I didn't think they needed legislation? Depositors are simply unsecured creditors. You might be better off WITH legislation, which would ensure an orderly wiping out of 50% of your savings, rather than a disorderly collapse which would result in nothing being rescued.
NZ have had this in place for years. It is designed to ensure that the banking system will keep running without a hitch in the event of a Cyprus type collapse.
But best thing is not to worry about it at all. Just don't keep any money in the bank, then they can't steal it off you!
