Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

As I have said, the government has guaranteed the deposits in Australian-owned banks, locally incorporated subsidiaries of foreign banks, credit unions and building societies for a period of three years. The guarantee does not extend to debenture issues. Following a number of high-profile corporate collapses in recent years, the government acted earlier this year to improve retail investor protection in this sector through improved disclosure, investor education and access to appropriate advice. These changes have been implemented through ASIC’s regulatory guidance. Legislative amendments are also under consideration. Considerable work has already been undertaken by ASIC in investigating, collecting and examining evidence to enable it to formulate and quantify claims for disciplinary action against relevant directors— (Time expired)