Australian minister says no instant solutions to funds crisis
27/10/2008 16:19
Australian Treasurer Wayne Swan said today there were no instant solutions
to securing the future of Australia's non-bank investment funds.
"There are
no instant solutions. What we are dealing with in Canberra are market-linked
investments, and the government understands the hardships that people are going
through," Australian Associated Press quoted the treasurer as saying in
Brisbane, the capital of Queensland state.
"We are working with the industry
as assiduously as we can to see what appropriate steps can be taken," he told
reporters.
Regulatory bodies and the investment funds were holding talks in
Canberra on Monday to make further adjustments to the government's scheme to
cushion the impact of the crisis.
While banks are covered by the scheme,
investment funds are not and have frozen billions of dollars in assets to avoid
a further rush of redemptions in a flight to guaranteed deposits.
Xinhua
|
