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Old 01-28-2014, 11:34 AM   #81
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Originally Posted by ancona View Post:
...
Opening fifteen or twenty 100K accounts is unfeasible, and even if we did, "they" would probably rule that it doesn't matter because we're a single entity and not entitled to protection under the hundred thousand dollar "per account" threshold.
...
FDIC insured limits went up to $250K a while back (not that the number really means anything in the event of a systemic crisis).

http://www.fdic.gov/consumers/consum...insurance.html
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Old 06-13-2014, 06:28 AM   #82
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Originally Posted by The Australian :
THE federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.

Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor.

The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.

The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined. Between 1959 and 2012, the total collected was $330 million.

While the purpose of the laws is actually to reunite people with lost accounts before funds are eroded by fees and other charges, the lower threshold has been criticised as a budget cash-grab which affected accounts that were neither lost or forgotten.

Australian Bankers' Association chief executive Steven Munchenberg said the legislation was a "rushed" budget-boosting exercise which had transferred money set aside by people for their grandchildren's future to the government's coffers.
...
More: http://www.theaustralian.com.au/news...-1226949007917
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Old 07-22-2014, 08:23 AM   #83
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Bank of England officials led by Mark Carney, the Bank of England governor, are attempting to bridge sharp differences among leading G20 countries as they prepare a landmark set of proposals aimed at tackling the problem of “too big to fail” banks according to the Financial Times today.
...
Bail-ins are coming to banks in the western world with consequences for depositors.
...
http://www.zerohedge.com/news/2014-0...ainst-bail-ins
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Old 08-12-2014, 08:40 AM   #84
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U.S. Preparing Bank Bail-Ins - Fed Vice Chair Fischer

Federal Reserve Vice Chairman Stanley Fischer delivered his first speech on the U.S. and global economy in Stockholm, Sweden yesterday.

Fischer headed Israel’s central bank from 2005 through 2013 and is now number two at the Federal Reserve in the U.S. after Janet Yellen.

In a speech entitled, The Great Recession: Moving Ahead, given at an event sponsored by the Swedish Ministry of Finance, Fischer said ...
Quote :
Additional steps have been taken in some countries. For example, in the United States, capital ratios and liquidity buffers at the largest banks are up considerably, and their reliance on short-term wholesale funding has declined considerably. Work on the use of the resolution mechanisms set out in the Dodd-Frank Act, based on the principle of a single point of entry--though less advanced than the work on capital and liquidity ratios--holds the promise of making it possible to resolve banks in difficulty at no direct cost to the taxpayer.

As part of this approach, the United States is preparing a proposal to require systemically important banks to issue bail-inable long-term debt that will enable insolvent banks to recapitalize themselves in resolution without calling on government funding--this cushion is known as a "gone concern" buffer.
Fischer’s comments that the U.S. is “preparing a proposal” for bail-ins is at odds with Federal Deposit Insurance Corporation (FDIC) and Bank of England officials who have said that bail-in legislation could be used today.
...
http://www.goldcore.com/goldcore_blo...ing_A_Proposal
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Old 12-11-2014, 07:25 AM   #85
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The G-20 met recently in Australia to make new banking rules for the next financial calamity. Financial reform advocate Ellen Brown says these new rules will allow banks to take money from depositors and pensioners globally. Brown explains, “It became rules we agreed to actually implement. There was no treaty, and Congress didn’t agree to all this. They use words so that it’s not obvious to tell what they have done, but what they did was say, basically, that we, the governments, are no longer going to be responsible for bailing out the big banks. ...
http://usawatchdog.com/big-banks-wil...h-ellen-brown/

Quote :
... The G20 announcement in Brisbane on November 16th will formalize a "bail in" for large-scale depositors raising the spectre that their deposits are, as many were in 1932, worth less than banknotes. It will be very clear that the value of bank deposits can fall in nominal terms.

On Sunday in Brisbane the G20 will announce that bank deposits are just part of commercial banks’ capital structure, and also that they are far from the most senior portion of that structure. With deposits then subjected to a decline in nominal value following a bank failure, it is self-evident that a bank deposit is no longer money in the way a banknote is. If a banknote cannot be subjected to a decline in nominal value, we need to ask whether banknotes can act as a superior store of value than bank deposits? If that is the case, will some investors prefer banknotes to bank deposits as a form of savings? Such a change in preference is known as a "bank run."

Each country will introduce its own legislation to effect the ‘ bail-in’ agreed by the G20 this coming weekend. ...
http://www.zerohedge.com/news/2014-1...day-money-dies

I missed this news when it happened a few weeks ago, but it's important enough to document.
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Old 12-11-2014, 08:01 AM   #86
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I think that is complete bullshit. Bond holders must take losses first. Period. If this does come to pass, I will remove my money from the bank each week and keep it somewhere else, but not in a fucking bank. They could use nearly any method of accounting on any given day to show they are insolvent, proceed to strip mine all depositors accounts, then distribute worthless equity shares to depositors. The shares would almost certainly be subordinated against all other bank shares and equity.

