BLBG: Australian Government to Meet Funds Amid Freeze, ABC Onlie Says
By Garfield Reynolds
Oct. 26 (Bloomberg) -- Australian Treasury officials will meet today in Canberra with financial managers after 13 of the country's 20 largest funds froze withdrawals as of Oct. 24, the Australian Broadcasting Corp. reported.
The funds blocked redemptions after a government guarantee on bank deposits prompted investors to pull cash from the institutions and transfer it to accounts covered by the state, ABC News said online. The Investment and Financial Services Association is urging the government to act to restore confidence, ABC News reported.
To contact the reporter on this story: Garfield Reynolds at greynolds1@bloomberg.net
