Or you can mail donations to Henry Shivley at P.O. Box 964, Chiloquin, OR 97624

Canada Includes Depositor Haircut Bail-In Provision for Systemically Important Banks in 2013 Budget

Silver Doctors

Just as DieselBOOM accidentally admitted Monday, it appears that the Cypriot bail-in is anything but a one-off event, and is in fact the new collapse template for the entire Western banking system, and not just the ECB/ Eurozone!

SD has been alerted to an alarming provision that has been buried deep inside the official 2013 Canadian Budget that will result in depositor haircut bail-ins jumping to this side of the pond during the next bank crisis!  

Titled ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures!

Depositor haircuts have just jumped to this side of the pond, effective the next bank crisis/ failure:

From Page 144:

“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.”

Translated, Without the use of taxpayer funds means via depositor funds.

And the meat of the provision, from Page 145:

The Government proposes to implement a bail-in regime for systemically important banksThis 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.
This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada.
Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants…

Confiscating wealth from depositors will reduce risks for taxpayers???  Only those with 100% of their assets in physical gold and silver, or those Canadian depositors who are somehow not also taxpayers perhaps!

The bail-in provision in Canada’s 2013 budget can be found on pages 144,145:
www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

http://www.silverdoctors.com/canada-includes-bail-in-provision-for-systemically-important-banks-in-2013-budget/

This entry was posted in News. Bookmark the permalink.
2017

1 Response to Canada Includes Depositor Haircut Bail-In Provision for Systemically Important Banks in 2013 Budget

  1. Jolly Roger says:

    The bank account raids are coming here too, but they’ll hide their necessity for as long as they can, so there’s more to loot, of course. If you still have money in the bank you’re not a very wise person. (I”m trying to refrain from calling people idiots, morons, buffoons, dim-wits, etc.)

    Get your money out of the bank ASAP and spend every penny of it on things you’re going to need. If you have a lot of money, buy silver, but most people should be stockpiling food, clothing, shelter, defenses. ANY tangible item is better than cash.

Leave a Reply