Which of the Following Statements Is True

question 31

Multiple Choice

Which of the following statements is true?

• A)In Australia, depositors received preference over other liability holders in the event of a liquidation of an FI.
• B)In Australia, depositors receive preference over other liability holders in the event of a liquidation of an FI being replaced by a financial claims scheme to protect deposit accounts.
• C)In Australia, only customers of the major banks are covered by deposit insurance.
• D)Australia has had a well-developed deposit insurance system for decades that has protected depositors without a bank failure for over a century.

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Definitions:

Right to Counsel

The legal principle that individuals have the right to attorney representation in legal proceedings.

Gideon v. Wainwright

A landmark Supreme Court case in 1963 that established the right to an attorney for criminal defendants in federal and state courts who cannot afford one.

Court-Appointed Attorneys

Lawyers assigned by a court to represent individuals who cannot afford to hire legal representation.

Felony

A category of crime that is more severe than a misdemeanor, often resulting in imprisonment for more than one year or, in extreme cases, death penalty eligibility.