Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697646239822.pdf (Australia)
Senate Standing Committees on Economics, PO Box 6100, Parliament House Canberra ACT 2600.

Email:- economics.sen@aph.gov.au ..due to the Covid-19 virus.

Dear Committee Secretary and Senators, INQUIRY INTO THE BANKING AMENDMENT (DEPOSITS) BILL 2020 Good morning Senators, my name is Garth Gilbert… married with 3 children and grandchildren.

I have prepared this submission for the concern of my family and the future of the Australian public.
I have followed the … the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 as this bill is a Bail-in Bill, and my Senator for Queensland, Amanda Stoker, informed in correspondence 05 November 2018, copy attached.

I am supporting the “Banking Amendment (Deposits) Bill 2020”, and I point out the following reasons why I have taken this decision.

SUMMARY OF KEY PROVISIONS OF THE BILL 1.


The bill inserts into the Banking Act 1959 definitions of “bail-in” and “deposit account”.

2.

The bill provides that the provisions of the Banking Act 1959 relating to bail-in (the conversion and write-off provisions of the Banking Act 1959) do not extend to the bail-in of a deposit account.

3.
3.

The bill inserts a clause into the Banking Act 1959 which confirms that nothing in the Banking Act 1959 or any other Commonwealth legislation gives APRA power to implement, authorise or direct the implementation of bail-in of a deposit account.

EXPLANATION OF PROVISIONS OF THE BILL 4.

Section 1 of the bill inserts into the Banking Act 1959 a definition of “bail-in”.

5.
5.

Section 2 of the bill provides that the reference in the Banking Act 1959 to the conversion and write-off provisions of the Banking Act applying to “any other instrument”, shall not include a deposit account.

6.

Section 3 of the bill inserts a definition of a “deposit account”.

7.

Section 4 of the bill provides that the reference to an instrument in the Banking Act 1959 for the purpose of the conversion and write-off provisions of the Act does not include a deposit account.
Banking Amendment (Deposits) Bill 2020Submission 176 8.

Section 5 of the bill inserts a clause into the Banking Act 1959 which confirms that nothing in the Banking Act 1959 or any other Commonwealth legislation gives APRA power to implement, authorise or direct the implementation of bail-in of a deposit account.

This bill is compatible with human rights, as it does not raise any human rights issues.
I recommend public hearings on this so that experts can be called upon to give evidence and make recommendations.

Kind regards, Garth Gilbert.

Banking Amendment (Deposits) Bill 2020Submission 176 SENATOR AMANDA STOKER Li heraJ National l':1rtr Sen,1to r for QueensbnJ 5 November 2018 Garth Gilbert Dear Mr Gilbert I refer to your email on 5 October 2018.
The Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 was read for a third time and agreed to in both houses on 14 February 2018.

The Bill was subsequently assented to on S March 2018.

I was elected as a Senator for Queensland in 10 March 2018 and as such, did not get to vote on this Bill.

The legislation facilitates bail-in as a type of resolution power which is available for dealing with financial institution distress.
This was done after the G20 leaders endorsed a new Financial Stability Board standard for Total Loss-absorbing capacity.

Specifically, it builds on the Key Attributes which specifies that Financial Stability Board jurisdictions should have in place legally enforceable mechanisms to implement a bail in.

The purpo~e of t_he Total Loss-absorbing capacity standard ensures that there are mechanisms in place to stop· the 'domino effect' and reduce loss on bank shareholders, creditors and the Government.
For more information on the Bill and the bail in system you can go to parlinfo.aph.gov.au and search Financial Sector Legislation Amendment {Crisis Resolution Powers and Other Measures) Bill 2017.

You can also read the Hansard excerpt and the bill being debated on 14 February 2018 by going to parlinfo.aph.gov.au and searching Senate Hansard transcripts.

Thank you for your email and I hope this helps.

Kind regards Amanda Stoker Senator for Queensland f Office: Suite 7, I e\ cl .
)6, 1 Eagle Street, Brisbane Ql.D 4000 Phone: (07) 300 I 8170 F.111;1 i I: sen~1tor.srnh•1-@\1 ph.i.wv.

J L1 Banking Amendment (Deposits) Bill 2020Submission 176