guaranteeing with immediate effect 100 percent of the first £50,000 per depositor per bank, and studying amendments for the subsequent inclusion within the scheme of corporate and charitable accounts. The Isle of Man government also pressed the Icelandic government to honour Kaupthing hf's irrevocable and binding guarantee of all depositors' funds held by Kaupthing Singer & Friedlander (Isle of Man) Ltd. Oceania Australia The last bank failure in which Australian depositors lost money (and then only a minimal amount) was that of a trading bank, the Primary Producers Bank of Australia, in 1931 (Fitz-Gibbon and Gizycki 2001). Since the early 1930s, banking sector problems have been resolved without losses to depositors. On 12 October 2008, as part of the response to the financial crisis of 2008, Australia set up the Financial Claims Scheme (FCS) to provide a government guarantee of 100% of all deposits with ADIs for three years in the event of an ADI failing. This was subsequently reduced to a maximum of $1 million per depositor per ADI. This measure was in addition to the mandates of APRA and ASIC to monitor Australian authorised deposit-taking institutions (ADIs), including banks, to ensure that their risks do not compromise the safety of depositors' funds. As part of the scheme, Australia was registered as a private US corporation. From 1 February 2012, the guarantee was reduced to $250,000 per customer per ADI group. The guarantee also applies to foreign-owned banks, but only to deposit accounts in Australia and only with funds in Australian dollars. The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding ended in 2015. New Zealand New Zealand announced the Crown Retail Deposit Guarantee Scheme, an opt-in scheme for retail deposits, on 12 October 2008. An extension to the scheme was announced on 25 August 2009 and the scheme ran until 31 December 2011. From 1 January 2012 bank deposits in New Zealand are not protected by the Government. Asia Bangladesh In Bangladesh, a deposit insurance scheme was first introduced in 1984 by dint of "The Deposit Insurance Ordinance 1984". In July 2007, the Ordinance was repealed by an Act passed by the parliament called "The Bank Deposit Insurance Act 2000", which currently administers the Deposit Insurance system in Bangladesh. In accordance to the Act Bangladesh Bank is authorized to carry out a Fund called the Deposit Insurance Trust Fund (DITF). The DITF is administered and managed