This video has been removed from social media, sometimes within 30 minutes. Perhaps there is an important message?
Woman robs Beirut bank and walks out with $13,000 of her own money to pay for her sister’s cancer treatment after withdrawal was blocked
- Sali Hafiz, a 28-year-old activist, said she managed to free around $13,000
- Cancer treatment for her sister costs $50,000, she said, after her bank raid
- She said ‘I did not come to kill anyone or to start a fire,’ but to ‘claim my rights’
- Lebanese savers have seen their money trapped in banks for almost three years
New Zealand may soon not be the only developed country without bank deposit insurance, but with a policy of bank bail ins. A “bail in” means it is the savers who have funds with a failing bank whose deposits are used to prop up a failing bank.
(If you’re unaware of what happens to your deposits when a bank fails in New Zealand then check out this article: Bank Failures | Could they happen in NZ | The Reserve Bank thinks so)
Australia’s Authorised Deposit-taking Institutions (ADIs) are quietly taking action to prepare for a potential bail-in of retail bank deposits if a domestic or global financial crisis were to occur.
…………..As noted in my recent article, Deposit Insurance Is No Protection Against Bail-in, both Labor and Coalition Governments in the post-Global Financial Crisis era have been part of a global effort to implement a bail-in regime within Australia as part of the crisis resolution framework that would enhance the loss absorbing capacity of systemically important financial institutions.
Moreover as I noted, Martin North from Digital Finance Analytics and I (confirmed by the legal analysis of independent solicitor Robert H. Butler) highlighted that the passage of the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 has provided APRA and Australian ADIs with a legal pathway to implement a bail-in of retail bank deposits through the amendment of deposit accounts T&Cs that would then incorporate suitable legal ‘conversion or write-off’ clauses……………
Read on –