Switzerland Revises 1934 Banking Act To Allow Bail-In Deposit Confiscations

Kazu

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Quote from: alexeft on April 20, 2013, 10:10:38 AM

Quote from: TimJBenham on April 20, 2013, 10:07:45 AM

Quote from: alexeft on April 20, 2013, 10:02:16 AM

Quote from: TimJBenham on April 20, 2013, 09:59:59 AM

I have yet to hear of any Western country proposing to change the bank creditor hierarchy to disadvantage depositors.

Cyprus depositors are at an advantage then?

I don't understand what point you are trying to make and I don't think you do either.

Forget it.

This is the best conversation ever.

seleme

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Switzerland softened their hard laws on bank secret information years ago. It's Luxembourg who took lot of their banking business now.

alexeft

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Quote from: TimJBenham on April 20, 2013, 10:07:45 AM

Quote from: alexeft on April 20, 2013, 10:02:16 AM

Quote from: TimJBenham on April 20, 2013, 09:59:59 AM

I have yet to hear of any Western country proposing to change the bank creditor hierarchy to disadvantage depositors.

Cyprus depositors are at an advantage then?

I don't understand what point you are trying to make and I don't think you do either.

Forget it.

TimJBenham

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Quote from: alexeft on April 20, 2013, 10:02:16 AM

Quote from: TimJBenham on April 20, 2013, 09:59:59 AM

I have yet to hear of any Western country proposing to change the bank creditor hierarchy to disadvantage depositors.

Cyprus depositors are at an advantage then?

I don't understand what point you are trying to make and I don't think you do either.

alexeft

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Quote from: TimJBenham on April 20, 2013, 09:59:59 AM

I have yet to hear of any Western country proposing to change the bank creditor hierarchy to disadvantage depositors.

Cyprus depositors are at an advantage then?

TimJBenham

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Quote from: aigeezer on April 20, 2013, 09:47:33 AM

Quote from: TimJBenham on April 20, 2013, 09:17:13 AM

Your source is incredible.

The OP's source's source is apparently a newsletter from a Swiss law firm dated February, 2013, well before the Cyprus bail-in.

http://www.swlegal.ch/Publications/Newsletter/2013-02-Loss-Absorption-and-Bail-in-for-Swiss-Bank.aspx

The plot thickens, I suppose.

There are allegations that most Western nations are quietly moving to the bail-in model.

Do you know the difference between a bail-in of depositor's funds and a bail-in of subordinate debt? Can you tell me which Western nations are moving to a depositor bail-in model?

Of course there is no reason why depositors shouldn't lose some or all of their deposits if a bank can't pay its debts. That's what deposits are, debts. If you lend money to someone and they cannot pay you back that should be a problem for them and their creditors to sort out. There is no reason for taxpayers or fiat holders to bail anyone out as seems to happen frequently (the state either taxes the uninvolved or prints more money to cover the shortfall). I have yet to hear of any Western country proposing to change the bank creditor hierarchy to disadvantage depositors.

aigeezer

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Quote from: TimJBenham on April 20, 2013, 09:17:13 AM

Your source is incredible.

The OP's source's source is apparently a newsletter from a Swiss law firm dated February, 2013, well before the Cyprus bail-in.

http://www.swlegal.ch/Publications/Newsletter/2013-02-Loss-Absorption-and-Bail-in-for-Swiss-Bank.aspx

The plot thickens, I suppose.

There are allegations that most Western nations are quietly moving to the bail-in model. I have no idea where the FUD begins or ends.

alexeft

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Quote from: Ban Curtain on April 20, 2013, 09:09:27 AM

Seems that bitcoin gonna to be obviously underestimated very soon. Whom you can trust if even switzerland's banks can take your money?

Quote

The Swiss Financial Market Supervisory Authority (FINMA) has quietly joined the growing parade of western nations who have quietly re-written banking laws to allow depositor bail-ins upon the next banking crisis.
If Switzerland, the once ultimate safe haven for banking deposits across the world is preparing to confiscate depositors funds, there truly is no protection anywhere other than physical gold and silver in your own possession!

source: http://www.fromthetrenchesworldreport.com/switzerland-revises-1934-banking-act-to-allow-bail-in-deposit-confiscations/41695/

All right!! I'm selling 10 bitcoins at 50000 eur per piece!! Anyone??? Grin

TimJBenham

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Your source is incredible. Do you even know what a bail-in means?

Ban Curtain

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Seems that bitcoin gonna to be obviously underestimated very soon. Whom you can trust if even switzerland's banks can take your money?

Quote

The Swiss Financial Market Supervisory Authority (FINMA) has quietly joined the growing parade of western nations who have quietly re-written banking laws to allow depositor bail-ins upon the next banking crisis.
If Switzerland, the once ultimate safe haven for banking deposits across the world is preparing to confiscate depositors funds, there truly is no protection anywhere other than physical gold and silver in your own possession!

source: http://www.fromthetrenchesworldreport.com/switzerland-revises-1934-banking-act-to-allow-bail-in-deposit-confiscations/41695/

Topic: Switzerland Revises 1934 Banking Act To Allow Bail-In Deposit Confiscations (Read 1196 times)