What is the role reserved for Banks in this process?

Only solvent banks will have a role to play in the process under GGMF.

Bank solvency is determined after all of the bank’s Fiat Currency deposits have been converted into Gold Units. It is important to note, that GGMF guarantees that one hundred percent (100%) of all Fiat Currency Deposits will be converted to Gold Units, even if the bank has a shortfall in cash reserves.

If the bank is insolvent post the conversion of the deposits into Gold Units, which means that the Bank no longer holds such deposits as an asset on its balance sheet, and the shareholders are unwilling to financially support the bank, GGMF may, in its sole prerogative, decide to financially support the bank, but if not, no bailouts by the government are permitted and the bank will be placed into liquidation.

Solvent Banks will play a very important role in the process going forward as they will firstly be able to assist their customers to convert their FIAT Currencies held on deposit into Gold Units and secondly, they will provide banking services to customers who wish to avail themselves of the financial services that GGMF will provide to sovereign individuals and all other entities.

Solvent Banks will also receive a three percent (3%) fee for assisting customers to convert their FIAT balances and in addition, they will also receive a further a three percent (3%) fee for undertaking all of the legal compliance work for facilities provided to their customers.