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Is New Zealand Really Considering a Cyprus-Style Levy on Depositors?

Mar. 19, 2013 7:25pm Becket Adams

Cyprus’ parliament may have voted to reject the terms of a $13 billion bailout deal that included a levy on all depositors, but it looks like New Zealand may be eying a similar depositor’s tax.

“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 country’s Green Party said in statement released Tuesday.

At the heart of the Green Party’s complaint is New Zealand Finance Minister Bill English’s support for the Open Bank Resolution (OBR), a Reserve Bank policy “that in extreme cases like insolvency would see a bank’s losses shouldered in part by its shareholders and creditors – including everyday depositors,” The New Zealand Herald Explains.

The plan has been in development since 2011.

New Zealand Green Party Denounces the Open Bank Resolution

New Zealand Minister of Finance Bill English holds a copy of the budget during a visit to Printlink to oversee the printing of the Budget at Petone on May 19, 2010 in Wellington, New Zealand.( Marty Melville/Getty Images AsiaPac).

“Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand,” said Green Party Co-leader Russel Norman. “The scheme will put all bank depositors on the hook for bailing out their bank.”

“Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat,” he adds. “While the details are still to be finalized, nearly all depositors will see their savings reduced by the same proportions.”

“If [Bill English] insists on pushing through this unfair scheme, small depositors can be protected ahead of time with a notified savings threshold below which their savings will be safe from any interference.”

Here’s a consultation paper explaining the details of the OBR policy:

Norman also notes that none of the other countries that make up the Convention on the Organization for Economic Co-operation and Development have signed on to anything like the OBR.

“Open Bank Resolution is unprecedented in the world. Most OECD countries run deposit insurance schemes which protect people’s deposits up to a maximum ranging from $100,000 – $250,000,” Norman said. “OBR is not in line with Australia, which protects bank deposits up to $250,000.”

“A deposit insurance scheme is a much simpler, well-tested alternative to Open Bank Resolution. It rewards safe banks with lower premiums and limits the cost to taxpayers of a bank failure.

“Deposit insurance will, however, require the Reserve Bank to oversee and regulate our banks more closely – a measure which is ultimately the best protection against bank failure,” he added.

New Zealand’s Prime Minister John Key. (Getty Images).

Prime Minister John Key said the OBR policy was a “last-resort facility,” according to the Herald, and that it was unlikely to be used.

“The basic principle is, what would you do in the event of a catastrophe, how would you recapitalize the bank and it’s reasonable logic to say that is one way through that,” he said. “This is really in the event a bank was in such a terrible mess that it fell over and had to start again.”

–

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Comments (79)

Godsgopher
Posted on March 20, 2013 at 2:00am
Anyone else starting to get the impression all these high end bankers are aware of something the rest of us are only starting to guess at?

Also, whats the point of bailing out a bank if the depositors lose all their money? The natural reaction will be to remove your money from the bank, unless the bank literally takes all of it. Which seems the only way to prevent a run. Frankly at that point citizens with guns or no guns I wouldn’t want to be in charge of that country.

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- nzkiwi
  Posted on March 20, 2013 at 3:58am
  We have guns, but that isn’t the solution here. Nobody knew about this – it wasn’t in my newspaper this morning and hit the internet only about six hours ago. I have already fielded my first anxious call from a family member.
  
  We were watching Cyprus from a safe distance and then it appears right in our faces.
  
  Almost all of our banks are foreign owned – mostly by Australian banks, which is another personal niggle of mine. If the Australian banks get into trouble, what is to stop New Zealanders paying the bill, I wonder.
  
  Our government has said that it is a tool “of last resort”. Unfortunately, as we have observed of politicians the world over, the tool of last resort is usually the first thing that they reach for…
  
  Report this comment
- BehindBlueEyes
  Posted on March 20, 2013 at 6:30am
  Sounds more and more like gold is the way to go. Banks taking your money on behalf of the governments, governments raising taxes, governments printing money out of thin air. Something is out of control worldwide. I smell Soros and his gang of communist thieves.
  
