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If the worst of the global financial crisis is behind us and Wayne Swan’s bank deposit guarantee no longer exists, why are many Australians still fighting with investment firms over frozen funds which have been locked away for almost two years?
The government’s bank deposit guarantee, introduced at the height of the financial crisis, was meant to stabilise financial markets and restore the flow of credit. It covered all deposits of banks but excluded investment funds. This triggered a lockdown of deposits in investment funds and left hundreds of thousands of Australians in the lurch.
When the government decided to remove the bank deposit guarantee in March this year, sighting improved conditions in the banking sector, many expected it to facilitate the release of frozen funds, particularly those smaller funds held by ordinary Australians. This decision was a sign and an expectation that things would start to return to normal.
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