What about joint accounts?