Silicon Valley Bank (SVB), which went bankrupt last week, had a very limited presence in the European Union in general, European Commission spokesman Daniel Sheridan Ferrie said on Monday, adding that the bloc was monitoring the situation and liaising with relevant national authorities
MOSCOW (Pakistan Point News / Sputnik - 13th March, 2023) Silicon Valley Bank (SVB), which went bankrupt last week, had a very limited presence in the European Union in general, European Commission spokesman Daniel Sheridan Ferrie said on Monday, adding that the bloc was monitoring the situation and liaising with relevant national authorities.
"We are monitoring the situation and we are taking note of the swift and decisive reaction of the US authorities. Within the EU, there is a very limited presence of Silicon Valley Bank and, of course, we are in touch with the relevant national competent authorities," the spokesman told a press briefing.
On Friday, California regulators shut down SVB, which became the largest US bank to collapse after the last financial crisis, in 2008. The US Federal Deposit Insurance Corporation transferred all the insured deposits from SVB to a separate institution � Deposit Insurance National Bank of Santa Clara. The collapse of SVB is connected with the increase in interest rates by the Federal Reserve System, which caused the impairment of assets on the balance sheets of many financial institutions.
