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Credit - NO LEVIES - PAYMENTS OF BNI for account holders
adiconsum.it ^ | 6/7/12

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 ...


TOPICS: Business/Economy; Foreign Affairs
KEYWORDS: bankholiday; eucrisis; italycrisis
The European conflagration grows.
1 posted on 06/10/2012 8:16:15 PM PDT by Kartographer
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To: blam

PING!


2 posted on 06/10/2012 8:17:02 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer

Coming to a bank near you.


3 posted on 06/10/2012 8:21:53 PM PDT by Roccus
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To: Kartographer
People don't like hearing about banks cutting off depositors, regardless if it's their bank or not. That it's the BANK OF ITALY makes matters worse.

The term "ripple effect" comes to mind. So does "loss of faith."

4 posted on 06/10/2012 8:25:58 PM PDT by AAABEST (Et lux in tenebris lucet: et tenebrae eam non comprehenderunt)
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To: Kartographer

Hmmmm, bump. Nothing smart or stupid to say.


5 posted on 06/10/2012 8:30:06 PM PDT by Kudsman (Lord have mercy.)
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To: Kartographer

http://investmentwatchblog.com/report-italian-bank-declares-holiday/

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 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.

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.


6 posted on 06/10/2012 8:39:54 PM PDT by HangnJudge
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To: Kartographer

http://www.weissratings.com/products/banks-and-thrifts.aspx

Last I checked Weiss had two banks in Florida with an A rating.


7 posted on 06/10/2012 8:40:28 PM PDT by GOPJ (Take your little hammer, little sickle and your scary red signs with a fist on it, and go home...)
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To: Kartographer

Another translation:
http://www.microsofttranslator.com/bv.aspx?from=it&to=en&a=http://www.adiconsum.it/Pages/News.aspx?n=1675

(Now “microsofttranslator.com” Wow, RIP Babelfish an internet pioneer... “So long, and thanks for all the Babelfish!)


8 posted on 06/10/2012 9:03:44 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: Kartographer
The last I looked, DJIA futures were up 150 on all the good news this weekend.
9 posted on 06/10/2012 9:41:33 PM PDT by blam
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To: mrsmith

A very notary attitude.


10 posted on 06/10/2012 10:00:35 PM PDT by HiTech RedNeck (Let me ABOs run loose Lou!)
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To: Kartographer

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.


11 posted on 06/10/2012 11:25:17 PM PDT by packrat35 (Admit it! We are almost ready to be called a police state!)
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To: Roccus

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.


12 posted on 06/11/2012 4:16:41 AM PDT by napscoordinator
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To: Kartographer

sfl


13 posted on 06/11/2012 5:05:11 AM PDT by phockthis (http://www.supremelaw.org/fedzone11/index.htm ...)
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To: napscoordinator

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.


14 posted on 06/11/2012 5:08:53 AM PDT by maine yankee (I got my Governor at 'Marden's')
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To: HangnJudge
BNI depositors unable to make withdrawals / payments, payments of utility bills, mortgage payments, taxes

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.

15 posted on 06/11/2012 5:23:18 AM PDT by PapaBear3625 (If I can't be persuasive, I at least hope to be fun.)
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To: packrat35
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.

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.

16 posted on 06/11/2012 5:27:21 AM PDT by PapaBear3625 (If I can't be persuasive, I at least hope to be fun.)
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To: maine yankee

“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.


17 posted on 06/11/2012 10:38:42 AM PDT by Owl558 ("Those who remember George Satayana are doomed to repeat him")
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To: Kartographer; Admin Moderator
There are a large number of references to this story in various blogs, but looking for "Bank Network Investments" draws a blank EXCEPT for these stories.

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?

18 posted on 06/11/2012 2:20:12 PM PDT by PapaBear3625 (If I can't be persuasive, I at least hope to be fun.)
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To: PapaBear3625

Did you use the Italian spelling in your search?


19 posted on 06/11/2012 2:45:34 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: PapaBear3625; Admin Moderator

http://www.rinascita.eu/index.php?action=news&id=15392#

http://intermarketandmore.finanza.com/braccio-di-ferro-tra-spagna-e-unione-europea-per-gli-aiuti-alle-banche-46831.html


20 posted on 06/11/2012 2:54:46 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: PapaBear3625

The website you looked for?

http://www.bancanetwork.it/


21 posted on 06/11/2012 3:06:37 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer
Interesting. Lots of hits on google news, in Italian, for the bank (for example here). Nothing at all in English.

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.

22 posted on 06/11/2012 4:16:13 PM PDT by PapaBear3625 (If I can't be persuasive, I at least hope to be fun.)
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To: PapaBear3625

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:

http://www.bancanetwork.it/content/sospensione-dei-pagamenti


23 posted on 06/11/2012 5:24:40 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Kartographer

Type:

BNI Bank Holiday

in a search. You will find lots of hits in English.


24 posted on 06/12/2012 3:44:48 AM PDT by Erik Latranyi (When religions have to beg the gov't for a waiver, we are already under socialism.)
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To: AAABEST

Your prescient ping led me to this thread.

IYO, is BNI large enough to cause such a cascade among Eurobanks?


25 posted on 06/12/2012 3:59:45 AM PDT by Old Sarge (RIP FReeper Skyraider (1930-2011) - You Are Missed)
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