The National Government are pushing a Cyprus-style solution to bank
failure in New Zealand which will see small depositors lose some of
their savings to fund big bank bailouts, the Green Party said today.
Open Bank Resolution (OBR) is Finance Minister Bill English’s
favoured option dealing with a major bank failure. If a bank fails under
OBR, all depositors will have their savings reduced overnight to fund
the bank’s bail out.
“Bill English is proposing a Cyprus-style solution for managing bank
failure here in New Zealand – a solution that will see small depositors
lose some of their savings to fund big bank bailouts,” said Green Party
Co-leader Dr Russel Norman.
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm
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