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, 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 –
by Kev Moore
While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. Poverty also kills.
At the end of November, an Italian pensioner hanged himself after his entire €100,000 savings were confiscated in a bank “rescue” scheme. He left a suicide note blaming the bank, where he had been a customer for 50 years and had invested in bank-issued bonds. But he might better have blamed the EU and the G20’s Financial Stability Board, which have imposed an “Orderly Resolution” regime that keeps insolvent banks afloat by confiscating the savings of investors and depositors. Some 130,000 shareholders and junior bond holders suffered losses in the “rescue.”
Read on –
Australia Plans Cyprus-Style “Bail-In” Of Banks In 2013-14 Budget
G20 Governments All Agreed to Cyprus-Style Theft Of Bank Deposits … In 2010
“………That’s something else to thank our recently-deposed PM Julia Gillard for doing, without our knowledge or permission