from Kev Moore
Australia’s Authorised Deposit-taking Institutions (ADIs) are quietly taking action to prepare for a potential bail-in of retail bank deposits if a domestic or global financial crisis were to occur.
…………..As noted in my recent article, Deposit Insurance Is No Protection Against Bail-in[2], both Labor and Coalition Governments in the post-Global Financial Crisis era have been part of a global effort to implement a bail-in regime within Australia as part of the crisis resolution framework that would enhance the loss absorbing capacity of systemically important financial institutions.
Moreover as I noted, Martin North from Digital Finance Analytics and I (confirmed by the legal analysis of independent solicitor Robert H. Butler) highlighted that the passage of the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 has provided APRA and Australian ADIs with a legal pathway to implement a bail-in of retail bank deposits through the amendment of deposit accounts T&Cs that would then incorporate suitable legal ‘conversion or write-off’ clauses……………
Read on –
Australia needs an Iceland solution for banksters. https://www.vox.com/2015/6/9/8751267/iceland-capital-controls
I just went overseas for a holiday & put a notification for Westpac so they knew I was going. The day after I left Westpac demanded I go into a branch & provide them with new ID docs, they gave me a deadline and fortunately this was just after I got back. The clowns jumped the gun and blocked my account 6 days early. When I got back I was not happy. They are looking for ways to steal already. Then a week later, they threatened to do the same with my Foundation Account, so I went into a branch immediately and withdrew all my funds.
Thanks Valerie,
The Cairns News article brought back memories of the ‘warnings’ I issued through my newsletter.
There has been no doubt that the current Australian government will use the ‘bail in’ legislation during their term of government.
My June 2019 “In My Opinion” newsletter, and in subsequent newsletters, I explained what may happen if the “Banking system reform (separation of Banks) Bill 2018” does not become law, then your superannuation and your bank cash deposits (include pension payments) will be at risk of being ‘stolen’ by your bank.
This bill did not become law, and we still run the risk if we have bank deposits.
Now we are seeing it happen across the world. All we can do is be prepared and wait.
Ron
To be legally robbed by the governmin is politically correct! They are working for us 24/7 – rest assured. Whatever will be stolen from us is already theirs anyway because what is theirs (in theory) is ours too. A subject will always be looked after by their “representatives”. At least we are educated this way to be good Aussies. What could go wrong apart from loosing ones “subject status”.
Amanda Were
Bail-in – is when the bank(s) use the money of depositors to save the bank when it is about to fail due to local / global financial problems.They take part of or all of your money,
Good luck getting it back.
The banks said that if legislation failed to allow bail – ins, they would do it without the asked for legislation.
Wording in current sections of relevant legislation has already been changed to fit in with the banks changed wording in sections / clauses of their contracts / agreements.
Bail out – is when outside funds are used, such as, governments use tax payer money to save the bank(s)
Many years ago many people were warning about your money and property being at risk from the banks and governments, etc.
The majority of Australians appear to have ignored all warnings – they recently voted the grubs back in to continue with doing us a damage. Or, they decided to blindly go along with and (without question) trust the governments.
Only the Australian people (as communities) can stop what is coming.
It is now getting very close to being too late to even bother pushing back.
My main problem is the sheeple, the governments are simply going as far as the people let them go – looks like there are no lines they have to step over, full steam ahead.
Thanks to all of those sheeple for going along with the narrative and mandates – you have greatly assisted the grubs to give away and sell off our country.
Do we deserve what has happened and what will happen?
I have not given up on the real (all races / religions. etc) worthy Australians who have protested, and pushed back in many other ways, but, I am about to give up on worrying about the lost cause sheeple.
We are not going to be leaving a very nice world for the next generations. The kids will be doomed – compliments of the parents.
For those who believe that all is well, your turn is coming, this will soon come unstuck for all of us
Hope you all come out of this mess with your physical and mental health intact.
Good Luck.
In laymans terms, what does ‘bail in’ mean
Did loo at this and wasn’t to archive 2020site, seems that this may be rather old. Is there any other fact checking that can be done so we might have time to remove our last hundred dollars from our accounts. And pensioners will this mean they will not get their pension.
I sat at my computer on the Fri afternoon that the Aust bail in legislation was passed in our senate. Out of a possible 77 senators there were 7 present. 4pm when no one was interested in even being in the chamber and the legislation passed with no debate, no questions and no objections. It was a simple matter of “I think the ayes have it.” Done & dusted. It was Feb 2018. An appalling abuse of power and responsibility resulting in what we face now. With our government’s blessing (on both sides of the house) our citizens can now be legally robbed by the ones they entrusted their savings with.
This article is from July 2019, so more than 3 years old. I think you should have mentioned that…