Government guaranteed

As an authorised deposit taking institution (ADI), deposits with B&E are covered by the Australian Government’s Financial Claims Scheme.

The Financial Claims Scheme was established on a temporary basis in October 2008 when the Government decided to guarantee unconditionally up to $1 million of a depositor's total deposits with any individual ADI at no cost to the depositor.  In September 2011 the Australian Government announced that following an extensive review of the benefits and needs of a Financial Claims Scheme it had decided to establish the scheme on a permanent basis with revised arrangements.  These arrangements are: 

• A permanent guarantee of $250,000 for deposits will be in place effective from 1 February 2012.
• The $250,000 cap applies per account holder, per ADI.
• Term deposits which existed on 10 September 2011 will be covered up to $1 million until 31 December 2012 or until the deposit matures - whichever occurs sooner.