Skip to comments.Credit - NO LEVIES - PAYMENTS OF BNI for account holders
Posted on 06/10/2012 8:16:06 PM PDT by Kartographer
BNI depositors unable to make withdrawals / payments, payments of utility bills, mortgage payments, taxes Peter Giordano, Adiconsum: "Grave of the Bank of Italy's attitude that takes action without considering the impact on depositors, and especially on single-income families and pensioners" Adiconsum Bank of Italy asks for an urgent meeting and the lifting of the The Bank of Italy authorized the suspension of payments by Bank Network Investments SpA (BNI) without communicating anything to the depositors.
(Excerpt) Read more at translate.google.com ...
Coming to a bank near you.
The term "ripple effect" comes to mind. So does "loss of faith."
Hmmmm, bump. Nothing smart or stupid to say.
REPORT: ITALIAN BANK DECLARES HOLIDAY
June 10th, 2012
BNI depositors unable to make withdrawals / payments, payments of utility bills, mortgage payments, taxes
Peter Giordano, Adiconsum: Grave of the Bank of Italys attitude that takes action without considering the impact on depositors, and especially on single-income families and pensioners
Adiconsum Bank of Italy asks for an urgent meeting and the lifting of the
The Bank of Italy authorized the suspension of payments by Bank Network Investments SpA (BNI) without communicating anything to the depositors.
Very serious and unacceptable says Peter Jordan, Secretary General Adiconsum the attitude of the Bank of Italy SpA in each BNI, because highly prejudicial to the interests of customers.
Bank of Italy, in fact, after extending the receivership of the bank, thus giving the impression of an imminent rescue, then gave the green light for compulsory winding up, without giving any prior notice to the depositors, leaving them in no condition to perform any type of operation, even basic ones for daily survival, such as withdrawals / payments, utilities payments, rates, taxes.
Last I checked Weiss had two banks in Florida with an A rating.
(Now “microsofttranslator.com” Wow, RIP Babelfish an internet pioneer... “So long, and thanks for all the Babelfish!)
A very notary attitude.
Think it can’t happen here in the US. Think again!. That is why I tell everyone to keep $200 minimum in cash at their house. Best to have in smaller bills, cause if your bank crashes or a bank holiday is “declared” out of the blue, you won’t have any access to funds.
Coming to a bank near you.
If it happens which i doubt, it would happen to one of the larger banks. I am with Navy Federal which I doubt will ever have a situation like this. Of course like one of the FREEPERS said, keep 200 in cash in the house in small bills is probably not a bad idea.
If our fearless reader declares a federal bank holiday, it mean all banks and credit unions closed by law.
Couple hundred in cash, full tank of gas, and a weeks worth of food.
Just a litle common sense prepping without the tin foil.
I have a feeling that this mainly affects the little guys, and that the major "connected" depositors continue to have full access to their money. Something like Corzine using customer funds to make sure JPMorgan was made whole before MF Global went into bankruptcy.
And if a bank holiday is declared, guess what the credit-card companies are going to do until things get sorted out? Best to keep your pantry full with non-perishables, refill your gas tank whenever it gets below 1/2 full, and some cash around the house (in multiple places) until Obama leaves office.
“Just a litle common sense prepping...”
No part of this country is immune from a natural disaster. The same steps you take to prepare for earthquakes, floods, hurricanes, alien invasions, or zombie apocalypses are the same steps you should take here.
What is "Bank Network Investments" (allegedly the "4th largest bank in Italy")? One would assume that a website for it would exist? One would assume that there would be references to its EXISTENCE somewhere, outside a few blogs?
Did you use the Italian spelling in your search?
The website you looked for?
Looking in google news for "Bank of Italy" (since it is involved in the story), and only three articles show up, only one even vaguely touching on Italian banking troubles being from Korea.
Seems like an English-language media blackout.
ABOUT US MEMBERS MISSION AND VALUES THE PROMOTERS THE SOLUTIONS
Suspension of Payments
THE PRESS May 31, 2012
On 31 May 2012, the Special Commissioners of Bank Network Investments SpA in Extraordinary Administration (MI), with the approval of the Supervisory Committee and with the approval of the Bank of Italy, have decided to suspend the payment of liabilities of any kind, pursuant to art. 74 of Leg. September 1, 1993. 385 (TUB), for the period of one month. The suspension does not include client financial instruments.
The measure was necessary to face the difficult situation of the bank.
Organs extraordinary Bank Network Investments SpA, an intermediary member of the Interbank Deposit Protection Fund, are developing a plan for solving the crisis in order to safeguard clients’ rights, provides for the intervention of Consultinvest SIM Group and Bank Savings of Ravenna.
SUSPENSION OF PAYMENTS EXTRAORDINARY ADMINISTRATION TRANSPARENCY PRIVACY MIFID DISCLAIMER
INVESTMENT BANK NETWORK SPA - VAT 04114040969 - Via Lepetit 8/10 20124 Milano
This is from their own web site I used Google Chrome to translate:
BNI Bank Holiday
in a search. You will find lots of hits in English.
Your prescient ping led me to this thread.
IYO, is BNI large enough to cause such a cascade among Eurobanks?