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22-06-2020, 07:07 PM
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BANNED
Join Date: Jul 2012
Posts: 2,886
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Not sure how many people are aware of this legislation that was quietly introduced a while back.
It basically says that in the event of a banking crisis (such as the last GFC), that the banks can use depositors' money to keep themselves afloat. It means that depositors, inc super funds and trust accounts, will be treated as unsecured creditors. The banks have the power to convert depositors funds into bank shares. But...the bank will be in trouble so the share price will be collapsing...hmmm? But wait...we have the $250k guarantee.. Turns out that each of the banks has a set amount that is allocated to each one in their insurance cover. It turns out that their "cover" will not cover all deposits, so...let's say if your surname starts with "A" you are fine... But if you start with a "K" the money will have run out and you get...zip It's a scarey piece of legislation that makes you think just how safe is my cash...and my self managed super etc etc... here's a youtube link a couple of guys in the know that i stumbled on.
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Bank "Bail in" legislation
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