US President Joe Biden's attempt to reassure markets and depositors comes after moves to guarantee deposits at Silicon Valley Bank failed to persuade investors that other banks around the world are healthy.
In the United States, First Republic Bank tumbled 76.6% despite news it had secured fresh financing, while Western Alliance Bancorp and PacWest Bancorp fell 82.5% and 53%, respectively. Trading in the stocks was halted several times due to volatility.
Biden said his administration’s rapid actions at the weekend should reassure Americans that the US banking system is safe, and promised stiffer bank regulation after the country’s“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” he said.In the money markets, a closely watched indicator of credit risk in the US banking system edged up, as did other indicators of credit risk in the eurozone.
Dowding said he did not think that a lot of the issues affecting US banks would be present in European lenders. SVB’s customers will have access to all their deposits from Monday and regulators set up a new facility to give banks access to emergency funds. The Federal ReserveRegulators moved swiftly too to close New York’s Signature Bank, which had come under pressure in recent days.In Germany, the central bank convened its crisis team on Monday to assess the possible fallout on the local market, even as no emergency action was foreseen in Europe.for 1 pound . It said SVB UK had loans of around 5.
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