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

lee Gold Member Offline Australian Politics Posts: 16397 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #15 - Feb 19^th, 2018 at 10:20pm Sir lastnail wrote on Feb 19^th, 2018 at 10:06pm: Just look at their loan books and what percentages are in property So no; you don't have proof.
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PZ547 Gold Member Offline Australian Politics Posts: 9282 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #16 - Feb 20^th, 2018 at 12:41am LINK Bit of info here
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PZ547

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #17 - Feb 20^th, 2018 at 12:46am

Quote:

Government sneaks through APRA ‘bail-in’ law, but fuels anti-bank revolt

Under siege from erupting public opposition, the Turnbull government whisked its APRA crisis resolution bill through the Senate and into law on 14 February.

Of Australia’s 76 senators, only seven were present when the government rushed the bill to a vote, which passed “on the voices”, with no opposition from the Labor or Greens senators present.

The process was hurried to ensure that senators who planned to move an amendment, to stipulate that the bill’s “bail-in” provisions must not apply to bank deposits, did not have the chance, and weren’t even present when it passed

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PZ547

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #18 - Feb 20^th, 2018 at 1:24am

Change.org

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Quote:

Dirty trick

The biggest scandal about the bill’s rushed passage, is the dirty trick the government pulled at the last moment to ensure it couldn’t be amended to explicitly protect deposits.

A CEC delegation was in Parliament House this week meeting politicians from all parties, to expose the true nature of the bill. After having it explained to them, Pauline Hanson’s One Nation party proposed an amendment to the bill to clarify that it wouldn’t include deposits, which was the government’s claim after all.

In a meeting with the government on the morning of the Senate debate, One Nation notified government and Treasury representatives that they intended to move the amendment.

The government offered to have their legal experts look at the wording of the amendment.

However, it was while One Nation was waiting to hear back from the government’s legal experts that the bill was rushed through without their knowledge.

Not only did One Nation not get to move their amendment, no One Nation senator was yet present in the chamber!

Change.org

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Bobby. Gold Member Offline Australian Politics Posts: 95101 Melbourne Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #19 - Feb 20^th, 2018 at 5:50am When a bank owes you money you're an unsecured creditor. That's not a good position when they are offering less than 2.5% interest per annum on your money. When they lend to you as unsecured on a credit card you pay 20% interest.
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Bam Gold Member Offline Australian Politics Posts: 21905 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #20 - Feb 20^th, 2018 at 6:58am lee wrote on 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. Personal attacks now? Grow up , troll.
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Grappler Truth Teller Feller

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #21 - Feb 20^th, 2018 at 8:56am

So the bank boards etc can run the business into the ground and rely on your money to bail them out while they slip out the back door with a few billions?

The Australian taxpayer is now in the business of bailing out flawed and failed businesses? Better to restore the central people's bank to keep them honest.... Hawke did us no favours there....

Gordon Gecko lives!

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
― John Adams

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Sir lastnail

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #22 - Feb 20^th, 2018 at 9:07am

lee wrote on Feb 19^th, 2018 at 10:20pm:

Sir lastnail wrote on Feb 19^th, 2018 at 10:06pm:

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

So no; you don't have proof.

Check their loan books. Nearly 70% is in property deals.

Also what are their cash reserves ? They have 1% cash reserves whilst they recklessly lend out other peoples money. No wonder they can get away doing this with a government guarantee to protect them Sad

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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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Sir lastnail

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #23 - Feb 20^th, 2018 at 9:12am

Grappler Truth Teller Feller wrote on Feb 20^th, 2018 at 8:56am:

So the bank boards etc can run the business into the ground and rely on your money to bail them out while they slip out the back door with a few billions?

The Australian taxpayer is now in the business of bailing out flawed and failed businesses? Better to restore the central people's bank to keep them honest.... Hawke did us no favours there....

Gordon Gecko lives!

yep we are all suckers to allow this to happen. No wonder 5 of the top 20 companies in australia are banks Sad

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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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Bam

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #24 - Feb 20^th, 2018 at 10:12am

Sir lastnail wrote on Feb 20^th, 2018 at 9:07am:

lee wrote on Feb 19^th, 2018 at 10:20pm:

Sir lastnail wrote on Feb 19^th, 2018 at 10:06pm:

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

So no; you don't have proof.

