Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697646685183.pdf (Australia)
27June2020 Submission regarding Banking Amendment(Deposits) Bill 2020 My name is Peter Sterling - a resident of submission to support the Banking Amendment (Deposits) Bill 2020 introduced by Senator Robe1is.

I submit this on behalf of myself, family and friends and relatives who are conservative people with significant concern about trnst in the cunent government and its non-disclosure on how bank bail in may apply.
I am making this I am 60 years of age and throughout no time in my life can I think of a period where government is now perceived as untrnstwo1ihy and in the pockets of the big business.

Look at the lack of total implementation of recollllllendations from the banking royal collllllission for an example.

Similarly, the community have no faith in APRA to oversee the banking sector and their poor record has been revealed in the banking royal commission.
This perception is pervasive throughout my colllillunity and the majority of my colleagues and friends believe that government does not fairly represent its people anymore.

This lack of tiust is clearly illusti·ated by the government "bail in" law that they "snuck through" parliament on Valentine's day 2018 with only eight senators present.
The fact that this was done in this suspicious manner and the fact they will not unequivocally rnle out any bail in of bank deposits leads all my friends and colleagues to believe that they have an ulterior motive that only protects the interests of the banks.

The bill presented by Senator Robe1is is of paramount importance to ensure that the Banking Act 1959 is made clear and ambiguous ensuring that no "bail in" of deposits can occur.
To ensure that there is no broad promise or loophole in the Banking Act - as it now stands - the following amendments must be passed to ensure all depositors are relieved on any anxiety regarding bank failures as we approach a severe recession.

If the government is genuine about not bailing in deposits, then it should clearly assure the population by passing the Banking Amendment deposits Bill 2020 as follows: 1.
Stipulate that the clause "any other instrnment" in the 2018 APRA Crisis Resolution cannot apply to deposits.

2.

Add an all -encompassing definitions of "deposits" to ensure no deposits of any type can be "bailed in" 3.

Explicitly forbid APRA from unde1iaking a "back door" bail in of deposits by ordering banks to change the te1ms and conditions on deposit accounts.

As we approach what may be a severe recession, I ask that my submission be read and considered.
Perceptions of tiu st in govermnent is at an all-time low and this amendment must pass as a sign of tiu st between them and the people they represent.

Peter James Sterling Banking Amendment (Deposits) Bill 2020Submission 24