ANALYSIS: Australians told 'trust me, your money is safe', but many fear bank deposits are at risk
The fear about legislative loopholes initially surfaced following the GFC when a number of concerned individuals with links to the far-right political party Citizens Electoral Council started writing letters to their local MPs.
This legislation gave APRA the power to allow a bail-in financial instrument known as "hybrid securities", a financial instrument described at the time by former ASIC chairman Greg Medcraft as "a ticking time bomb". It said it did "not consider that the bill would allow the 'bail-in' of Australians' savings and deposits" since "depositors are protected both by the FCS and under the Banking Act".Now fast-forward to 2020, with fears of a financial meltdown heightened as Australians lose their jobs, JobKeeper payments about to taper off and bank loan repayment holidays coming to an end.
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