Banif Bank

Lots of rumors going round about the uncertainty of Banif Bank which looks likely to be going into administration very soon. People have been trying to take money out all day today as the news spread over the weekend. Customers are being told to come back tomorrow as they have no more money in the banks.

This is a translated copy in English from the Diario website.

The Federation of Trade Unions of the Financial Sector (Febase) today called a meeting a matter of urgency the administration of Banif, to clarify the real situation of the bank and better support their employees.

"Given the instability and insecurity experienced by Banif workers, the Trade Unions Federation reaffirmed the meeting request to the bank's management," says Febase a statement.

Considering that currently lives "one of the most turbulent times in the history of the institution" with the daily publication of conflicting reports on the situation of the bank, the trade union federation called on the administration "meeting a matter of urgency".

"The Febase advises workers to remain calm because their unions are monitoring the process," says the same statement.

The unions of bank comprising the Febase advise Banif workers not to commit to any plans that are submitted to them without consulting the legal services of the respective Unions.

On Sunday night, TVI and the public reported that the state is studying the application of a measure of resolution in the financial institution and there may be a decision this week.

This information prompted the Finance Ministry to publish a statement at the beginning of dawn today, the state that is monitoring the situation of Banif, namely the sale of attempted bank to a strategic investor and to ensure that will protect depositors.

Banif issued a statement to the market, even today, to say that any resolution scenario or imposition of an administrative measure has no "sense or foundation", after the release of news that realize that the state is preparing to intervene in the bank .

Today the European Commission said that any solution to be found for Banif will have to "ensure the full protection of guaranteed deposits".

The Bank had, in late September, about 1,700 workers in Portugal.

As more news comes out about this I will post here.