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Austrian bank Bail in announced.....

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posted on Apr, 12 2016 @ 01:38 PM

Not to steal a trite epithet we regularly use here but it would seem ...It has Begun.....
By it I mean the financial collapse that many expect to domino around the whole world eventually, and maybe soon.
Some of the more experienced financial heads on ATS are needed to interpret the many developments that apparently may be cascading down upon the system......

I have been watching a lot of guys on you tube that don't sound realy upbeat on our economy.....

They claim the Fed is out of ammo to deal with the convolutions of a financial nature that are looming ahead of us....not that I believe in their altruism anyways but.....its in their interest to kick the can further down the road all the time putting off the day of reckoning and creating even bigger bubbles that will burst with bigger bangs bilking more and more people of their wealth and so forth...

Some have claimed this collapse will begin in Europe first.....but as their monetary system cracks it will spread to North America, and around the globe....

............from zero hedge quote

Today, the Austrian Financial Market Authority (FMA) in its function as the resolution authority pursuant to the Bank Recovery and Resolution Act (BaSAG - Bundesgesetz über die Sanierung und Abwicklung von Banken) has issued the key features for the further steps for the resolution of HETA ASSET RESOLUTION AG. The most significant measures are:
•a 100% bail-in for all subordinated liabilities,
•a 53.98% bail-in, resulting in a 46.02% quota, for all eligible preferential liabilities,
•the cancellation of all interest payments from 01.03.2015, when HETA was placed into resolution pursuant to BaSAG,
•as well as a harmonisation of the maturities of all eligible liabilities to 31.12.2023.

According to the current resolution plan for HETA, the wind-down process should be concluded by 2020, although the repayment of all claims as well as the legally binding conclusion of all currently outstanding legal disputes will realistically only be concluded by the end of 2023. Only at that point will it be possible to finally distribute the assets and to liquidate the company.

As part of the announcement, Austria has cut Heta’s senior liabilities by 54 percent and extended the maturities of all eligible debt to Dec. 31, 2023 to help cover an 8 billion-euro ($9.1 billion) hole in Heta’s balance sheet. It also wiped out any residual equity and the junior liabilities as well as any supplementary capital. The Finanzmarktaufsicht took control of Heta last year in the first application of European Union rules designed to end taxpayer-funded bank rescues.

"While the application of the new European recovery and resolution framework for banks is uncharted territory in both legal and practical terms, we are on target with the resolution of Heta," the FMA’s co-chiefs, Helmut Ettl and Klaus Kumpfmueller, said in the statement. "Orderly resolution is more advantageous than insolvency proceedings."
close quote....

Anyone with a clue out there........

posted on Apr, 12 2016 @ 01:47 PM
a reply to: bandersnatch
I won't hold my breath waiting for someone to tell me we need to be more like Europe!

Then I will look at my 401k and blow it a kiss, just in case.

posted on Apr, 12 2016 @ 01:54 PM

originally posted by: butcherguy
a reply to: bandersnatch
I won't hold my breath waiting for someone to tell me we need to be more like Europe!

Then I will look at my 401k and blow it a kiss, just in case.

I'm afraid mine will become a 201k if you get my drift...

posted on Apr, 12 2016 @ 01:59 PM
a reply to: Bluntone22

You'll be lucky if it's not a .1k the way some people talk about it.

posted on Apr, 12 2016 @ 02:05 PM
Your upbeat replies don't bring me much cheer....all.....
But is this the finale or.......just another sad chapter....
The news seems either in dispute (if good)
or all bad....
But ye the world seems to be still demanding fiat dollars at quite a rate....
With deutsche bank on the derivative precipice, and Austria giving hair cuts...perhaps the Brits wont want to take part....after that vote it may just turn all to pudding....
Is the smart money buying dollars or gold.....

posted on Apr, 12 2016 @ 03:16 PM

originally posted by: bandersnatch
Is the smart money buying dollars or gold.....

