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.
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.
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 Consultinvest Savings Bank announced the release of Ravenna as special commissioners.
Suspension of Payments:Letter from BNI to its Customers
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. 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.
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.