Briefs: NAB's CEO at sea, Saxo starts up and RBNZ candidates canvassed

When does the Australian government guarantee on bank deposits in Australia change? According to Cameron Clyne, CEO of NAB, in an interview with 3AW in Melbourne yesterday, this could have "already happened" or could take place "some time in the next month", or "in the next month or two". As for the new cap on the deposits guarantee, Clyne told the radio station's morning host Neil Mitchell that this was "about $250,000". The cap on guaranteed deposits falls to A$250,000 from $1 million from tomorrow.

Saxo Bank is ramping up its business in Australia. In a media statement released yesterday, the Danish-headquartered bank announced the "launch" of Saxo Capital Markets (Australia) Pty Ltd. SCM Australia will replicate the business model adopted by Saxo Bank in more than 20 national markets. The bank specialises in online trading platforms and also fosters investment in niche asset classes such as equity derivatives and energy futures. In the media release, SCM said that it had recently completed the acquisition of Logos Commodities Pty Ltd, the holding company of Commodity Broking Services Pty Ltd.

Alan Bollard, governor of the Reserve Bank of New Zealand, confirmed yesterday that he would not seek a third term in the job. His term expires in September this year. Presumed front runners for the governor's job canvassed in the New Zealand media yesterday and today include present and former senior management of the RBNZ. The New Zealand Herald also tips Arthur Grimes, chair of the RBNZ board, as a candidate. There are no other names in the media mix as yet.