The Australian government and major-party politicians have one response to concerns that bank deposits could be “bailed in”: don’t worry, you’re protected by the $250,000 Financial Claims Scheme (FCS) deposit guarantee.
When the government and financial authorities assure you your deposits are guaranteed, don’t believe them. They have proven time and again that in a financial crash they will put the survival of banks and their powerful owners first.
Are federal MPs willing to vote for a bill that could allow the deposits of their constituents—individuals, businesses, non-profits—to be confiscated to prop up a failing bank?
“A ticking time bomb!” That is what outgoing Australian Securities and Investments Commission (ASIC) boss Greg Medcraft last week called the bail-in bonds, a.k.a.
Treasurer Scott Morrison has today introduced into Parliament the bill to give emergency powers to APRA, the regulator that has allowed the banks to abuse their power and positions.
The Citizens Electoral Council is calling on all concerned Australians to demand their elected MPs oppose the new draft bill giving the unaccountable bank regulator APRA dictatorial “crisis management” powers.
