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Why Is The EU Forcing European Nations To Adopt ‘Bail-In’ Legislation
06-06-2015, 05:10 PM #1
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
Why Is The EU Forcing European Nations To Adopt ‘Bail-In’ Legislation By The End Of The Summer?

Quote: The European Commission on Thursday gave France, Italy and nine other EU countries two months to adopt new EU rules on propping up failed banks or face legal action.

The rules, known as the bank recovery and resolution directive (BRRD), seek to shield taxpayers from having to bail out troubled lenders, forcing creditors and shareholders to contribute to the rescue in a process known as “bail-in”.

http://theeconomiccollapseblog.com/archi...the-summer

Ol Harper included a 'bail-in' clause in Canada's 2014 budget. It's law. If a 'systemically important' bank is failing, the depositor's funds belong to them.
06-06-2015, 05:24 PM #2
UniqueStranger Art in my heart
Posts:15,065 Threads:428 Joined:Jun 2012
Is this something like an economic 'reboot', with the taxpayers not getting the boot up the arse this time?
06-06-2015, 05:35 PM #3
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
(06-06-2015, 05:24 PM)UniqueStranger Wrote:  Is this something like an economic 'reboot', with the taxpayers not getting the boot up the arse this time?

There's a difference between bail out and bail in. A bail out is money the gov prints and supports failing banks with, passing the debt on to the taxpayer. A bail in is actual assets and savings of fiscally responsible depositors confiscated.
06-06-2015, 05:38 PM #4
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
Bail ins were written into Harper's 2013 budget

Quote: Canada’s large banks are a source of strength for the Canadian economy. Our large banks have become increasingly successful in international markets, creating jobs at home.

The Government also recognizes the need to manage the risks associated with systemically important banks — those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.

http://theeconomiccollapseblog.com/archi...ent-budget
06-06-2015, 05:51 PM #5
UniqueStranger Art in my heart
Posts:15,065 Threads:428 Joined:Jun 2012
So, it boils down to the same thing...taxpayers will get the boot up the arse and pay for political and economic strategies that continue to fail, time and time again?
06-06-2015, 06:31 PM #6
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,396 Threads:1,439 Joined:Feb 2011
(06-06-2015, 05:35 PM)Shadow Wrote:  
(06-06-2015, 05:24 PM)UniqueStranger Wrote:  Is this something like an economic 'reboot', with the taxpayers not getting the boot up the arse this time?

There's a difference between bail out and bail in. A bail out is money the gov prints and supports failing banks with, passing the debt on to the taxpayer. A bail in is actual assets and savings of fiscally responsible depositors confiscated.

The depositors are left holding the bag with their tangible assets at stake and are going to be held responsible for a failing bank? Sounds fair eh? omg.gif

wonder.gif



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