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Other assets, primarily securities, remain under the control of the FDIC, it was also disclosed.
On March 10, the money house SVB, specializing in startup financing, came under state control. The previous day, the voluntary decision of US crypto bank Silvergate Capital had sent shock waves in parts of the financial industry. Other small financial institutions also stumbled, Signature Bank completely collapsed.
Since then, the crisis has morphed into a banking turmoil that put pressure on the share prices of banks around the world. The escalation led to an urgent sale by Credit Suisse to UBS. Another sell-off in European financial stocks followed last Friday. U.S. President Joe Biden, along with many top European politicians, tried to alleviate the situation, taking into account the turmoil in the banking sector over the weekend. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