  Report this comment
- poorrichard09
  Posted on March 20, 2013 at 9:22am
  I agree, how does this make sense?
  And yes, it sounds like the powers that be “see” something coming down the pike and it isn’t good.
  
  Report this comment
- Walkabout
  Posted on March 20, 2013 at 10:34am
  nzkiwi
  
  “We have guns, but that isn’t the solution here”
  
  True.But voting a politician out of office isn’t the answer either. A politician out of office can work for a non profit, the news media or the bureaucracy. If they have been in officer a while they are usually rich, so they do not have to find a job as white collar professional or blue collar skilled trade. Chances are outside of lawyering, they have no skills or real conception of the world.
  
  IMO the answer is mass action to vote whole blocs of them out of power & overwhelm the politicians buddy system. Nonprofits have to be starved of donations & maybe stripped of tax exempt status. Media companies have to be boycotted.
  
  For the politician media connection I give the example of Stephanopoulos & Chelsea Clinton.
  
  “Fielding anxious calls”
  ‘The Blaze” does not have to exist for me to be worried. I read this several hours or 1/2 day before on Zerohedge.com. So much for people thinking they can shut Beck down & maybe Hannity & Rush too and then everything will be peachy (Dissent banned). One Zerohedge article worried me. They were discussing nationalization. If governments are willing steal bank deposits, they are willing to nationalize. That does affect job security and maybe physical security for business people & expats of any nations.
  
  Report this comment
- nzkiwi
  Posted on March 21, 2013 at 4:46am
  @ Walkabout
  
  I remember an old war film where warship commanders were having a conference on the capital ship. Someone asked the commander of the “Ajax” which was crewed mainly by Kiwis, “How are you getting on with the New Zealanders?” to which the reply was “Oh, you know, 500 Kiwis – 500 different opinions”.
  
  It was a cinematic joke, but there is a lot of truth behind it, which is why the general population exerts far less control over our government than is the case in the US, for example. Though it does occassionally happen, it is difficult to get New Zealanders to agree on anything in large numbers. And the government is well aware of that fact. In a lot of cases the government makes a fairly bland response to an issue such as this and then sits back, letting people bicker amongst themselves until the whole thing runs out of steam and dies down.
  
  That said; I am astonished how quickly this thing has gone quiet. I am outraged, and while I’m far from alone, a lot of people are shrugging their shoulders and making their own plans to protect their money.
  
  The banks have actually been against this legislation from the beginning as they know full well that the likely reaction is a flight of capital out of their businesses over time. Everything that I’ve learned indicates that they’re correct.
  
  We’ve been warned. In the end it comes down to people taking personal responsibility, I suppose…
  
  Report this comment
thegreatcarnac
Posted on March 19, 2013 at 9:37pm
A nation’s wealth is measured also by the savings of it’s citizens. The more wealth the citizens the more wealthy the nation in the long run. The very idea that the socialist governments would begin taxing savings and taking savings out of banks is an incentive to never use a bank again. Better to hide the money in a mattress then put it in banks where it ultimately will not be safe or they will not let you have it. Socialism must steal from productive citizens of all stripes to give to their laziest to survive and then after 50 to 100 years they always collapse.

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marybethelizabeth
Posted on March 19, 2013 at 9:27pm
This is the IMF’s idea.

It’s an IMF style tax on deposits.

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- Eastinfection
  Posted on March 19, 2013 at 9:44pm
  Duh.
  “Over the past couple of weeks, George Soros, the IMF and the World Bank have all issued incredibly chilling warnings about the possibility of an impending economic collapse.”
  
  http://theeconomiccollapseblog.com/archives/are-george-soros-the-imf-and-the-world-bank-purposely-trying-to-scare-the-living-daylights-out-of-us
  
  Report this comment
bikerr
Posted on March 19, 2013 at 9:27pm
In direct conflict with all my past comments why in the name of all decent aspects of journalism does “The blaze” seem to deem it necessary to ask questions in their headlines? It reads like High school journalism at it’s worst. What ever happened to What When Why Where,? Thanks for letting this vent happen.

