Hope remains for Banksia investors

The Victorian Government says it has been given an assurance from the receivers of the financial group Banksia Securities that investors will get some of their money back.

A Government working group convened to provide help to those who have been affected by the collapse of Banksia met for the first time yesterday.

Banksia went into receivership last month owing $660 million, much of which had been invested by regional Victorians.

The chairman of the working group, Deputy Premier Peter Ryan, says the receivers cannot say what percentage of investors' money will be returned.

"There is a degree of cash available at hand," he said.

"It will be a matter for the receivers to go through the important role that they have to assess the totality of the assets available, match that against the commitments of the organisation and then reach [a] conclusion." Mr Ryan says the Government has ruled out direct financial support to Banksia investors.

"It could not have come at a worse time in the lead up to Christmas and that of course has a consequential effect upon business confidence," he said.

"These are areas that we are ...

just examining now as to how we might assist in the general community sense to be able to give some relief."

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