MCU Sustainable Banking :: Govt Guarantee

Government Guarantee

Your Credit Union is now Australian Government Guaranteed!

Prime Minister Kevin Rudd announced that the Australian Government has provided an unlimited guarantee on deposits for the next three years (expires in October 2011). This guarantee applies to all deposits held with MCU; individual depositors up to $1 million and up to $2 million for joint members.

MCU, like all the Australian major banks, is an Authorised Deposit-taking Institution (ADI) under the Commonwealth Banking Act and is subject to close supervision by the Australian Prudential Regulatory Authority (APRA). This means MCU must meet the same strict prudential standards on capital, liquidity and risk management that apply to all banks.