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Walkabout
Posted on March 19, 2013 at 9:18pm
Test

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- Eastinfection
  Posted on March 19, 2013 at 9:25pm
  No thanks. I hate tests.
  
  Report this comment
chips1
Posted on March 19, 2013 at 9:13pm
Any country that imposes this type of a tax to save the banks, should errect gallows for all of the bank employees that caused the failure. PPV TV moment.

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- Walkabout
  Posted on March 19, 2013 at 9:21pm
  I read your statement to mean VP, CEOs etc & not bank tellers or middle management.
  
  Am I correct?
  
  Report this comment
- chips1
  Posted on March 19, 2013 at 9:25pm
  Yes sir.
  
  Report this comment
- thegreatcarnac
  Posted on March 19, 2013 at 9:26pm
  Hey….I would pay to watch that. Most Bankers are right up there with used car salesmen and lawyers. Wait..I take it back..Nothing is worse than a lawyer.
  
  Report this comment
- banjarmon
  Posted on March 19, 2013 at 9:50pm
  @thegreatcarnac
  
  Politicians that were used car salesman or a community organizer!!
  
  Report this comment
- TheBurningTruth
  Posted on March 19, 2013 at 11:26pm
  Toss in all the politicians that use the banks and loan companies as their private stash (Barney Frank and Chris Dodd plus others) and now we’re talking. Eliminate the politicization of banks (forced to lend to those that don’t qualify) and we’ve eliminated another cause of the meltdown. Replace/Improve Glass-Steigal that separated Investment Banking from Commercial Banking and lock up multiple Dems/Repubs and Blue-Dress Bill Clinton who eliminated Glass-Steigal for bribes and future banking positions in prison and I’m with you.
  
  Don’t just stop with the Banksters.
  
  Report this comment
- termyt
  Posted on March 20, 2013 at 8:13am
  You really can’t just blame banks for the mess. Government spending is what created the debt. I certainly don’t know about the Kiwi’s problem, but the trouble in the US was due in large part to the Government not only allowing but encouraging banks to make bad loans to people who could not afford them.
  
  Some banks went willingly, others begrudgingly, and a few refused altogether.
  
  Report this comment
BehindBlueEyes
Posted on March 19, 2013 at 9:00pm
Taking other peoples money seems to be in vogue these days.

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Socialist_GunOwner
Posted on March 19, 2013 at 8:56pm
I don’t see the problem. if you want to use their services to save/bank – u need to pay. Isnt it ironic that capitalists don’t understand paying for that ‘industry’?

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- WarMunger_Al
  Posted on March 19, 2013 at 9:07pm
  idiot, that is why they charge you fees. On top of that, they make money by investing your money, so they already get more than their share, to take more is theft. Something you commies love to do. Soon it will be time to redistribute the lives of communists and their minions back into the cold ground.
  
  Report this comment
- Socialist_GunOwner
  Posted on March 19, 2013 at 9:23pm
  Most institutions offer no-fee checking & savings. Ive never had fees with the exceptions of investments in mutual funds, etc. Isnt ironic that the Capitalist’s first 2 thoughts of response are 1: I’m being stolen from & 2: I need to kill someone who thinks differently than me.
  
  U basically make my arguments for me.
  
  Report this comment
- termyt
  Posted on March 20, 2013 at 8:18am
  Banks make money by investing the money deposited with them. That’s where the interest comes from (it’s not a ponzi scheme).
  
  Typically, those “free checking” accounts do not bear interest. And many of them are only free for an introductory period, but still do not bear interest after the fees begin.
  
  What is going on here is not a fee the banks collect but a tax the government takes. I know there is little difference from a socialist point of view, but the difference is actually huge.
  
  Report this comment
- BehindBlueEyes
  Posted on March 20, 2013 at 9:22am
  Good luck with that thought. Keep your gun your going to need it.
  
