Tag Archives: SIFI

EU Confirms Plan For Cyprus-Style Theft of Bank Deposits

6 Jul

As warned here repeatedly…

G20 Governments All Agreed To Cyprus-Style Theft Of Bank Deposits… In 2010

Federal Reserve Governor Confirms – Bank Depositors Will Be Cyprused

Growing Political Deception On Bank Deposits Theft

The Bankers’ Net Is Closing

Federal Reserve Says Bank Bail-Ins Coming To The USA

… the internationalist banksters’ plan to set up a global regime for “resolution” of failing banks, wherein governments will give themselves free reign to “bail-in” the banks using depositors’ savings, is now slowly but surely being enacted by governments worldwide.

From The Telegraph (UK):

EU makes bank creditors bear losses as Cyprus bail-in becomes blue-print for rescues

New European Union “bail-in” rules to impose the losses of failed banks on shareholders, bondholders and some large depositors were agreed early this morning by Europe’s finance ministers.

…Jeroen Dijsselbloem, the chairman of the Eurogroup of finance ministers, hailed the agreement as a major step towards a “banking union” and away from state funded aid to recapitalise or bailout troubled banks across Europe.

…Greg Clark, the financial secretary to the Treasury, declared that Britain was happy with the new rules after securing concessions allowing governments flexibility on how to tailor bank “resolution” to national circumstances and existing British arrangements on banking levies.

…Under the deal, after 2018 bank shareholders will be first in line for assuming the losses of a failed bank before bondholders and certain large depositors. Insured deposits under £85,000 (€100,000) are exempt and, with specific exemptions, uninsured deposits of individuals and small companies are given preferred status in the bail-in pecking order for taking losses.

It is most important to recall what we have shown previously.

Do not be fooled into believing that, because Australia’s government has “guaranteed” (ie, insured) bank deposits up to $250,000, that this means your savings are safe, and that a failing Aussie bank will not be “bailed-in” using your money.

The government’s “guarantee” is limited, to just $20 billion per failed bank.

That’s less than one-tenth of the total amount of customer deposits — digital bookkeeping entries — actually “held” by Australian banks.

(see The Bank Deposits Guarantee Is No Guarantee At All )

To the best of my knowledge, Australia’s politicians have not yet begun to legislate the new, FSB-mandated and G20-agreed bank “bail-in” regime here.

But when they do, your savings will be exposed to confiscation.

Just as intended:

Earlier on Monday, Bank of England Deputy Governor Paul Tucker said the EU law on bank recovery and resolution would be a milestone towards a global system.

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Federal Reserve Says Bank Bail-Ins Coming To The USA

26 Jun
Click to enlarge

Click to enlarge

On April 1st, this blog broke the full story of how G20 Governments All Agreed To Cyprus-Style Theft Of Banks Deposits … In 2010.

In recent days, numerous alternate media outlets have reported that Federal Reserve board member Jeremy Stein has confirmed this at an IMF-sponsored conference.

From Anglo Far East:

Please find a review of some data from a recent speech by a central banker that reinforces the rapid approach of “bail-ins”.

Link to download PDF of Jeremy Stein speech

The speech by Federal Reserve Board Member Jeremy Stein at an IMF-sponsored conference focused on “too big to fail” (TBTF) banks and “systemically important financial institutions” (SIFIs).

Stein said: “First, and most obviously, one goal is to get to the point where all market participants understand with certainty that if a large SIFI were to fail, the losses would fall on its shareholders and creditors, and taxpayers would have no exposure.”

And from gold proponent Jim Sinclair:

Bail-in is coming faster then we know. For god’s sake protect yourself. Come to the Q&A.

Governor Jeremy C. Stein
At the “Rethinking Macro Policy II,” a conference sponsored by the International Monetary Fund, Washington, D.C.
April 17, 2013

“First, and most obviously, one goal is to get to the point where all market participants understand with certainty that if a large SIFI (Significantly Important Financial Institutions) were to fail, the losses would fall on its shareholders and creditors……”

It is worth reviewing this blog’s report of April 1st for the full details of the BIS-funded, FSB-directed plan to steal your bank deposits when our banks begin to go under.

To “enable authorities to resolve failing financial firms in an orderly manner without exposing the taxpayer to the risk of loss.”

Conveniently ignoring that bank deposit holders are taxpayers too.

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