Check their loan books. Nearly 70% is in property deals.

Also what are their cash reserves ? They have 1% cash reserves whilst they recklessly lend out other peoples money. No wonder they can get away doing this with a government guarantee to protect them Sad

And the fools wonder why the banks didn't want mortgage lending looked at when they wrote the terms of reference for the alleged Royal Commission.

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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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Bobby.

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #25 - Feb 20^th, 2018 at 10:49am

Sir lastnail wrote on Feb 20^th, 2018 at 9:12am:

Grappler Truth Teller Feller wrote on Feb 20^th, 2018 at 8:56am:

So the bank boards etc can run the business into the ground and rely on your money to bail them out while they slip out the back door with a few billions?

The Australian taxpayer is now in the business of bailing out flawed and failed businesses? Better to restore the central people's bank to keep them honest.... Hawke did us no favours there....

Gordon Gecko lives!

yep we are all suckers to allow this to happen. No wonder 5 of the top 20 companies in australia are banks Sad

Hi Nail,
how does it feel to be an unsecured creditor?

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lee

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #26 - Feb 20^th, 2018 at 11:05am

Bam wrote on Feb 20^th, 2018 at 6:58am:

lee wrote on 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.

Personal attacks now? Grow up , troll.

That wasn't personal. If I had wanted to be personal I could have said much worse.

Just try, occasionally even, to provide links to some of your assertions.

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lee Gold Member Offline Australian Politics Posts: 16397 Gender:	Re: Your Savings Can Be Used 2 Save Insolvent Banks ? Reply #27 - Feb 20^th, 2018 at 11:13am Sir lastnail wrote on Feb 20^th, 2018 at 9:07am: They have 1% cash reserves Got a reference for that?
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Bias_2012

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #28 - Feb 20^th, 2018 at 1:04pm

The only thing that can be done now is to negotiate with your bank to see if you can be exempted from deposit confiscation in times of financial crisis, try to get a written agreement between just you and your bank, threatening them that you'll withdraw all your money and give them no more of your business - ever

Another way is to take out insurance on your deposits, but ensure that the premiums are less than the interest earned on your short term investments or whatever

We can see now what stinking bastards the Libs and Labs are after the mongrel trick they played on One Nation who were only trying to protect the banking public, but ON was a bit naive to remain outside the Senate chamber waiting for an answer from the so called "legal experts", the Libs and Labs have always been bastards and ON has not fully realised that yet

Which is the better way to protect the public, Govt confiscation of your deposits, or allowing you to keep them?

Keeping them means you can keep spending in a time of crisis and keep businesses going

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Our Lives Are Governed By The Feast & Famine Variable

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Bobby.

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Re: Your Savings Can Be Used 2 Save Insolvent Banks ?
Reply #29 - Feb 20^th, 2018 at 3:52pm

Bias_2012 wrote on Feb 20^th, 2018 at 1:04pm:

The only thing that can be done now is to negotiate with your bank to see if you can be exempted from deposit confiscation in times of financial crisis, try to get a written agreement between just you and your bank, threatening them that you'll withdraw all your money and give them no more of your business - ever

Another way is to take out insurance on your deposits, but ensure that the premiums are less than the interest earned on your short term investments or whatever

We can see now what stinking bastards the Libs and Labs are after the mongrel trick they played on One Nation who were only trying to protect the banking public, but ON was a bit naive to remain outside the Senate chamber waiting for an answer from the so called "legal experts", the Libs and Labs have always been bastards and ON has not fully realised that yet

Which is the better way to protect the public, Govt confiscation of your deposits, or allowing you to keep them?

Keeping them means you can keep spending in a time of crisis and keep businesses going

take out insurance on your deposits?

Australian Super withdrew their capital guaranteed option
so now all my super is in the bank &
I'm an unsecured creditor.
If the banks fail I lose everything.

P.S.
don't tell me to put it in shares -
I reckon the stock market is due for a fall and so is housing.

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