During the Cypriot financial crisis, it seems that a "bank holiday" was announced on March 16 and lasted until March 26, during which time ATM withdrawals were impossible or at least tightly restricted.
I'd like to understand, however, if other types of transactions also were blocked during that time, such as bank-to-bank transactions, and bank-to-utility transactions.
For example, consider a hypothetical Cypriot who had a Bank of Cyprus account and the following payments due on March 20, 2013:
- A payment on a loan issued by another Cypriot bank
- A payment on a loan issued by an EU bank
- A payment on a credit card
- A payment to the local utility (electricity, etc.; not sure if these are nationalized in Cyprus or not)
Could these bills have been paid from the Bank of Cyprus account directly? Or would they have all gone unpaid without some other type of intervention (such as individuals physically going to the utility company and paying with cash, or the government mandating that due dates be extended)?
If any of the above could have been paid from the bank on March 20, could unscheduled payments have also been made, to reduce one's account balance and thus one's exposure to the subsequent monetary loss?
I've done some googling, but details elude me. I haven't had much success cutting through the "it'll happen in your country next!" type articles to actually find out what happened.