Posted on 06/10/2012 8:16:06 PM PDT by Kartographer
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.
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
Type:
BNI Bank Holiday
in a search. You will find lots of hits in English.
Your prescient ping led me to this thread.
IYO, is BNI large enough to cause such a cascade among Eurobanks?
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