  Report this comment
Eastinfection
Posted on March 19, 2013 at 8:45pm
Any Bank that does this is knowingly and complicitly contributing to the destruction of their own relative industry. What incentive could anyone ever have to bank their money after this?

These banks are just glorified suicide bombers.

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- Beachmastermax
  Posted on March 19, 2013 at 8:54pm
  Then you must conclude it is not the banks? Yes?
  
  Report this comment
- Eastinfection
  Posted on March 19, 2013 at 9:03pm
  I’d say, BEACH, that it’s probably in SOMEONE’s best interest if these banks fail…. certainly it’s not in the banks’ best interest…. or the people of Cyprus or NewZealand’s best interest.
  
  Smells more like a corporate asset harvest prior to a hostile takeover.
  
  Report this comment
- Beachmastermax
  Posted on March 19, 2013 at 9:35pm
  Smells more like a covetous electorate voting to steal other peoples money until it runs out.
  
  Report this comment
- Eastinfection
  Posted on March 19, 2013 at 9:46pm
  same difference.
  
  Report this comment
dublinthewagons
Posted on March 19, 2013 at 8:44pm
If this happens here. Will Obama allow people on welfare & food stamps to have a bank account to tax.
Shall we say unearned income or savings?

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- WarMunger_Al
  Posted on March 19, 2013 at 9:08pm
  Time for everyone to pull their cash. Why wait until it is too late?
  
  Report this comment
- chips1
  Posted on March 19, 2013 at 9:19pm
  I’m way ahead of you. They will tax my $50 balance.
  
  Report this comment
- Beachmastermax
  Posted on March 19, 2013 at 9:33pm
  @ chips
  
  He has you right where he wants you:
  
  Revelation 13:17 NAS
  and he provides that no one will be able to buy or to sell, except the one who has the mark, either the name of the beast or the number of his name.
  
  Report this comment
mrprof
Posted on March 19, 2013 at 8:40pm
World wide revolution is coming because of the outrageous actions of these elitists/statists. They refuse to understand the concept of personal property. Blood will spill around the globe.

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mcsledge
Posted on March 19, 2013 at 8:25pm
The problem with this solution is that it is nothing more than a band-aid being added to decapitated body. If the business lacks the intelligence to operate on its own (and banks have no excuse), do you really think that throwing billions at the problem will make management smarter? Good luck with that stupidity.

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- RepubliCorp
  Posted on March 19, 2013 at 8:41pm
  I wonder what property will the CEO”s of these banks be giving up?
  
  Report this comment
mcsledge
Posted on March 19, 2013 at 8:22pm
Every day it becomes more clear that people no longer reap what they sow. The responsible and hard-working are victimized and robbed daily while the irresponsible, disrespectful and indolent continue to take pleasure in their ill gotten spoils.

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Beachmastermax
Posted on March 19, 2013 at 8:18pm
This would have already happened here. But because of two reasons it has not:

1. The US $ is the prime/base world wide currency for now.
2. We can print money and spread pain and inflation around the world.

Think about it. When we flood the market with dollars, we take the pain that comes from our dumb decisions and spread it around the world.

Cyprus and NZ cannot do this. Any money manipulation remains local.

It stinks not to be an American…..for now.

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- MDECKER
  Posted on March 19, 2013 at 8:58pm
  That is just garbage! These are merely trial baloons. “small depositors can be protected ahead of time with a notified savings threshold below which their savings will be safe from any interference.” “Safe”, from who? From what? This president? This Congress? Michael Bloomberg?
  
  Report this comment
- Beachmastermax
  Posted on March 19, 2013 at 10:07pm
  Why do that? Why protect the low depositors when you can steal from them by printing money and they do not even know it happened? When we print money, we steal from everyone in the world that hold dollars, evenly, slowly, with inflation.
  
  Report this comment
- termyt
  Posted on March 20, 2013 at 8:21am
  Cyprus and New Zealand. Examples of relatively socialized versus relatively free. These are trial balloons indeed. They are looking to see if the people will riot or collapse the banks by runs before they try it in a major banking market.
  
