Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697646394072.pdf (Australia)
Margaret Thornton - Senate Standing Committees on Economics PO Box 6100 Parliament House Canberra ACT 2600 Dear Committee, My name is Margaret Thornton, retired aged pensioner and I take an interest in the current affairs of Australia and politics of the nation and its effects on the population and the country as a whole.

I worked in a job till I was 76 years old as well as operating a tourism business till recently.
I am active in politics as a member of the Australian Citizens Party and have stood for the Senate in Tasmania a few years ago.

I have been concerned since the passage of the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures ) Act 2018 ,as to the doubts of the true meaning and intent of various provisions in the Act(Banking Act 1959 ).
This power to APRA to implement ,authorise or direct bail-in to deposit accounts where the instruments relating to the creation of such accounts did not provide for a power of bail-in being the writing off or conversion of deposit accounts.

This bill shows there is doubt as to the meaning and intent in the Banking Act 1959 in relation to bail-in.
The enquiry into the effect of the Banking Amendment (Deposits )Bill 2020 should show that this bill is necessary to avoid doubts and intent of the various provisions in the Banking Act 1959 in relation to bail- in.

Deposit accounts are defined in the bill and include those accounts commonly understood as current or cheque accounts conducted by customers with Australia's banks.
Banking Amendment (Deposits) Bill 2020Submission 137 The provisions of the Banking Act 1959 relating to bail-in (the conversion and write off provisions in this Banking Act ) will be addressed by this new Amendment Bill 2020.
The Amendment Bill 2020 inserts the definitions of "bail-in" & "deposit account" This bill makes it clear that APRA should not have the power to extend to implementation, authorisation or direct implementation of bail-in of a deposit account The main provision of this Amendment Bill inserts into the Banking Act 1959 a) Definition of "bail-in " b) Provides reference to the conversion and write-off provisions applying to "any other instrument" shall not include a deposit account.
c) Inserts a definition of "deposit account" d) Inserts a clause no Commonwealth legislation gives APRA power to implement ,authorise or direct implementation of bail-in of a deposit account.

The Australian public must be protected from the possibility of the implementation of "bail-in" or conversion and I ask that the Banking Amendment (Deposits) Bill 2020 be discussed and implemented .

Yours Sincerely Margaret Thornton - 07/07/2020 Banking Amendment (Deposits) Bill 2020Submission 137