Reports have surfaced today that Italy’s Network Investment Bank has suspended payments and withdrawals.
We now have reports about impending capital controls, and now an Italian Bank holiday at Network Investment Bank.
The half life of the sugar rally from Saturday’s Spanish bank bailout appears to have been roughly 2 hours once the markets reopened.
Italian report Google translated:
Network Bank stopped payments, customers furious
Stop the transaction until July for the crisis of the institution.
The website of the Bank Network.
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 Consultinvest Savings Bank announced the release of Ravenna as special commissioners
Click here for original source in Italian: