Financial System Inquiry boss on ‘bail-in’ “Goodbye Bank Balances”

18 Aug

Our TRUSTED POLITICIANS are NOT TO BE TRUSTED, is that News? Our Country’s ‘IN HOCK’ Politician Joe Hockey!

Extract of Article Following
The banker Joe Hockey appointed to run the Financial System Inquiry (FSI) told a fiery public hearing in Melbourne late last week that because Australia depends on foreign investment, we have to conform to foreign regulations such as bail-in.
In response to a number of concerned audience questions about the bail-in law that Australia signed on to at the G20, under which depositors could have their savings confiscated to prop up too-big-to-fail banks, as happened in Cyprus in March 2013, FSI Chairman and former CBA boss David Murray initially downplayed the threat.
Murray claimed the FSI isn’t ruling bail-in in or out, but he asserted that bail-in means different things in different jurisdictions, so in Europe it has included seizing deposits, but, he surmised, in Australia bail-in will have to fit in with the existing Financial Claims Scheme (FCS) guarantee of deposits up to $250,000. (An unworkable guarantee, because the government only makes provision for $20 billion per bank, but about 80 per cent of Australian deposits are in the Big Four banks, which each hold around $400 billion.)

UNDER A DIFFERENT SCHEME  Last year! Under the premise of Unused Accounts for 3 years  – $300 Million has already been seized


Austrian banks downgraded on bail-in fears

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