Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

As I noted in my second reading speech to the Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Bill 2008, APRA will recover monies through the liquidation of the failed institution, with APRA to stand in place of those depositors and policyholders assisted by the scheme. In the unlikely event that recovery of all moneys were not possible, the legislation provides a mechanism for a levy to be imposed on remaining ADIs or remaining general insurers. The mechanism is introduced under the Financial Claims Scheme (General Insurers) Levy Bill 2008. I commend the bill to the House.

Debate (on motion by Mrs Mirabella) adjourned.