Is your money really safe in the banks?

Then Treasurer Wayne Swan issued a release on 11 September 2011, on the government’s guarantee of bank deposits. It began, “Today I announce a new, permanent cap to be introduced from 1 February 2012 for the Financial Claims Scheme (FCS) of $250,000 per person per institution to protect the savings held in around 99 per cent of Australian deposit accounts in full.” [Emphasis added.]
Swan lied.

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