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  • easygoin_al easygoin_al Apr 9, 2013 1:02 PM Flag

    Countries Preparing For Bail-Ins

    Countries Preparing For Bail-Ins
    Posted April 9th, 2013 by Jim Sinclair & filed under General Editorial.

    Hi Jim,

    Why does everyone seem to think that Canada, Cyprus and New Zealand are the only countries preparing for bail-ins?

    CIGA Janice

    Basel Committee on Banking Supervision
    Report and Recommendations of the Cross-border Bank Resolution Group

    Click here to read the full report…

    This is the policy that the central banks are following. Check out the list of central banks consulted on the formulation of this – last page. The Fed is represented, so it should not have come as a surprise to Mr B. or was it the tilt of the cards that provoked the “angry” reaction?

    Sentiment: Strong Buy

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    • Underlining is mine in the below quote.

      Recommendation 10

      National authorities should adopt crisis management and resolution strategies that reduce moral hazard by minimising public expenditures. Losses should be allocated among shareholders and other creditors, where possible; and private sector resolutions rather than public ownership should be facilitated. Where temporary public ownership is necessary, authorities should seek to return assets to private ownership and management as soon as possible. At the time of public intervention, national authorities should seek to develop public understanding about the amount of fiscal support that may be necessary, estimates of the time horizon for intervention, risk sharing arrangements and the possible losses borne by the taxpayers.

      SIGNATORIES to the document which proposes that creditors of financial organizations, the depositors, carry responsibility to "bail in" bankrupt organizations.

      Members of the Cross-border Bank Resolution Group
      Swiss Financial Market Supervisory Authority
      Federal Deposit Insurance Corporation Banco Central de la República Argentina National Bank of Belgium
      Commission bancaire, financière et des assurances, Belgium Banco Central do Brasil
      Office of the Superintendent of Financial Institutions, Canada Commission Bancaire, France
      Deutsche Bundesbank
      Bundesanstalt für Finanzdienstleistungsaufsicht, Germany Banca d’Italia
      Bank of Japan
      Financial Services Agency, Japan
      Commission de Surveillance du Secteur Financier, Luxembourg De Nederlandsche Bank
      Banco de España
      Sveriges Riksbank
      Swiss National Bank
      Swiss Financial Market Supervisory Authority
      Bank of England
      Financial Services Authority
      Board of Governors of the Federal Reserve System Federal Reserve Bank of New York
      Office of the Comptroller of the Currency
      Office of Thrift Supervision
      Federal Deposit Insurance Corporation
      European Commission European Central Bank (ECB)
      Financial Stability Board
      Offshore Group of Banking Supervisors
      Bank for International Settlements
      Financial Stability Institute
      Secretariat, Basel Committee on Banking Supervision

      Sentiment: Strong Buy

      • 1 Reply to easygoin_al
      • Dear Janice,

        The backpedalling and denials which have emanated from just the same bodies that signed on to this Cyprus template is because it was used in Cyprus, revealing its existence ahead of time. This was constructed for the next large banking problem and not for slamming an island tax shelter like Cyprus. Here is the undeniable template to confiscate deposits with legal grounds. Clearly if this was expected by any public, few would carry large balances in any bank. This should answer clearly the question, can central planners do really stupid things at just the wrong time and wrong targets?


        Sentiment: Strong Buy

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