Australian Politics Forum - Your Savings Can Be Used 2 Save Insolvent Banks ?

PZ547 Gold Member Offline Australian Politics Posts: 9282 Gender:	Your Savings Can Be Used 2 Save Insolvent Banks ? Feb 19^th, 2018 at 2:43pm Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 snuck through, on 14 February 2018, with hardly any pollies around. LINK
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Its time Gold Member Offline Boot libs out Posts: 25639 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #1 - Feb 19^th, 2018 at 2:48pm Who passed this ?
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Bias_2012

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #2 - Feb 19^th, 2018 at 3:17pm

Sneaky legislation like that usually originates from the RBA, draft it up and the politicians finish their dirty work

Bailouts are normal now. The Soviet Union was designed around them. But there is no Soviet Union no more

Always follow your own money. Read banks Annual Reports and Financial Statement to compare their debt to asset ratio. The less debt, the safer they are (but knowing they can get bailouts, they might get reckless and greedy)

Too much work? there's lots more you can do, like checking the number of bankruptcies each year. Home loan defaults. Debt increases etc etc. If the picture is looking worse and worse, get ready to take action

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« Last Edit: Feb 19^th, 2018 at 3:51pm by Bias_2012 »

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lee

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #3 - Feb 19^th, 2018 at 3:26pm

Excerpt from Explanatory memorandum -
"Schedules 1 to 7 to the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 (the Bill) makes amendments to the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Australian Prudential Regulation Authority Act 1998, Payment Systems and Netting Act 1998, Financial Sector (Business Transfer and Group Restructure) Act 1999, Corporations Act 2001 and the Income Tax Assessment 1997.

The Bill strengthens the powers of the Australian Prudential Regulation Authority (APRA) to facilitate the orderly resolution of an authorised deposit-taking institution (ADI) or insurer so as to protect the interests of depositors and policyholders, and to protect the stability of the financial system.

The Bill also ensures that APRA has powers to set appropriate prudential requirements and take action in relation to resolution planning so that ADIs and insurers are better prepared for resolution."

http://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r5989_ems_d5c61274-...

I suggest you read it.

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lee

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #4 - Feb 19^th, 2018 at 3:53pm

"'Neill, Sen Deb ALP Senator O'NEILL ( New South Wales ) ( 11:58 ): I rise to speak in support of the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other "

"Bowen, Chris, MP McMahon ALP Mr BOWEN ( McMahon ) ( 17:22 ): The Labor Party will support this legislation through the House and through the other house"

"No proposed amendments have been circulated."

http://parlinfo.aph.gov.au/parlInfo/search/summary/summary.w3p;query=BillId_Phra...

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Bias_2012 Gold Member Offline Australian Politics Posts: 10306 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #5 - Feb 19^th, 2018 at 3:59pm It's to protect "the interests of depositors" ... not their money There's only one person you can trust to protect your money, and that's yourself
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lee

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #6 - Feb 19^th, 2018 at 4:02pm

Bias_2012 wrote on Feb 19^th, 2018 at 3:59pm:

It's to protect "the interests of depositors" ... not their money

There's only one person you can trust to protect your money, and that's yourself

So you think somehow the "interests of the depositors" is not their money? What other interest in a bank does a depositor have?

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Bias_2012 Gold Member Offline Australian Politics Posts: 10306 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #7 - Feb 19^th, 2018 at 4:09pm Trust in banks, you know, that warm feeling that comes over you just as you make a deposit
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Sir lastnail

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #8 - Feb 19^th, 2018 at 4:48pm

lee wrote on Feb 19^th, 2018 at 3:26pm:

Excerpt from Explanatory memorandum -
"Schedules 1 to 7 to the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 (the Bill) makes amendments to the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Australian Prudential Regulation Authority Act 1998, Payment Systems and Netting Act 1998, Financial Sector (Business Transfer and Group Restructure) Act 1999, Corporations Act 2001 and the Income Tax Assessment 1997.

