Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

I have made my point. I am not going to waste time by adding to that. You have your view. I have expressed my view and observations and what they are based on. I will come back to the position of ADIs. As I was saying, Senator Macdonald raised the issue of the guarantee to the four big banks. It is a guarantee to all ADIs, Australian deposit-taking institutions, regulated by the Australian Prudential Regulation Authority, APRA—that is, all banks, all credit unions and all building societies. I am pleased to say that that was supported by the Liberal-National Party opposition. It was not an issue of enormous contention. It was recognised last year that there had to be a guarantee provided to ADIs.