Treasury Secretary continues meeting with finance regulators about banking fears
U.S. Treasury Secretary Janet Yellen takes her seat as she arrives for a House Ways and Means Committee hearing on Capitol Hill March 10, 2023, in Washington, D.C.
Regulators have rushed to contain fallout after the stunning implosion of Silicon Valley Bank and Signature Bank earlier in March, including protecting all deposits at the two institutions – even those holding funds that exceeded the FDIC'sThe Fed also launched a new emergency backstop for lenders to help them meet deposit withdrawals under favorable terms.
The moves were intended to staunch a flow of funds from small and regional U.S. lenders as customers rushed to banks deemed too big to fail. The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. A fresh banking sell-off gripped markets on Friday morning as shares of Deutsche Bank tumbled, reigniting worries about a broader financial crisis. The drop follows a steep rise in the cost of financial derivatives, known as credit default swaps, that insure bondholders against the bank defaulting on its debts.
Rising costs on insuring debt were also a prelude to a government-backed takeover of Swiss lender Credit Suisse by its rival UBS.
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