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Covered bonds cover what?

20 December 2010
 Treasurer Wayne Swan proposes to allow banks to issue 'covered bonds'. But it appears this means that banks will be able to use your deposits as security on their borrowings without your knowledge. If a bank goes bust, your deposits are no longer secure. Here are some explanatory articles:

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Submitted Comments

On 22 December 2010, Steve commented:

Hi Ken,
I was wondering if covered bonds are legal. That is are they currently legal here in Australia or will the govt have to introduce legislation to make them legal?

Cheers,
Steve


On 30 December 2010, Ken Phillips replied:

Steve
I don't think i've responded to you on this yet?

My understanding is that covered bonds are not currently legal and prevented under the Banking Act which puts depositors as top priority in payouts in the event a bank collapses. For covered bonds to happen the Banking Act has to be changed to push depositors down the security priority list. It seems a fundamental change to the very basis of Australian banking to me.

Cheers
Ken


On 20 December 2010, Patrick commented:

Thought you might like my definition which was penned for my children!

"Covered Bond" ~ a definition

    A promise issued by a Bank to an investor to pay a certain amount or amounts of monies on a certain specified date or dates; which monies are secured by a specific asset or pool of assets owned by the bank; and where there are not adequate assets to fund the payment of monies required, the investor has access to other assets of the bank; but on an unsecured basis (to the detriment of bank depositors).