Canada Includes Depositor Haircut Bail-In Provision For Systemically Important Banks in 2013 Budget!

Just as DieselBOOM accidentally admitted Monday, it appears that the Cypriot bail-in is anything but a one-off event, and is in fact the new collapse template for the entire Western banking system, and not just the ECB/ Eurozone!

SD has been alerted to an alarming provision that has been buried deep inside the official 2013 Canadian Budget that will result in depositor haircut bail-ins jumping to this side of the pond during the next bank crisis!

Titled ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures!

Click here to see Canada’s official bail-in policy for TBTF banks:

23 comments on “Canada Includes Depositor Haircut Bail-In Provision For Systemically Important Banks in 2013 Budget!
  1. gurn2 says:

    Good for you for picking this up. Not one mainstream media outlet in Canada has picked up this little gem.

  2. Daniel 5,
    5 King Belshazzar gave a great banquet for a thousand of his nobles and drank wine with them. 2 While Belshazzar was drinking his wine, he gave orders to bring in the gold and silver goblets that Nebuchadnezzar his father[a] had taken from the temple in Jerusalem, so that the king and his nobles, his wives and his concubines might drink from them. 3 So they brought in the gold goblets that had been taken from the temple of God in Jerusalem, and the king and his nobles, his wives and his concubines drank from them. 4 As they drank the wine, they praised the gods of gold and silver, of bronze, iron, wood and stone.
    5 Suddenly the fingers of a human hand appeared and wrote on the plaster of the wall, near the lampstand in the royal palace. The king watched the hand as it wrote. 6 His face turned pale and he was so frightened that his legs became weak and his knees were knocking….

    Don’t complain please, as I serve as a Military Chaplain.

  3. fonestar says:

    I am in Canada and the people here are truely clueless with their heads stuck up their ass! They think that their banks are somehow different and soooo strong, because… well because somebody told them so…. and because they are soooo much smarter and more sophisticated than Americans lol!

  4. ronron says:

    plus this budget was written a month ago, so they fucking knew cyprus was going down. inside fucking trading.

  5. Ade says:

    What I don’t get is why they are so blatant about it, if I were in their position, lending money to Governments, money I just printed out of thin air, I wouldn’t want to rock the boat. I’d want to keep everyone happy, and just skim off 0.0000001% each transaction.
    Don’t they realise they’re going to get strung up, are they so drunk with Greed and avarice that they can’t see people are waking up to the scam and want blood, what’s wrong with these bloodsuckers (yea I know, I just answered my own question).

  6. Knox says:

    Given in this budget they also pointed out they are going to increase their capital ratio by 1% by 2016, this does not bode well for depositors. As I understand it, in order to increase the ratio, they have to reduce tier 2 & 3 capital as they increase tier 1 capital (equity capital and disclosed reserves…i.e real estate, cash, bonds). Problem is, the Tier 1 pool is shrinking as they must be rated AAA (say goodnight, sovereign bond market!) so they will hoard and confiscate properties and cash until valuations are reset to/with a global currency…

    Older Canadian news:

    Basel reference:

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  7. What-me-worry? says:

    Another one of those “Can you tell what it is yet?” Rolf Harris moments as clues to the bigger picture emerge with each carefully crafted brush stroke. First they slaughtered the chavs and pikeys etc. etc.

  8. afreecanadian says:


    i agree: canadians are the dumbest humans on the planet.

    we should be friends.


  9. I have been wondering when the hammer will be coming down on us here in Canada…….the world is basically being turned into a massive debt toilet and when our Government almost on a daily basis tells us how well off WE are, one should start getting very suspicious!

    “Can’t lay down with dogs without getting fleas”!

