Bail In’s Enacted at the last G20 meeting: “Banks may take your money to cope with crisis”

             Q: Is your money safe with your bank?

             A: No, your bank is safe with your money.

“Banks may take your money to cope with crisis” (The Cyprus Model is adapted globally)

http://www.etc.se/ekonomi/bankerna-far-ta-dina-pengar-att-klara-krisen

Below is the translation

The question is not if, but when the banking crisis occurs. And then the major banks have the right to take your life savings in order to save themselves and the financial system. The Decision was clubbed through recently at the G20. Because of Sweden’s EU membership, Sweden must follow the directives.

The Swedish model has been clear. When the Swedish banks have financial problems it borrows Swedish state money. The system is called bail out”. But this changed at the G20 summit in November last year. A new international standard for the world’s major banks was resolved last year.. During a crisis, the bank is allowed to take their clients ‘capital, ie individuals’ savings accounts and pension funds, in order to save themselves: A so-called “bail-in”.

The risk for savers is obvious, as you can read in the analysis alongside. The new system applies primarily to large banks with implications for the global economy, the so-called Global Systemi- Important Bank. The only Swedish bank Nordea and Danske bank also active here. But even more Swedish banks SEB and of Swedbank, may be affected by the new directives.
On the Swedish banking association thinks chief economist Johan Hansing that the decision is good.

Our approach to this process is basically positive. We think it is obvious that if a bank is experiencing problems, the bank shall as far as possible handle problems without the government having to go in to mediate.

What is it that is so bad that the state should go in?

The system is based on the fact that the state assumes the responsibility, but there must be enough capital so that taxpayers should not have to pay for the bank to cope.

Must follow the directives
Sweden is not a member of the G20 but still has a duty to comply with the directives of the EU membership. But the question is complicated by the Financial Crisis Committee submitting a report to the Finance Ministry on how a banking crisis should be handled. It says that Sweden should act in a different way (than previous).

Our proposal builds on the contrary, if banks get into more serious problems, the state should have the opportunity to take control of the bank. State shall be able to write down receivables or convert them into equity. The whole idea is to give the banks’ owners and financiers greater responsibility for the losses a bank may encounter, says Lars Hörngren who led the investigation.

Financial Crisis Committee has the task of the EU directives are and then work it into a Swedish bill. The investigation is located on the Treasury and Lars Hörngren hope it can be decided on a new law during the first half of the 2015th

“Gets a celestial life”

But that Sweden would make a law that goes against the decision taken at the G20 does not matter. I think today’s ETC’s economy writer Stefan Koch, now sounding the alarm about the decision at the G20 meeting.

I do not think that goes against the directives, I think driving on with this. This course an international standard that is set now, he says.

What do you think will happen when a banking crisis?
I think people will be quite mad when it happens. We could see it in Cyprus in 2013 which had as proposals to take savers’ money to rescue the remaining banks. There were large demonstrations and a solution that involved a kind of middle way in which those with savings of € 100 000 had to pay a portion. When it starts to talk about private bank accounts which also belong to the middle class becomes a celestial life.

Today ETC has no result sought Finance Minister Magdalena Andersson with the question how the government agrees to the G20‘s decision. Neither Nordea, the only bank with a foothold in Sweden as part of the new system, has wanted to leave a comment on how they intend to deal with a banking crisis.

cyprus - Copy

http://www.huffingtonpost.com/ellen-brown/new-g20-bailin-rules-now-_b_6244394.html

and “Timeline For “Bail-In” Of G20 Banking System”

This implies that the Dodd Frank and its revisions likely are the implementors.
(In order to implement evil–hide it in the boring.

“How did it happen?

How did we come to a place where an unknown, unelected body of bankers and bureaucrats — chaired since its inception by former Goldman Sachs men — has duped the G20 heads of government into endorsing a scheme to “bail-in” the insolvent private sector banking system by stealing the savings of taxpayers?”………..

http://barnabyisright.com/2013/07/14/timeline-for-bail-in-of-g20-banking-system/

If you want to keep your money safe: bank with us, at

Banc de l’asteroide B612

ALL RESPECT DESERVED

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