Write For Us

SVB fallout: European ministers applaud US response as regulators reassure customers

Sponsored Post Vitamin D2 Canada Persia
39 Views

  • Thanks! Share it with your friends!

    You disliked this video. Thanks for the feedback!

ava
Published
European ministers spoke Monday about the recent failure of Silicon Valley Bank (SVB), which saw U.S. regulators close on Friday after billions of dollars were withdrawn by fearful depositors. Signature Bank was also closed on Sunday by regulators, raising fears among customers.

Germany and Belgium's finance ministers praised the American government and financial authorities for responding to the crisis, with Belgium Finance Minister Vincent Van Peteghem saying that there was "no indication" there was a risk to the country's banks despite the failure of SVB in the U.S. The European Commissioner for Economy Paolo Gentiloni reiterated this stance, saying they did not "see a specific risk of contagion" from the U.S. banks.

In the U.K., HSBC bank acquired the local arm of SVB, with British Finance Minister Jeremy Hunt saying it was necessary in order to protect British tech companies.

Back in the U.S., officials with the Federal Deposit Insurance Corporation — the regulator which closed SVB on Friday —were outside the Santa Clara headquarters of the bank to reassure customers that they would be able to access their money.

For more info, please go to https://globalnews.ca/news/9548423/silicon-valley-bank-canada-impact/

Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #siliconvalleybank
Category
U.S. & Canada
Tags
global news, Silicon Valley Bank, SVB
Sign in or sign up to post comments.
Be the first to comment