Savings & Loans CU (S&L) and Australian Central CU (ACCU) Merger Approved.

As of today S&L and ACCU will become the one ADI. Until further notice deposits will be taken by "Savings & Loans Credit Union - a division of Australian Central Credit Union Ltd". Any deposits you may have maturing with ACCU that roll will be rolled into the above entity.

The deposit guarantee (Financial Claims Scheme) will cover up to $1m with the new entity.

Savings & Loans will conduct a voluntary total transfer of its business to Australian Central pursuant to the Financial Sector (Business Transfer and Group Restructure) Act 1999. From that time, Australian Central will become the successor in law of Savings & Loans and all of the assets and liabilities of Savings & Loans will become assets and liabilities of Australian Central, and all of the duties, obligations, immunities, rights and privileges applying to Savings & Loans will apply to Australian Central.

The new entity will have total assets of over $7 Billion.

RBA Meeting
The RBA board will meet today to discuss monetary policy and announce their decision at 2.30pm. The market is still assuming they will go ahead with a 25 point rise today but some economists have voiced doubts. Dubai isn't looking as bad as thought so I will not be surprised if they go ahead and lift by 25 points before pausing to assess the impact.