”Recycled nonsense”, the argument used that the bailout was never sought or received seems to defy normal rules regarding banks providing credit.
The credit bank guarantee was sought and agreed.
The banks accepted the terms of the guarantee and this shored up their credit in the process, their depositors and their balance sheets, especially due to the security of the guarantee.
It may have been a socialist Government at the time but the banks did not reject the bailout in the form of the bank guarantee offered by the Government.
Westpac's $1,000,000,000 AUSTRAC Settlement?, page-266
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