Canada Prepares for Bankers to Dip into Personal Accounts!*

Easy  MoneyCanada Prepares for Bankers to Dip into Personal Accounts!*

What happened in Cyprus, was a practice run in forcing a country to relinquish its sovereignty as the bailout funds turn into bail-ins! Whether it is a bailout or bail-in, the ordinary citizen still pays. One state, one government, Europe or more specifically, the European royals – time will tell.

The 2013 Budget of the Harper Administration has an interesting clause on page 145. The clause allows banks to convert liabilities into capital in times of need, and deposit accounts qualify as ‘liabilities’ despite the fact that banks would not exists without them – cash flow!

“The Government proposes to implement a bail-in regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital.”  (Budget 2013 -page 145)

One wonders what that would be called if/when one goes bankrupt!

Mark Carney, Canada’s top financial regulator implied that customer deposits over $100,000 may not be protected.

Source*

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One thought on “Canada Prepares for Bankers to Dip into Personal Accounts!*

  1. Pingback: Canada Prepares For Bankers To Dip Into Personal Accounts! – 4 May 2013 | Lucas 2012 Infos

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