Guarantee on large, at-call deposits capped from March 18 February 2010 5:16PM Ian Rogers Treasury has clarified the application of the guarantee on at-call deposits of more than $1 million and which will linger for another five years once the option to take up the guarantee runs out in late March 2010.In an email from the media unit in response to questions, Treasury advised that depositors with balances of more than $1 million who have elected to have those balances covered by the guarantee will receive coverage until maturity for term deposits or for five years plus a reasonable claims period for at-call deposits. Fees will continue to apply.Eligibility of at-call deposit accounts eligible for coverage under the guarantee scheme will be capped at the account balance at 31 March 2010. Any increases in the balance of these accounts after 31 March 2010 will not be covered by the scheme.Deposits up to $1 million will continue to be covered under the Financial Claims Scheme, which is due for review late next year.Treasury said the average daily value of guaranteed large deposits in term and at-call accounts in December 2009 was $13.4 billion, or around 1.2 per cent of total ADI deposit liabilities as at 30 November 2009. The value of guaranteed large deposits has been in decline since April 2009.