Premier Ted Baillieu today announced a government working group, headed by Deputy Premier Peter Ryan, to work with Victorians affected by the Banksia collapse.
The Banksia Working Group includes:
- Deputy Premier Peter Ryan (Chair)
- Assistant Treasurer Gordon Rich-Phillips
- Minister for Regional Cities Denis Napthine
- Minister and Member for Northern Victoria Wendy Lovell
- Department of Treasury and Finance
- Department of Premier and Cabinet
- Local Government
Mr Baillieu said the terms of reference set for the Victorian Coalition Government’s working group were clear:
- Communicate with affected regional and rural municipalities to determine the extent and nature of the financial impact for individuals and organisations;
- Respond to urgent individual and community need by co-ordinating necessary emergency assistance with the Commonwealth;
- Communicate with the receiver to ensure timely and accurate information is provided to affected communities; and
- Work with the Commonwealth Government on financial regulatory issues.
“The collapse of Banksia Securities Limited is of great concern to the Coalition Government,” Mr Baillieu said.
“We are concerned for the individual investors and their families, and the impact that this collapse may have on many regional communities.”
Mr Ryan said the company was regulated at the Commonwealth level under ASIC, however Banksia was not an Australian Prudential Regulation Authority (APRA)-regulated body.
“It is, therefore, very much an issue for the Commonwealth as to why this has occurred,” Mr Ryan said.
The Premier has held discussions with the Prime Minister, and the Commonwealth will work closely with Victoria in terms of any emergency assistance that may become necessary.
The Premier announced in Bendigo last Friday that Rural Finance Corporation will be available for investors who are seeking information on an independent basis.
Investors can contact Rural Finance Corporation on 1800 260 425 or they may wish to visit one of their branches across Victoria.
The Trustees of Banksia have appointed McGrathNicol as the receivers. McGrathNicol have indicated that there will be some return to investors, however they are continuing their assessments.
McGrathNicol will continue to update investors and can be contacted on 1800 722 079.
“The Victorian Coalition Government will continue to work with the Commonwealth, which is responsible for the regulation of Banksia, the receivers, Rural Finance and the communities affected,” Mr Ryan said.