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Tuesday, 14 October 2008
Page: 8965

Mr TURNBULL (3:00 PM) —My question is addressed to the Prime Minister. Will the Prime Minister undertake that the amounts and the terms of all guarantees provided by the Commonwealth in respect of wholesale term funding by Australian banks and other institutions are fully and promptly made public so that the market and taxpayers are fully informed?

Mr RUDD (Prime Minister) —As the Leader of the Opposition would be aware from the briefing he has had today from Treasury at the instigation of the government, first and foremost, all those institutions which would make an application for access to this particular guarantee are APRA regulated. Secondly, he would be aware from that briefing that, when making an application for access to that particular guarantee, APRA would further examine the suitability of those institutions. Thirdly, APRA also would then, together with the government, enter into negotiations with each individual institution about the terms of the guarantee and any insurance premium which would be attached to it—in other words, the fee attached. In terms of the commercial disclosure arrangements associated with those matters, we will take the advice of APRA and we will inform the Leader of the Opposition in due course.