HSBC welcomes the actions taken by governments around the world to support the banking system. Consistent with many other countries around the world, the Australian Government announced deposit guarantee plans to foster greater confidence in the community, safeguard Australians from the global financial crises, and protect deposits in Australian banks.
As a local subsidiary of the HSBC Group, HSBC Bank Australia Limited is eligible for the Australian Government's deposit guarantee scheme.
Recent Changes to the Guarantee Scheme for Large Deposits and Wholesale Funding:
In light of recent Australian Government announcements, below are updates with specific reference to HSBC deposits and wholesale funding.
Effective 31 March 2010, the Australian Government has closed its Guarantee Scheme for Large Deposits and Wholesale Funding. Below are some important aspects of this closure:
Deposits per person with HSBC Bank Australia Limited up to and including $1 million (and changing to $250,000 from 1 February 2012) will continue to be covered for free by the Financial Claims Scheme ("FCS"). In September 2011 the Australian Government has made the following announcements:
The HSBC Group is one of the world's strongest and most profitable independent banks. We operate in 88 countries and territories and remain committed to the continued growth of our operations both in Australia and globally.
Over 100 million customers worldwide entrust the HSBC Group with over A$2 trillion in deposits. With a tier one capital ratio of 9.4% and a loan to deposit ratio of 77.3% as at 31 December 2009, the HSBC Group remains one of the most strongly capitalised and liquid banks in the world.
In challenging economic times, it is important to work with a financial partner you can trust to be there for the long term. At HSBC, we are committed to working with you now and for many more years in the future.
For further enquiries:
Call 1300 308 021 for personal/small business deposits
Call 1300 300 437 for corporate/commercial deposits