‘Financial difficulties’ force Bank Network Investments SpA (BNI) to begin a Bank Of Italy authorized freeze on all customer accounts.
On May 31st Bank Network Investments discretely posted an announcement on their website that they would be freezing all of their customers accounts for 1 month freeze on citing financial difficulties.
The announcement was posted and the bank gave customers 7 days to act before the Bank of Italy approved freeze went into effect.
The bank’s customers are saying they were completely unaware of the notice being posted and are just now finding out about it when they go to the bank or the ATM for the first time.
The media certainly hasn’t reported on it and news of the freeze is only now starting to make its way around the internet after a complaint was posted on the popular Italian consumer rights website Adiconsum along with a photo of a shutdown ATM.
The freezing of the customer’s deposits, in a nation that apparently doesn’t have a mechanism like the FDIC to insure customer deposits against losses, has sent a shockwaves of terror across Italy raising fears that other customers will lose their deposits entirely.
A Google News search shows no corporate news reports on the web.
A Google web search shows only a series of blogs and forums discussing the story that I am reporting on now.
ZaZoom reports: (auto translated from Italian)
BNI: Bank Investment Network is down
Home page of the bank (http://www.bancanetwork.it/) is reported out its slogan “A bank efficiently, always by your side.” But since this morning its customers are left to their fate, without any ability to access and use their own money.
Network Investment Bank, with a statement stiminzito decided and announced the suspension of any form of withdrawal and payment of money, with a notice of 7 days that unfortunately not all customers have had the opportunity and time to read (http://www. bancanetwork.it / content / suspension-of-payments).
The institute, in receivership since last November, announced that on May 31, the commissioners, “with the approval of the Monitoring Committee and with the approval of the Bank of Italy, have decided to suspend the payment of liabilities of any kind ‘for a month.
To the rescue – in the few lines we read online – have stepped forward and the group Sim Consultinvest Savings Bank of Ravenna, but in the meantime, depositors are furious.
Source: ZaZoom
A policeman in Milan sums up the situation:
Massimo, policeman in Milan speaks for all: when I went to pay the mechanic office for my car the bancomat did not work, nor was I able to make a transfer. Actually, they took all my money away. Now I have 20€ in my wallet, a wife and two daughters, what am I going to do? My account is also where my salary goes to, so what now?
http://the2012scenario.com/2012/06/more-on-closure-of-bni-italy/bancomat/
An English translation of the suspension announcement posted on the Banks website.
Suspension of Payments
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.
Mediterranean News (Italian) reports how the banks customer’s feel as if they have had their money stolen from them.
BNI Blocks Customer Accounts
Investment Watchdog reports:
REPORT: ITALIAN BANK DECLARES ‘HOLIDAY’
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 action.
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.
Rainbow Rose Rountable writes:
Could this be the first bank domino to fall in the crumbling of the European and then the world financial markets … allowing NESARA to be ushered in?
The article appears in an Italian Language newspaper. I have used Google translator here to re post the article. Below the article you will see the translated version of the letter from the bank to its customers. The last article was published on the Adiconsum website. Adiconsum, an Italian consumer organization with over 122,000 associates formed in 1987 at the initiative of the ICFTU, to protect consumers rights.
The article provides a few more translations of Italian articles.
L43 news reports:
Network Bank stopped payments, customers furious
Lettera 43, June 4, 2012
Stop the transaction until July for the crisis of the institution.
Network Investment Bank has suspended payments, causing great inconvenience to customers.
STOP FOR A MONTH.
The institute, in receivership since last November, announced that on May 31, the commissioners, “with the approval of the Monitoring Committee and with the approval of the Bank of Italy, have decided to suspend the payment of liabilities of any kind ‘for a month.
The stop, communicated through the website of the bank, does not include client financial instruments. It was emphasized that “the measure was needed to tackle the difficult situation of the bank.
Angry depositors.
To the rescue – in the few lines we read online – have stepped forward and the group Sim Consultinvest Savings Bank of Ravenna, but in the meantime, depositors are furious . For all spoke Massimo, police in Milan with his wife and two daughters in Messina: “Nobody told me anything and today (June 4), when I went to pay the mechanic, the ATM was not working. Even the credit can do. ‘ MI HAVE REMOVED THE MONEY.” ”Actually,” he added, “I have taken my money. In the book I have only 20 euros in cash and the escrow account where the salary is credited to me, how do I make ends meet? “. And to think that Bank Investment Network has as shareholders the names of the first floor of the financial world: Aviva Banco Popular De Agostini and Sopaf.
“GUESTS OF PERSONS FINANCIALLY ADVANCED.” The customers of Bank Network, financial sources have noted, is composed largely of the “financially sophisticated individuals” able to understand the situation and wait for the definition plan of action by the group and Sim Consult invest Savings Bank announced the release of Ravenna as special commissioners.
Source: Leterra
Adiconsum reports:
Credit – NO LEVIES – PAYMENTS OF BNI for account holders
BNI depositors unable to make withdrawals / payments, payments of utility bills, mortgage payments, taxes
Thursday, June 7, 2012
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 Block.
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.
We must unfortunately note that offensive measures as those adopted to customers BNI – Giordano complaint – not an isolated case. Decisions without taking into account the heavy impact, particularly on savers in possession of a single bank account on which accrediting salary or pension, are not new to Bank of Italy, and also affected depositors of Banca MB.
The attitude of the Bank of Italy – Jordan continues – is bureaucratic and deed and as Adiconsum we asked in a letter sent to the Bank of Italy and the lifting of the BNI and an urgent meeting to define the way in which customers, especially Fixed-income families and pensioners, can perform normal daily operations.
Source: Adiconsum
Hollow Earth Network:
Italy, First Bank Going Bye Bye?
All accounts blocked!
By GLR ANdReA – Posted on 09 June 2012
http://www.hollowearthnetwork.com/page/473745649
The first to fall: BNI blocks bancomat, online, and any way of getting to one’s account.
On the bank’s homepage there’s written (http://www.bancanetwork.it/) “An efficent bank, always at your side.”
Thus, from this morning all clients are alone, with no possibility to get to their accounts.
Network Bank Investments, via a short notice, decided to block all accounts and thereby any means of getting to money, in any form, be it online or cash. The notice was sent out 7 days ago. Thus not many were able to read it.
(http://www.bancanetwork.it/content/sospensione-dei-pagamenti).
The institute decided in an extraordinary meeting last November, after getting the green light from the Banca d’Italia, to suspend any money transfer for a whole month.
Massimo, policeman in Milan speaks for all: when I went to pay the mechanic office for my car the bancomat did not work, nor was I able to make a transfer. Actually, they took all my money away. Now I have 20€ in my wallet, a wife and two daughters, what am I going to do? My account is also where my salary goes to, so what now?
source (italian)
http://www.lettera43.it/economia/macro/banca-network-ferma-i-pagame…
Source: Hollow Earth