Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697646559533.pdf (Australia)
SUBMISSION TO Senate Economics Legislation Committee BANKING AMENDMENT (DEPOSITS} BILL 2020 This submission requests t he Senate Economics Legislation Committee t o support the Banking Amendment (Deposits) Bill 2020 in relation to bail-in to remove the doubt in t he minds of Austra lians regarding the bail-in of deposit accounts.

The legislation shou ld confirm that the conversion and write-off provisions of t he Banking Act 1959 do not apply to deposit account s as defined in the bill.
Also the legislation should confirm that nothing in the Banking Act 1959 or any other Commonwea lth legislation extends power t o APRA to implement or aut horise or direct the implementation of bail-in in respect of deposit accounts as defined in the Bill.

These small amendments to the Bil l will remove al l doubt in t he minds of depositors that t he Bi ll in its current form does not extend to the bail-in of a deposit account.
I am writing this submission because I, for one, wil l not feel safe in leaving my smal l savings in my bank account if these amendments are not passed.
I not e that the Bill seeks to amend the infamous bank "bail-in" law snuck through Parliament on Valentine's Day 2018 (with just eight Senators present) and while the two Senators from Pauline Hanson's One Nation Party were not in the chamber, despite One Nation having informed the government they intended to move an amendment to explicitly exclude deposits from being included in "any other instrument".

With this in mind, I have no confidence in t he Government's assurances.
I am a pensioner with a Concession Card on the full pension and I am considering what t o do with my sma ll savings.

I have been making enquiries about my options.

Assurances from the Government t hat there wil l be no bail-in of deposit accounts, are useless.

We need these amendment s to be incorporated in the legislation.

Banking Amendment (Deposits) Bill 2020Submission 113