Stop banks in financial trouble from stealing our savings is the message of Senator Roberts’ submission to the Bank Bail-in inquiry.
“The Australian people and small business owners need to know that their savings, whether for mortgages or quarterly tax payments, right now are not safe if a bank faces financial hardship,” said Senator Roberts.
The disappointing and inaccurate submissions from Treasury and APRA claim there is no provision for a bail-in of depositors’ money, in spite of Australia being signatories to international agreements that demand a bail-in strategy.
“This is a blatant lie. Australians need to know that our politicians have ratified the IMF (2008) operating agreement and the G20 financial management guidance which both clearly state that if a bank fails, taxpayers’ money cannot be used to save it (a bail-out), and instead banks must use a bail-in, which steals depositors’ money.”
The Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2018 that allows banks to take your deposited money and convert to devalued bank shares, was waved through with only nine senators present.
“That Bill legalises a bail-in that international agreements demand happens. My Bill, the Banking Amendment (Deposits) Bill 2020, stops this happening.
“New Zealand has openly acknowledged the same international agreements that Australia has signed and has passed legislation that allows depositors’ money to be taken as a bail-in, so why are Treasury and APRA pretending this can’t happen here?” added Senator Roberts.
A bank bail-in has already occurred in Cyprus and Iceland and many countries now have these provisions as part of their banking system.
Only One Nation is prepared to stand against the international agreements that intrude into the lives of Australians and the banks taking our money to save themselves. “Government bonds issued for the purpose of saving a bank are a much better way to save that bank without costing taxpayers any money,” Senator Roberts stated.
Senator Roberts’ submission can be read in full here: