Deposit Confiscation: Can It Happen Here?
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Should those with bank deposits in the eurozone (and perhaps the other 10 European Union countries) be concerned about the possibility of a ‘Cyprus event’ coming ‘soon to their neighbourhood’. To varying degrees, depending on a European Union countries current and prospective economic condition – ‘possibly’, and as of yesterday ‘probably’, see It’s Not Just Reggie Warning Irishmen Anymore As Irish Presidency of the European Council Says Capital At Risk.
What about depositors in Canada. While I think likely less so, I suggest this is something to at least consider and ‘think about’.
In past weeks a number of bloggers and commentators have picked up on language found in a November 2011 G20 Policy Statement headed Policy Measures to Address Systemically Important Financial Institutions, and in March in the Canadian Federal Government’s Economic Action Plan for 2013, that states (at page 145):
“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.“
As you may know, this statement created what has been described as ‘a tremor’ in the Canadian fixed income community. As a result, a (Toronto) Globe and Mail article on April 2 titled Ottawa clears up confusion over bank ‘bail-in’ carried a story in which the Canadian Finance Minister’s Press Secretary was quoted as saying:
“The bail-in scenario described in the Budget has nothing to do with depositor’s accounts and they will in no way be used here. Those accounts will continue to remain insured through The Canada Deposit Insurance Corporation“.
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