Commonwealth Numbered Acts

GUARANTEE SCHEME FOR LARGE DEPOSITS AND WHOLESALE FUNDING APPROPRIATION ACT 2008 (NO. 129, 2008) - SECT 6

             (1)  The Minister may, on behalf of the Commonwealth, borrow money for the purposes of paying claims under the Deed of Guarantee in accordance with the Scheme Rules.

             (2)  However, a borrowing in accordance with subsection (1) must not be for a period longer than 24 months.

             (3)  In this section:

"borrow" includes raise money or obtain credit, whether by dealing in securities or otherwise, but does not include obtain credit in a transaction forming part of the day-to-day operations of the Commonwealth.

[ Minister's second reading speech made in--

House of Representatives on 25 November 2008

Senate on 26 November 2008 ]