Smart money is buying security & bullets, or so I've been told

This is unsettling news. When I think of bailouts, I think of this:

An important concept for folks who still buy into the "Official" statements on why bail outs happen

Greedy scumbags... THAT'S why bailouts happen. And Average Joe gets screwed while the execs and big money-people get off scott free

posted on Apr, 12 2016 @ 04:11 PM
Even during the wildest bail out period.....the CEOs were cashing in huge bonuses.....
A bail in is where the failed bank takes the depositors funds to pay its bad debts....a recent ruling in the USA is that bank accounts must accept this risk as a matter of course....
setting us all up for the BIG BAIL IN......
coming to a neighbourhood near you soon.....

edit on 12-4-2016 by bandersnatch because: (no reason given)

posted on Apr, 12 2016 @ 06:10 PM
a reply to: bandersnatch

In a related story

Of greater concern at Davos than “secular stagnation” was the imminent insolvency of some major banks. Ambrose Evans-Pritchard, writing in January from Davos, quoted William White, former chief economist of the Bank for International Settlements, who warned: The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up. . . . European banks have already admitted to $1 trillion of non-performing loans: they are heavily exposed to emerging markets and are almost certainly rolling over further bad debts that have never been disclosed. The European banking system may have to be recapitalized on a scale yet unimagined, and new “bail-in” rules mean that any deposit holder above the guarantee of €100,000 will have to help pay for it.

posted on Apr, 12 2016 @ 08:07 PM
Thanks for the article.....perhaps the other members do not pay enough attention to the situation at present,but,
I hope they are getting the message.
The truth is anything but reassuring to the depositors if they would take the time to understand that banks have loaned immense amounts of cash to many poor third world countries that will never be payed back.....
They are severely exposed to unbelieveable risk at present......
Derivatives are another very seriously poor holding which they are also heavily involved in....

posted on Apr, 12 2016 @ 09:15 PM
a reply to: bandersnatch

Many years ago I had thought that the system we had would crash sooner or later .I am actually surprised that it has gone this long .negative interest rates you say .....who would have thunk . There are a lot of chickens looking to come home to roost and there is nobody home .......what's next ....beads and fur ? This other piece is worth a read and to keep in the back of your mind because I think this is at the heart of what we are not seeing

WikiLeaks told you the Panama Papers were provided by the United States government, George Soros’ various NGOs, and a host of western journalists. Today the proof is irrefutable. A vast network has been established in the last few decades to not only control news, but to influence even the laws under which society operates. Here is the first document in a case against a new world order of things. Here is a revealing look at the new Baltics, and at the true nature of the igneous new world of things. The Panama Papers revelations are just the latest phase of a misinformation campaign that’s been going on for decades. Today the world is turned upside down by a huge group of journalists and corporate lackeys who have set truth on its end. But my story today is about one tentacle of a beast, one facet of an NWO centurion named George Soros. His “Foundation DOTS”, formerly Soros Foundation Latvia, offers part of the irrefutable proof I speak of. Before I shine a light on this NGO, the reader should be more acquainted with George Soros the financier, George Soros the imposter philanthropist. In the piece you see the network of who it would take to crash the system and run off with the pieces
edit on 12-4-2016 by the2ofusr1 because: (no reason given)

posted on Apr, 13 2016 @ 02:37 PM
Soros is but one of the implacable foes of freedom......
They use their wealth which is tied up into tax free foundations to bring about the social situation that is most beneficial to their own ends....(money and power)
Rockefellers foundation as well as many others of the elites like the Clintons.....become a tax haven and a safe place from which to collect and spend money on whatever programs they can use to influence and subvert our society.
These foundations receive bribes that are earned from corporate clients and given as donations for services rendered in government decisions favouring the donors....

Many of the Elite use these and off shore corporations to hide and transfer huge sums without government supervision or control.....
Bill and Melinda Gates foundation acts in this manner as well....rumoured to be implicated in the soft genocide which is taking place in third world countries under the auspices of bogus help programs funded by these NGOs....especially in Africa, but world wide as well....

The corporate usurpation of humanity and its world is well under weigh....
Currently it has become obvious to many that their intent is to crash the system and produce a new order which will put the entire world financial system in their greed smeared hands.....

Why society lives under the yoke of this soft tyranny and does little to combat these parasites is beyond my limited ken....

edit on 13-4-2016 by bandersnatch because: (no reason given)


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