  Report this comment
ALL4FREEDOM
Posted on March 19, 2013 at 8:14pm
Here’s a thought…why not manage banks in such a way that they won’t fail? If bank officials want to gamble, they should do it with their personal funds, not with those belonging to their customers. Yes, customers expect some return for their deposits, and rightly so, but bankers should not be encouraged to lie, cheat, bribe, and steal their way to ‘prosperity’ through manipulation of laws and regulations, which is the system put in place by politicians.

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- Beachmastermax
  Posted on March 19, 2013 at 8:20pm
  The problem is the laws and regulations, not the banks.
  
  Report this comment
- TheBurningTruth
  Posted on March 19, 2013 at 11:20pm
  Hey, here’s another thought: Don’t force banks to lend to uncreditworthy individuals. Oh, wait… that’s racist.
  
  Report this comment
The-Monk
Posted on March 19, 2013 at 8:06pm
Hey NZkiwi,

What’s your take on this?

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- brother_ed
  Posted on March 19, 2013 at 8:13pm
  @THE MONK
  
  I’m thinking the same thing…I always enjoy his comments.
  
  Maybe he’s at the bank making a withdrawal ;)
  
  Report this comment
- The-Monk
  Posted on March 19, 2013 at 8:31pm
  Hi Brother_Ed,
  
  You gotta remember he is in a different time zone…. : )
  
  Report this comment
- RJJinGadsden
  Posted on March 19, 2013 at 8:33pm
  Howdy MONK, and BROTHER_ED, also my first thought as I read the headline to the story. I wish them well as in all of the citizens of New Zealand. This can’t be good, and can splash across most nations rapidly. These politicians see every pile of money as a target of opportunity. It is in no way just the so called evil rich. It is control and political lead theft.
  
  Report this comment
- The-Monk
  Posted on March 19, 2013 at 8:52pm
  Hi RJJ,
  
  It’s just CAEROGAP… and it sucks big time.
  
  Report this comment
- Eastinfection
  Posted on March 19, 2013 at 8:53pm
  Maybe they (New Zealand) shut down their internet so people couldn’t start shuffling their money around on-line in a big panic?
  
  Report this comment
- DadRocked
  Posted on March 19, 2013 at 9:09pm
  I too look forward to Kiwi’s 2¢ input…
  First place I went to is the comments…
  
  I went to Trevor Loudon’s site (http://www.trevorloudon.com/) but Mr. Loudon has yet to comment but had this posted from the 10th anniversary of the Euro with Nigel Farage talking of what was to come. It was recorded in 2009 and foretold of what is now happening…
  http://www.youtube.com/watch?v=0Tt6SoHxb0Y&feature=player_embedded#!
  
  Report this comment
- DadRocked
  Posted on March 19, 2013 at 9:12pm
  Just a nine days ago:
  And this from Nigel Farage – European Parliament – The Fight for Freedom and Democracy
  Published on Mar 9, 2013 http://www.youtube.com/watch?v=0Tt6SoHxb0Y&feature=player_embedded#at=210
  
  Report this comment
- Walkabout
  Posted on March 19, 2013 at 9:15pm
  I am relieved a little. If they have been kicking this around since 2011, then it is not as much of a grasping at straws maneuver as I thought.
  
  I still think it is lame. Michelle Bachman was right 4 years ago. Do not bail out the Wall Street banks.
  
  Let them fail. but they gave us the excuse of TBTF & a resultant credit freeze. Now look.
  
  Report this comment
- DadRocked
  Posted on March 19, 2013 at 10:21pm
  No sooner write about Mr. Nigel Farage then the article above )http://www.theblaze.com/stories/2013/03/19/british-politicians-warning-to-europeans-get-your-money-out-while-you-can/) has him warning; “…Europeans who still have money in banks within bailed out countries: ” Get your money out while you can.”
  
  Keep the powder dry folks!
  
  Report this comment
- nzkiwi
  Posted on March 20, 2013 at 2:22am
  @ Everybody
  
  I have just read about this now – on an American news site of all places.
  
