Is my money safe at the bank? - Beautiful People Magazine
Is my money secure in a bank? This question has come to the front after a reading of the conditions of the Economical Quality and Down payment Insurance plan Invoice, which was tabled in Parliament. Basically, the Invoice is for banks like financial organizations and insurance organizations what the Bankruptcy and Bankruptcy Code is for non-financial organizations. It looks forward to creating a proper law that will help recognize and take care of pressured banks quickly. The Invoice provides for the setting up of a Resolution Corporation, which will categorize banks according to their chance of unable. It will substitute the Down payment Insurance plan and Credit rating organization. In a more severe situation, where the lender is in deep problems, the Resolution Corporation can take charge and start actions to eliminate the problems. The problems occur because the present conditions of the Invoice allow the Organization to take measures like closing the obligations of the lender. Which would suggest that remains – which are fundamentally the lender’s obligations – can be terminated if the lender operates into serious problems. This is the “bail-in” stipulation that everyone carries out. So far, financial organizations in many nations have been “bailed out” by... Read more »