I'm not sure how exactly this is supposed to engender any feelings of security with our financial system. Rather than hold banks accountable for their actions and treat them as you would any other mom and pop that is insolvent, they want to let them steal our deposits to cover their bad decisions. What a total load of horse shit.
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Old 07-29-2015, 09:02 AM   #87
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Bail-in legislation is still in place across Europe. The European Commission recently threatened to take legal action against those nations who had not yet ratified the BRRD and gave them just two months (until the end of July) to adopt the new EU bail-ins rules. The BRRD purports to protect taxpayers from the need to bail out banks but appears to be again favouring the interests of large banks over those of prudent savers and indeed small and medium size enterprises who could have their savings confiscated.

Under the legislation, government guarantees on bank deposits – usually up to a value of €100,000 – are being quietly disposed of. In their place will be a type of insurance fund paid into by the banks which will be woefully inadequate.
http://www.goldcore.com/us/gold-blog...ustrian-court/
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Old 04-11-2016, 10:00 AM   #88
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Bank bail ins in the EU are here after Austria’s financial markets regulator FMA imposed a hefty haircut on creditors in an Austrian bank. Creditors in the bank Heta Asset Resolution will receive less than half of their money back according to the country’s financial regulator, the FMA.

Senior bondholders in the so called “bad bank” could expect to receive around €0.46 for each euro which would be paid from the realisation of assets by 2020, according to the FMA statement. It said that this had been calculated using “very conservative” assumptions.
...
Heta Asset Resolution was formed to wind down the bank but regulators froze Heta’s debt repayments after discovering a gaping capital hole at the bad bank.

Heta’s bail-ins pertain to bond holders but it is important to note that recently introduced EU and international bail-in regulation mean that depositors in banks are now exposed to having their deposits bailed in.
...
http://www.goldcore.com/us/gold-blog...in-in-austria/
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Old 07-06-2016, 10:02 AM   #89
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Just browsing through all the financial news this morning and my goodness trepidation is permeating the ether. Bonds, equities, Euro banks all (potentially) signalling trouble. Ever since 2008, we have been talking about the proverbial can being kicked down the road and the inevitability of the day when it can't be kicked any further. Is the big one - the systemic crisis that can't be stopped - coming?
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Old 07-07-2016, 07:23 AM   #90
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Ive been anticipating it since Y2k .........

Part of me says bring it on and lets get to the other side as quickly as we can, another part of me ponders the inevitable suffering with food and fuel shortages and if the price will be too high ?
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Old 01-17-2018, 02:48 PM   #91
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It's true. There are no safe banks, that is why it is better to invest in precious metals, they are money in themselves
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Old 10-02-2018, 07:42 AM   #92
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Bail in legislation now in effect in Canada:
Quote :
On September 23, the Bank Recapitalization (Bail-in) Conversion Regulations under the Canada Deposit Insurance Corporation Act, the Bank Recapitalization (Bail-in) Issuance Regulations under the Bank Act (collectively the Bail-In Regulations) and the Office of the Superintendent of Financial Institution's Total Loss Absorbing Capacity (TLAC) Guideline will come into effect. These represent the final step in the implementation of the bail-in regime that will allow for the expedient conversion of certain bank liabilities into regulatory capital in the highly unlikely event that a domestic systemically important bank (D-SIB) becomes non-viable. ...
More: http://www.mondaq.com/canada/x/73693...ntation+Update
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Old 10-02-2018, 07:50 AM   #93
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Australia passed their bail in legislation back in February:
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Few would know that very quietly on 14 February 2018, with just 7 senators present, the Financial Sector Legislation Amendment (Crisis Resolution Powers And Other Measures) Bill 2017 was passed into law on a voice vote. You likely saw no press on the matter and yet the ramifications for all Australians are potentially huge.

This is a very long and complicated piece of legislation but at its very core it brings Australia into line with the ‘Bail In’ agenda of the Bank of International Settlements (BIS) as agreed at the G20 here in Brisbane in 2014. ‘Bail In’ is about government not bailing out distressed institutions as we saw in the GFC using tax payer’s money, rather using the creditors of the bank to bail itself out.

The legislation allows our banking regulator APRA ‘crisis powers’ to secretly step in and run distressed banks. It allows APRA to then confiscate and write off certain types of bonds and hybrid securities and allows them to confiscate cash savings of SMSF’s. Whereas elsewhere around the world, including our neighbours New Zealand, they specifically include the confiscation of depositors’ funds (savings), the Aussie version just cleverly doesn’t specifically exclude that….
More: https://www.ainsliebullion.com.au/go...2/default.aspx
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Old 10-02-2018, 02:18 PM   #94
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While I like getting rid of the "too big to fail" mindset & the idea of not using taxpayer money to bail out businesses that are grossly mismanaged, giving them free rein to steal depositors/investors (who are usually taxpayers & paying taxes on interest/gains) money is not much better, maybe even worse. I've never kept much money in banks & never will. I think this coupled with things like what went on in Cyprus & Greece a few years ago should show people not to keep much money in their bank.
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