  10. CL says:

    What a bunch of wankers..

    if the taxpayers bailout the banks it theft, if the depositor bails in the bank it is theft…

    some moral hazard is more equal than others,,

    the reason banks misbehave is moral hazard and government depositor guarantees, if depositors have risks exposed then banks will need to compete for deposits and bad banks will lose depositors to the better ones,,, that is how a market is supposed to work, the risk of failure directs actions

    this “bail-in” is a good thing,,, it exposes REAL risk, government guarantees hide it

  11. Robespierre says:

    English Canadian Nazi assholes terrorists. I am not surprised by the country I live in. FY you english Canadians. I did vote for these shigbags Nazi USA Conservatives. I live in Québec. At least we voted for NDP and Bloc. English Canadians are poodles. What a non surprise. By the way the official media mentionned absolutely NOTHING about this piece of criminal crap.

  12. Specky4eyes says:

    Sooner or later they have to reveal their hand. They are not interested in keeping everyone happy. They have their man in the Vatican now. All hell is about to break loose. This global battle is primarily spiritual in nature not political or economical.

    17 Then Daniel answered and said before the king, Let thy gifts be to thyself, and give thy rewards to another; yet I will read the writing unto the king, and make known to him the interpretation.

    18 O thou king, the most high God gave Nebuchadnezzar thy father a kingdom, and majesty, and glory, and honour:

    19 And for the majesty that he gave him, all people, nations, and languages, trembled and feared before him: whom he would he slew; and whom he would he kept alive; and whom he would he set up; and whom he would he put down.

    20 But when his heart was lifted up, and his mind hardened in pride, he was deposed from his kingly throne, and they took his glory from him:

    21 And he was driven from the sons of men; and his heart was made like the beasts, and his dwelling was with the wild asses: they fed him with grass like oxen, and his body was wet with the dew of heaven; till he knew that the most high God ruled in the kingdom of men, and that he appointeth over it whomsoever he will.

    22 And thou his son, O Belshazzar, hast not humbled thine heart, though thou knewest all this;

    23 But hast lifted up thyself against the Lord of heaven; and they have brought the vessels of his house before thee, and thou, and thy lords, thy wives, and thy concubines, have drunk wine in them; and thou hast praised the gods of silver, and gold, of brass, iron, wood, and stone, which see not, nor hear, nor know: and the God in whose hand thy breath is, and whose are all thy ways, hast thou not glorified:

    24 Then was the part of the hand sent from him; and this writing was written.

    25 And this is the writing that was written, Mene, Mene, Tekel, Upharsin.

    26 This is the interpretation of the thing: Mene; God hath numbered thy kingdom, and finished it.

    27 Tekel; Thou art weighed in the balances, and art found wanting.

    28 Peres; Thy kingdom is divided, and given to the Medes and Persians.

    29 Then commanded Belshazzar, and they clothed Daniel with scarlet, and put a chain of gold about his neck, and made a proclamation concerning him, that he should be the third ruler in the kingdom.

    30 In that night was Belshazzar the king of the Chaldeans slain.

  13. Robespierre says:

    I did not vote for the Conservatives that is but since english speaking countries love their slavery to the terrorist banksters, I hope Flaherty steal 80% of their money. I naturally do not have one red cent at the bank and I am quite satisfied by this situation. Bankers are terrorists and Canada has always been a joke.

  14. Robespierre says:

    No I pray that the Conservatives steal 100% of the money but since most english speaking countries are populated by fluoride junk food GMO stupid cows, nothing will happen !!!!!!!!!! Dont forget to kiss the ass of the Queen of England and Prince Charles dear Canadians. Yeap. The problem emanates from England. You bet. THEY invented this criminal system. Bank of England 1694.

  15. CL says:

    Quebec, a bunch of parasites sucking of the productivity of the West, cut em loose let them wallow in their own slime… bunch of whiney little spoiled children that won’t grow up,, and my family roots go back to the early 1700’s in Quebec so I know it well….

    Bunch of lazy fuckin parasitic dependency riddled arrogant pukes… cut the umbilical cord and spank em…

  16. ronron says:

    @Robespierre. haha, is that you Marc?

