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New Zealand:banks were instructed to put systems in place for bail-ins from depositors

 
TeamReaper

User ID: 22030141
United States
04/10/2013 12:17 AM

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New Zealand:banks were instructed to put systems in place for bail-ins from depositors
Cyprus will not be an isolated case. According to an IT specialist at the Reserve Bank of New Zealand and the major law firm Buddle Findlay, our banks were instructed years ago to put systems in place for bail-ins from New Zealand depositors. Legislation is now in front of Parliament to facilitate this and could be in place as early as June. My understanding of the New Zealand legislation is that the cut-off point under which depositors will be protected can be changed at will and could be as low as $5,000.


[link to www.scoop.co.nz]

Last Edited by TeamReaper on 04/10/2013 12:17 AM
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Anonymous Coward
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Australia
04/10/2013 12:22 AM
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Re: New Zealand:banks were instructed to put systems in place for bail-ins from depositors
bump
exportgoldman

User ID: 23898407
New Zealand
04/10/2013 12:46 AM
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Re: New Zealand:banks were instructed to put systems in place for bail-ins from depositors
I blogged about this

[link to www.geekzone.co.nz]

From insiders I talked to, the banks were unsure how to implement it.

But in the last 60 days, 4 of the 5 major banks have had scheduled outages of their online systems to perform software updates...


The reserve bank had a bucket load of updates scheduled for the first half of this year.
Doommincus Maximus

User ID: 1310035
New Zealand
04/10/2013 12:52 AM

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Re: New Zealand:banks were instructed to put systems in place for bail-ins from depositors
The current depositor insurance scheme we have now runs out in December this year, they can't do anything untill then.

But the national party (run by a banker) is pushing for the "bail-ins" sytem instead of renewing the depositor insurance scheme.

However ther is not much of a chance of this happening without a referendum, so as long as the retarded sheep understand I don't think this bill will pass.

Also the Green party are pushing hard to let the public know about this.
Stand up for what you believe in, even if you stand alone.
TeamReaper (OP)

User ID: 22030141
United States
04/10/2013 11:18 PM

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Re: New Zealand:banks were instructed to put systems in place for bail-ins from depositors
what do you all think the news was about peoples accounts having a zero balance and the banks said it was a technical issue...it was an algorithm that was not to be tested live.

they have an algorithm setup that once the word comes down, they run it and everyone get a zero balance...cant withdrawal, transfer, use any money at all. puts a stop to any bank run immediately, but more than likely it will be implemented before a run actually happens.

Last Edited by TeamReaper on 04/10/2013 11:19 PM
In every operation, whether planning it or executing it, you can never count on luck; but you have to accept it, and recognize it when it’s there.
-Major ******, U-2 Pilot/Instructor/Flight Commander
Anonymous Coward
User ID: 37749744
Australia
04/10/2013 11:21 PM
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Re: New Zealand:banks were instructed to put systems in place for bail-ins from depositors
I'm sure Julia has got my backhiding

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