First Republic, Western Alliance seek to calm contagion worries from SVB meltdown
March 10 (Reuters) – U.S. lenders First Republic Bank (FRC.N) and Western Alliance (WAL.N) said on Friday their liquidity and deposits remained strong, aiming to calm investors worried of a spill-over of risks from troubled startup focused-bank SVB Financial Group (SIVB.O).
Shares of the three banks slumped between 20% and 60% in choppy trading that led to halts and resumptions.
The disclosures come after banking regulators shut California-based SVB after a failed share sale that triggered worries of a liquidity crisis, hammered bank stocks and rippled through global markets.
QT BAD: In the event of a liquidity crisis in markets, the banking system is much less ready and able to battle those shocks because of the declining level of reserves.
The U.S. banking system is on the verge of a much bigger collapse than 2008. Banks own long-term paper at extremely low interest rates. They can't compete with short-term Treasuries. Mass withdrawals from depositors seeking higher yields will result in a wave of bank failures.
— Peter Schiff (@PeterSchiff) March 10, 2023
- Biden Just Politicized 401(k)s
- Fifty More US Banks on the Verge of Failing
- Fauci Admits: ‘I Got My 2nd Vax Yesterday, & I Feel Like Sh*t Today!’
- New York Times: “Stolen Valor: The U.S. Volunteers in Ukraine Who Lie, Waste and Bicker. James Vasquez, in fact, was never deployed to Kuwait…”
- Miami Beach braces for new spring break chaos after 2 murders in 36 hours
- US Authorities Weigh Expansion of Emergency Lending Facility Amid Banking Crisis
- ‘Largest Satanic Gathering in History’ Will Require Masks and Vaccinations
- AZ overturns election judgement to verify signatures
- IRAN WAR is about to start
- FRENCH GONE WILD – Let’s have some wine while…