Newspaper article The Northern Star (Lismore, Australia)

Warning Panic Could Destroy Nest Eggs, Not Protect Them

Newspaper article The Northern Star (Lismore, Australia)

Warning Panic Could Destroy Nest Eggs, Not Protect Them

Article excerpt

Byline: janet grist janet.grist@northernstar.com.au

SUMMERLAND Credit Union chief executive officer Margo Sweeny says she feels a bit like the ABC financial reporter who said on television this week he had no idea what to say about the market because of its constant volatility.

Over the past week, further confusion and worry has been created in the minds of the public with major mortgage funds Perpetual and AXA Asia Pacific freezing $5.5 billion of investors' savings.

This follows the exclusion of these funds from the Federal Government's deposit guarantee scheme.

Ms Sweeny has just returned from Darwin from the annual general meeting of ABACUS - the peak body representing mutual building societies and credit unions in Australia.

She said talks there touched on the further turmoil created in people's minds with this new aspect to the global downturn and its local effects.

"But the main thing is for people not to panic," she said. …

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