CDF - Catholic Development Fund | Archdiocese of Canberra and Goulburn

Latest News

05

Mar

Canberra Day

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07

Feb

New Employee & Limits

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03

Feb

CDF Business Online

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30

Jan

Duplicated Transactions

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22

Jan

Changes to Personal Accounts

At present Religious Charitable Development Funds )RCDFs) that undertake 'banking business', as defined in the Banking Act, are exempt from the need to be authorised as a deposit-taking institution and regulated by APRA.  Following the review APRA is proposing to extend the existing exemption order but subject to additional conditions.  As mentioned, any product offered to a retail investor will have to have a minimum term or notice period of 31 days and the use of terms 'deposit' and 'at-call' will not be allowed in relation to retail products or in marketing to retail investors. 

Retails investors currently invest around $7m with the CDF and constitute an important part of the CDF's client base.  Those people who wish to continue to support the work of the Church by investing with CDF are encouraged to do so but it will be necessary to change existing transactional accounts to 31 day term investments.

A final decisions is anticipated at the end of February 2014 after which further details will be provided to CDF retail investors.

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