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27.Your uncle has a big proportion of his life savings deposited in one of the Big Four Australian banks. He read in the newspaper that

27.Your uncle has a big proportion of his life savings deposited in one of the Big Four Australian banks. He read in the newspaper that due to COVID-19, these banks profitability has declined significantly as a result of some customers not being able to service their loans and negative economic outlook. He is worried that his deposit in the bank may not be secure and is wondering whether he should withdraw all his deposit from the bank. Knowing that you have just completed this unit, he asked for your advice. What advice will you provide to your uncle given what you have learned about financial institutions in this unit? (5 marks)

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