Hundreds of submissions to the inquiry suggested there was a legislative loophole that gives banking regulator, Australian Prudential Regulation Authority , the power to "implement, authorise or direct bail-in to deposit accounts".Its report cited submissions from Treasury, APRA and the Reserve Bank indicating that "there is already legislative certainty that deposits cannot be subject to any form of conversion, write-off or bail-in".
"The committee notes the concerns expressed by submitters that their bank deposits might become subject to bail-in should a financial institution become unstable. "In the unlikely event of financial crisis, the Government's overwhelming efforts would be directed towards stabilising the financial system," the report said.
The RBA has one function. Population property ponzi propaganda. It is clueless otherwise about anything sane to build a productive economy that might actual pay for it. These guys are mad . Best can kickers in the world.
I hope so!
We need to be aware that the economy is not booming, but it is struggling with so many unemployed and household debt climbing rapidly. Be careful. Black lives matter. Wear a mask and more. Vote. =