LOL: Canadian Bank Deposits As Safe As Cypriot Deposits

Rest easy, Canadians, for your bank accounts are going to be made as safe as those bank accounts in Cyprus. Just take a look at the Canadian government's budget plan for 2013, particularly pages 144 and 145 of Economic Action Plan 2013. There the Canadian government promises to use Canadian deposits to save "systematicaly important" banks (emphasis ours).

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. 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.

Those bank liabilities that will be allowed to be converted into regulatory capital? Those include customer accounts. Apparently bailing "out" banks with tax money is too 2012. Now bail "ins" with customer money are all the rage. When a bank deemed "systematically important" finds itself in trouble, taxpayers won't be on the hook to provide the funds to rescue the bank from its bad decisions. Instead the bank will get to look inward, toward its own customers and the funds in their accounts. The Cypriot model is catching on.

More: http://www.marketoracle.co.uk/Article39743.html

LOL: Canadian Bank Deposits As Safe As Cypriot Deposits

LOL: Canadian Bank Deposits As Safe As Cypriot Deposits

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