Dear Mr. Harper,
Exactly WHAT is the 2013 budget proposing to do with money in banks that belongs to the people of Canada? This sounds a little too much like Cyprus. Please inform electors of what is going on.
This is how It appears. The new law would make Cyprus-style bank account confiscation the law of the land for the entire EU (and Canada). When major banks fail they are going to bail them out by taking money that is in our bank accounts.
This is going to destroy faith in the banking system and make it more likely that we will see major bank failures all over the western world and Europe.
Banks can take extreme risks with their money and lose, but the banks will be saved at the expense of raiding our bank accounts.
This is an important issue. In simple terms, please explain what this bail-in means.
Canada Budget 2013 page 144-145
"Establishing a Risk Management Framework for Domestic Systemically
Important Banks Economic Action Plan 2013 will implement a
comprehensive risk management framework for Canada’s systemically
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." (our savings accounts)