[eXpat]

Network Bank Investments, giving short notice decides to block all accounts for a month. All withdrawals: ATM, online banking, etc. suspended. No way for clients to withdraw money in any form, online or cash.

Banca and Articolotre

[Fishman]

Hmmmm, when they lock the doors at one bank, there is the potential for runs on all the others. Of course, in America, it insured to 250K. But if there are significant runs, the printing press goes wild, and your money becomes worthless. Interesting times.

[eXpat]

Letter from BNI to customers (translated):

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. The second article is published on the Adiconsum website. Adiconsum is an Italian consumer organization with over 122,000 associates formed in 1987 at the initiative of the ICFTU, to protect consumers rights.

Original here: http://www.bancanetwork.it/content/sosp ... -pagamenti

I would be going postal if I can´t touch my money for a month

[Rod_Cloutier]

The suspension does not include client financial instruments.

My interpretation of this is that the rich can still do whatever they want with their 'financial instruments' leaving the poor, the middle class and all small businesses to the trash heap.

This is really a tragedy for anyone involved.

[eXpat]

Spreading...
Italian Banks Are Getting Smashed

Italian financials are heavily declining as the FTSE MIB sells off more than 2 percent.

A number of banks have been halted after falling more than five percent.

UniCredit: Down 5.15 percent [HALTED]

Banca Monte dei Paschi di Siena: Down 5.78 percent [HALTED]

Banca Popolare di Milano: Down 5.39 percent [HALTED]

Read more: http://www.businessinsider.com/italian-banks-are-getting-smashed-2012-6#ixzz1xawCWPgy