  17. Peter Karwacki says:

    From Revelations Chapter 13

    11Then I saw a second beast, coming out of the earth. It had two horns like a lamb, but it spoke like a dragon. 12It exercised all the authority of the first beast on its behalf, and made the earth and its inhabitants worship the first beast, whose fatal wound had been healed. 13And it performed great signs, even causing fire to come down from heaven to the earth in full view of the people. 14Because of the signs it was given power to perform on behalf of the first beast, it deceived the inhabitants of the earth. It ordered them to set up an image in honor of the beast who was wounded by the sword and yet lived. 15The second beast was given power to give breath to the image of the first beast, so that the image could speak and cause all who refused to worship the image to be killed. 16It also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, 17so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.

    18This calls for wisdom. Let the person who has insight calculate the number of the beast, for it is the number of a man.e That number is 666.

    What if the number is really 999 and refers to the reversion of the monetary system back to base metals?

  18. Peter Karwacki says:

    For something a little less dramatic /biblical here is a comment from a well placed person in the financial sector…

    “I’d argue that is already implicitly how the world works. It wasn’t just Cyprus. Italy gave a (tiny) haircut to its depositors in the early 1990s. Iceland gave a massive haircut to foreign depositors in 2008/09, and various small banks in the U.S. have been giving haircuts to unlucky uninsured depositors sporadically over the past decade, as hundreds of small banks fail.

    By the way, “certain bank liabilities” include a large number of items, of which deposits are the last resort. First to be wiped out are common equity shareholders, then preferred equity shareholders, then subordinated debt shareholders, then senior debt shareholders, and only then are uninsured depositors (and deposit notes) considered. Insured depositors are insured, so no real worry for the vast majority of Canadians with less than $100K in their chequing account. To be frank, I don’t quite understand why anyone would have that much in chequing anyway. It would have doubled if put to work in the markets over the past four years, and that can’t be touched, even by a failing bank.

    Moreover, there’s reason to think that Cyprus was a special case — a hugely overgrown banking sector, foreign depositors, etc.”

  19. Robespierre says:


    Or like René Descartes would say ”Je pense donc je suis.” 🙂 To be or not to be, that is the question. 🙂

  20. aleksy says:

    Well sure, what’s good for one thief, is good for another and in this case, all. The one country who at least “says” it is not going to do this will probably be flooded as a safe haven. But that could be the perfect ruse: reel ’em in with an ‘assurance’ that it won’t happen here and then let ’em have it en masse. What is the answer? Where to hide?

    Like someone else said in another thread—it won’t matter whether you have your $$ in the bank or out of the bank. If it is out, they will simply calculate what you “owe” as of your balance before starting to withdraw funds and then extort that through taxes, license dues (can’t drive w/o a D/L and a lot of folks also have prof licenses), etc. I guess one could start making purchases that did not look to obvious and then turn around and sell those for cash kept anywhere than in a bank.

  21. Specky4eyes says:

    Aleksy, They can and will take everything. The gold fillings in your mouth, your hair for wigs, and your hide for lampshades. Nothing is safe.

  22. StackEm'High says:

    @ CL

    Please for the love of god let Quebec separate! They would be much better off alone! They have tons of ressources and are proud to be Quebecquers. Unlike 3/4 of Canadians who immigrated here and are more proud of their home country than Canada. Look if you come to Canada and your so proud of being, Italian, Irish, Scotish, Enlgish, German… etc Than go back to your OWN country. If you live in Canada you should be Canadian first.

  23. ceti says:

    The thread drift toward English-French antagonism is exhibit A for why Canada is screwed. And the elites will be laughing all the way to the bank (literally) given this polarization, just as they do with the duopoly and culture wars in the US.

    Quebec has strong movements (but also strong corporations — think Quebecor), but they are unfortunately so parochial that they don’t venture out of the province. The rest of Canada suffers from the indoctrination of the global Anglosphere corporate media and has also traditionally been more atomized as a society. What to do? We need to bridge the gap before it’s too late.

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