Commonwealth Numbered Regulations

BANKING AMENDMENT REGULATIONS 2008 (NO. 1) (SLI NO 222 OF 2008) - SCHEDULE 1

(regulation 3)

[1]           After regulation 4

insert

5               Financial claims scheme -- limit on payments

         (1)   For subsection 16AG (1) of the Act, a limit of $1 000 000 is prescribed.

         (2)   For the purpose of determining the prescribed limit on the payments to the account‑holder, if the amount held in the account is expressed as a foreign currency, it must be converted to Australian dollars using the daily exchange rate published by the Reserve Bank of Australia.