On 11 January 2013, the Australian Financial Markets Association (AFMA) responded to the Australian Treasury regarding the government’s Consultation Paper (September 2012) Strengthening APRA’s Crisis Management Powers.
There is much of interest in AFMA’s letter.
But this (page 5) is arguably the “money quote” that should be of most interest to Aussies with savings in a bank:
“The FSB’s Key Attributes lays out its principles for executing a bail-in within resolution. We welcome the role of the bail-in tool for a resolution.”
The Australian Treasury’s consultation paper further evidences that the internationalist, Goldman-Sachs chaired, FSB-directed new regime for Cyprus-style bail-in of banks using depositors savings was endorsed by the G20:
… and that bail-in of Australian banks is an FSB requirement, one that will be enforced by APRA as Australia’s “resolution authority”, under new “robust statutory powers”:
More to come.