Here it comes folks.
I am just reading through the Dominion Post, the newspaper from Wellington, New Zealand and when l saw this, l went
what!
The Reserve Bank of New Zealandhttp://www.rbnz.govt.nz/ I hope this is not so. I am not sure if this is so, however this may help http://www.rbnz.govt.nz/finstab/nbdt/ Non-bank deposit taker oversight
Letter: Reserve Bank policy looks like theft
Last updated 10:00 19/03/2013
OPINION: As a superannuitant who depends on interest from term deposits to top up my pension, I'm horrified to learn that the Reserve Bank will put in place a process by which ordinary bank depositors will, without notification and without their consent, have their savings used to bail out a bank in financial distress.
If a banking crisis arises, banks will be able to freeze bank accounts overnight and reopen them the next day, but the account will have been ''shaved''.
We'll have less money than we had yesterday.
This process will be in place by June 30.
There has been no public warning of this undemocratic proposition. Is it legal? Isn't it theft?
Those of us who suffered loss of retirement savings in the finance institutions' crashes in 2008 thought we'd be safe keeping the remainder in our banks, especially the Kiwi-owned bank.
What a shock to learn that our money isn't safe after all.
This is a terrifying prospect for those of us who have no way to replace any losses because our days of being able to earn are long behind us.
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