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About: Banking in Australia     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:SocialGroup107950920, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

Type: Thingyago:WikicatBanksOfAustraliayago:Abstraction100002137yago:DepositoryFinancialInstitution108420278yago:FinancialInstitution108054721yago:Group100031264yago:Institution108053576yago:Organization108008335yago:YagoLegalActoryago:YagoLegalActorGeoyago:YagoPermanentlyLocatedEntityperson functionyago:SocialGroup107950920 New Facet based on Instances of this Class

Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme (FCS) guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing.