Cutting through all the clauses, sub-clauses and what ifs..you are left with the basic question...How likely is the ANZ to default...is it more likely or highly unlikely. The answer has to be highly unlikely, surely that is self evident. Catastrophic events could happen of course but if the ANZ and or any of the major banks go belly up you can guarantee that a major **** storm has struck and the rest of the financial world including the stock exchanges are also in similar positions. My understanding is that the Oz banks are in good financial health and are in a different space than previous US banking collapses. As always..pays to be diversified and spread the risks but on the face of it I cannot see any more risk here than all the other countless places to put your money. Some people scoff and say there is no such thing as "too big to fail", but the ANZ is in good health and I see no reason to believe otherwise.