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Also worth noting. We are in a market-wide asset liquidation. Everything must go, closing down sale! There is not enough cash to go around. Legislation is in place for banks to bail in unsecured deposits (ie your bank balance) to keep them in business.
Certainly would be legal in Australia (not sure about NZ). It would be prudent for individuals to keep some of their wealth outside the banks (ie cash under your mattress).
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