Zerohedge reports the specific text;
To protect Canadian taxpayers in the unlikely event of a large bank failure, the Government is proposing to implement a bail-in regime that would reinforce that bank shareholders and creditors are responsible for the bank’s risks—not taxpayers. This would allow authorities to convert eligible long-term debt of a failing systemically important bank into common shares to recapitalize the bank and allow it to remain open and operating. Such a measure is in line with international efforts to address the potential risks to the financial system and broader economy of institutions perceived as “too-big-to-fail”.
The Government is proposing to introduce framework legislation for the regime along with accompanying enhancements to Canada’s bank resolution toolkit.Regulations and guidelines setting out further features of the regime will follow. This will provide stakeholders with an additional opportunity to comment on elements of the proposed regime.
Bail-in Regime for Banks
Canada’s financial system performed well during the 2008 global financial crisis. Since that time, Canada has been an active participant in the G20’s financial sector reform agenda aimed at addressing the factors that contributed to the crisis. This includes international efforts to address the potential risks to the financial system and broader economy of institutions perceived as “too-big-to-fail”. Implementation of a bail-in regime for Canada’s domestic systemically important banks would strengthen our bank resolution toolkit so that it remains consistent with best practices of peer jurisdictions and international standards endorsed by the G20.
Canada went from Full ***Hole under Harper to Full Feminist, Full P***y, Full Digital, and now it has gone Full Bank Bail-ins under Trudeau. What a disaster for Canadians?
After the gold sale Canadians thought he would take a break, but they were wrong very wrong his agenda was worse than they ever thought.
Remember governments never lie and they told the Canadian not to worry and they made good on their promise and then were were able to see it in plain sight.
Bank ‘bail-in’ plan shouldn’t worry Canadians, Carney said in 2013 did they forget that fact?
The only thing remaining for Canadians was a new politician an outsider a real maverick a stranger who came along and said you have already experienced an +++Hole and now also a total P++++y so now it is time for a real Dyck a real PKD.
The fate of their American neighbours was even worse since their trance was even worse than the poor happy go lucky Canadians who thought they could smoke their way out of this grip. They were told in plain yes it only covered 2 pages and they still could not understand? It was called HR 41 or H. RES. 41 which was passed IN THE HOUSE OF REPRESENTATIVES JANUARY 21, 2015 via Mr. CHAFFETZ who submitted the following resolution; which was referred to the Committee on Education and the Workforce.
1 Resolved, That it is the sense of the House of Rep-
2 resentatives that—
3 (1) the Federal Government should not bailout
4 State and local government employee pension plans
5 and other post-employment benefit plans; and
6 (2) State and local governments should imme-
7 diately institute reforms to their employee pension
8 plans, including replacing defined benefit plans with
9 defined contribution plans.
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So plain and simple? Laws could be written in with such simplicity when they came to washing their hands of public troubles and public anger and pubic ignorance.