BFCSA: Sneaky Tony - Treasury forced to answer CEC and experts on bail-in bill. A POX on this Government!
"Not our Intention but we can GRAB YOUR CASH if we want..."
Tony Abbott & only several others passed this bill as everybody else slept all against objections of a Tasmanian politician, an ex banker, who fully understood the ramification of such a bill.
The full story from CEC here: http://cecaust.com.au/releases/2018_02_16_Govt_APRA.html
The government and regulators have been forced to answer objections raised in the flood of public submissions on the APRA “bail-in” bill. The Senate Economics Legislation Committee, which received more than 1,000 submissions to its inquiry into the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017, put a series of questions to the Treasury, Reserve Bank (RBA), Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC), based on the objections of the Citizens Electoral Council, former APRA principal researcher Dr Wilson Sy, and the Banking and Finance Consumers Support Association. The committee effectively asked Treasury and the regulators to prove that the bail-in powers in the bill can’t be used to seize deposits. Despite their shrill denials, they couldn’t.
Treasury asserted that the CEC’s and Dr Sy’s warnings about deposits were “incorrect”. When explaining the wording of the legislation, however, Treasury repeatedly qualified their denials with phrases such as “it is not the intention”, “we do not believe”, and “it cannot reasonably be interpreted”, etc. This inability to be definitive backs up the CEC’s point that the wording of the bill is broad enough to include deposits.
Read more........................ http://cecaust.com.au/releases/2018_02_16_Govt_APRA.html