The enabling legislation for Australia's financial claims scheme will impose a cap of $20 billion on the amount of compensation payable under the scheme after the first three years, not that, according to the government and regulators, any payments are ever likely to be made.The bill, introduced into parliament yesterday, will authorise the three-year guarantee on bank deposits announced over the weekend and establish the machinery for the operation of a claims scheme that also covers life insurance and general insurance as well as deposit-taking institutions.Australia, however, has recent experience of each type of failure in the last 20 years in the form of HIH Insurance and Pyramid Building Society.The scheme covers "protected deposits" and also certain "financial products" that are payable on demand or at an agreed time.The jargon in the bill refers to an "early access facility for depositors".The government may limit the level of the guarantee, or insurance, after three years.Joint account holders are treated as separate depositors. The cover applies to business account holders.