The Bill strengthens the powers of the Australian Prudential Regulation Authority (APRA) to facilitate the orderly resolution of an authorised deposit-taking institution (ADI) or insurer so as to protect the interests of depositors and policyholders, and to protect the stability of the financial system.

The Bill also ensures that APRA has powers to set appropriate prudential requirements and take action in relation to resolution planning so that ADIs and insurers are better prepared for resolution."

http://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r5989_ems_d5c61274-...

I suggest you read it.

Or is it to protect their reckless lending practices so they can keep their ponzi lending scams going so that property prices don't collapse ? Because as we all know property has never crashed in Australia because we have a well regulated banking system Cheesy

LOL

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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lee

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #9 - Feb 19^th, 2018 at 4:57pm

Sir lastnail wrote on Feb 19^th, 2018 at 4:48pm:

Or is it to protect their reckless lending practices so they can keep their ponzi lending scams going so that property prices don't collapse ?

You have proof?

Sir lastnail wrote on Feb 19^th, 2018 at 4:48pm:

Because as we all know property has never crashed in Australia because we have a well regulated banking system

And they have always recovered. Some ponzi scheme. Wink

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Bam

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #10 - Feb 19^th, 2018 at 7:52pm

lee wrote on Feb 19^th, 2018 at 3:53pm:

"'Neill, Sen Deb ALP Senator O'NEILL ( New South Wales ) ( 11:58 ): I rise to speak in support of the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other "

"Bowen, Chris, MP McMahon ALP Mr BOWEN ( McMahon ) ( 17:22 ): The Labor Party will support this legislation through the House and through the other house"

"No proposed amendments have been circulated."

http://parlinfo.aph.gov.au/parlInfo/search/summary/summary.w3p;query=BillId_Phra...

Amendments were going to be circulated, especially by One Nation, but the bill was quickly passed (without the Senate having a quorum) while the amendments were still under review.

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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Bam

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #11 - Feb 19^th, 2018 at 7:59pm

lee wrote on Feb 19^th, 2018 at 4:57pm:

Sir lastnail wrote on Feb 19^th, 2018 at 4:48pm:

Or is it to protect their reckless lending practices so they can keep their ponzi lending scams going so that property prices don't collapse ?

You have proof?

Sir lastnail wrote on Feb 19^th, 2018 at 4:48pm:

Because as we all know property has never crashed in Australia because we have a well regulated banking system

And they have always recovered. Some ponzi scheme. Wink

Past performance is no guarantee of future performance. Wink

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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lee Gold Member Offline Australian Politics Posts: 16404 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #12 - Feb 19^th, 2018 at 8:34pm Bam wrote on Feb 19^th, 2018 at 7:52pm: Amendments were going to be circulated, especially by One Nation, but the bill was quickly passed (without the Senate having a quorum) while the amendments were still under review. Got a reference for that?
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lee Gold Member Offline Australian Politics Posts: 16404 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #13 - Feb 19^th, 2018 at 8:41pm Bam wrote on Feb 19^th, 2018 at 7:59pm: Past performance is no guarantee of future performance. Wink Yes. Based on your past performance I don't expect much.
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Sir lastnail

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #14 - Feb 19^th, 2018 at 10:06pm

lee wrote on Feb 19^th, 2018 at 4:57pm:

Sir lastnail wrote on Feb 19^th, 2018 at 4:48pm:

Or is it to protect their reckless lending practices so they can keep their ponzi lending scams going so that property prices don't collapse ?

You have proof?

Sir lastnail wrote on Feb 19^th, 2018 at 4:48pm:

Because as we all know property has never crashed in Australia because we have a well regulated banking system

And they have always recovered. Some ponzi scheme. Wink

Just look at their loan books and what percentages are in property Wink

You didn't think these four pillars of trash banking were ever going to support productive industries like the banking sector does in germany ? These dummies wouldn't know what real productive industry was Sad

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« Last Edit: Feb 19^th, 2018 at 10:13pm by Sir lastnail »

In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.

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