US financial regulators on Thursday welcomed a move by 11 large banks to deposit $30 billion in funds to rescue the struggling San Francisco-based First Republic Bank, amid fears that it could soon become the latest lender to collapse due to market turmoil
WASHINGTON (Pakistan Point News / Sputnik - 17th March, 2023) US financial regulators on Thursday welcomed a move by 11 large banks to deposit $30 billion in funds to rescue the struggling San Francisco-based First Republic Bank, amid fears that it could soon become the latest lender to collapse due to market turmoil.
"Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg and Acting Comptroller of the Currency Michael Hsu said in a joint statement.
The rescue of First Republic Bank, whose shares suffered record losses in recent days, comes after Silicon Valley Bank, Signature Bank and Silvergate Bank collapsed earlier this month.
