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OSBORNE PROMOTES DEPOSITOR ROBBERY

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Offline the leveller

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OSBORNE PROMOTES DEPOSITOR ROBBERY
« on: May 15, 2013, 09:29:32 PM »
SENT TO MPS:
 
 
 
OSBORNE PROMOTES DEPOSITOR ROBBERY
 
 
 
I understand (DAILY TELEGRAPH 14TH MAY) that George Osborne is now arguing that the EU's proposals for bank bail outs are unacceptable because bond and equity holders should not bear the whole burden of a bank's failure. He says this could set off a whole series of failures if other banks hold some of those bonds.
 
 
 
So Osborne is making the ludicrous suggestion that the Cyprus scandal (whereby depositors - at a given arbitrary time! - lost large amounts of their deposits to bail out the failure of their bank) should be applied to British bank depositors.
 
 
 
This is grotesque.
 
 
 
Depositors in a bank are not "creditors" in the normal sense. indeed the whole banking and economic system's stability relies on the fact that depositors are protected on the grounds that they did not invest in the bank but merely deposited their money there. The US and most other advanced economies accept this.
 
 
 
If the Treasury can't grasp this distinction then we are in far worse trouble than even I thought!
 
 
 
PLEASE APPROACH TREASURY MINISTERS ON THIS.
 
 
 
Thanks
 
Rodney Atkinson


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