  I just about fell out of my chair when I saw the headline. Everything that I’ve said about the Cypriot crisis now goes double for me.
  
  I am about to give my government the benefit of my opinion. Luckily, having done my homework to support my comments on the Blaze, I don’t have to do any further digging.
  
  After that the newspapers…
  
  Report this comment
crusaderx9
Posted on March 19, 2013 at 8:02pm
A world gone mad.

God Bless the Preppers…

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thibx
Posted on March 19, 2013 at 8:02pm
don’t be shocked if it happens here. oboma would love to do it so he can waste the money. i’ve read where he has people looking into 401k and how he could take them over.

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- earache-my-eye
  Posted on March 19, 2013 at 9:00pm
  Mark Levin has been warning about this for at least a year.
  
  Report this comment
starman70
Posted on March 19, 2013 at 7:57pm
People of New Zealand, they have already disarmed you. However, if your government EVER passes such legislation, you need to PEACEFULLY take over your houses of parliment and GENTLY remove the politicians involved.

Any government anywhere in the world that thinks so little of their people and the people’s hard work, labors and especially being thrifty should be cast off quickly. Taxes are bad enough (Legal theft of your labors) but the outright theft of your hard earned savings is beyond imagination.

Maybe it’s time for recall elections in New Zealand.

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- Beachmastermax
  Posted on March 19, 2013 at 8:25pm
  They are probably fundamently in the tank because they bought Barney Frank backed US mortgage securities. They hold paper that is supposed to be paid back by Illegal Mexican aliens with no SSec #, that cannot speak English, that took out a second and sent all the money back to Nuevo Gringo Loco, MX.
  
  Report this comment
JP4JOY
Posted on March 19, 2013 at 7:56pm
So, all the banks or should I say bankers, have badly invested the monies entrusted them by depositors and now for their poor decisions and investments in the default swaps and other risky gambles they are making the people that trusted them pay for their mistakes.

Coming soon to the USA, All tax deferred accounts will now be assimilated by the FED to keep the bond market from catastrophic collapse.

Don’t let a calamity go to waste.

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- drs1969
  Posted on March 19, 2013 at 8:05pm
  At least the pensions, under the guise of protecting them from collapse. If they raid IRA’s or 401′s, they’ll create a run.
  It’s telling that this bank tax is being proposed in another island nation. Captive savers.
  
  Report this comment
- Beachmastermax
  Posted on March 19, 2013 at 8:47pm
  @1969
  You are correct. I like the term “island savers”.
  
  The problem is not their local banks and their local loan transactions. It is that their local banks own paper mortgages inside redline districts courtesy of Barney Frank and Chris Dodd. GWB and J Mac, by default, are also to blame for not using the majority authority vested in them by the American people at the time and putting a stop to this lending, everyone has a right to a home, insanity.
  
  By the way, I saw this coming and made a killing. That is why I can waste my time on the internet now.
  
  Report this comment
NoMoMrNiceGuy
Posted on March 19, 2013 at 7:53pm
Might want to convert as much of your CASH into HARD assets as soon as possible – Just saying .

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FISH_BONE
Posted on March 19, 2013 at 7:53pm
I thought the national currency of New Zealand was sheep and kiwis.

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NoMoMrNiceGuy
Posted on March 19, 2013 at 7:53pm
Things are moving much much faster now – a lot like Jericho – The walls will come tumbling down kids – hang on – it is going to get bumpy

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truemedia
Posted on March 19, 2013 at 7:52pm
well they say its unlikely it will ever be used…LOOK OUT!

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termyt
Posted on March 19, 2013 at 7:44pm
Saving money is evil. We must spend all we have to be patriotic, good citizens. Any greedy, selfish, ungrateful cad who refuses to help the economy by spending every penny they have, they deserve to have what they refuse to spend taxed.

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- drs1969
  Posted on March 19, 2013 at 8:07pm
  Patriotic Debt Slaves trapped on the island.
  
  Report this comment

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