2023 United States banking crisis

The 2023 United States banking crisis was a series of bank failures and bankruptcies that took place in early 2023, with the United States federal government ultimately intervening in several ways. Over the course of five days in March 2023, three small-to-mid size U.S. banks failed, triggering a sharp decline in global bank stock prices and swift response by regulators to prevent potential global contagion. Silicon Valley Bank (SVB) failed when a bank run was triggered after it sold its Treasury bond portfolio at a large loss, causing depositor concerns about the bank's liquidity. The bonds had lost significant value as market interest rates rose after the bank had shifted its portfolio to longer-maturity bonds. The bank's clientele was primarily technology companies and wealthy individuals holding large deposits, but balances exceeding $250,000 were not insured by the Federal Deposit Insurance Corporation (FDIC). Silvergate Bank and Signature Bank, both with significant exposure to cryptocurrency, failed in the midst of turbulence in that market.

In response to the bank failures, the three major U.S. federal bank regulators announced in a joint communiqué that extraordinary measures would be taken to ensure that all deposits at Silicon Valley Bank and Signature Bank would be honored. ^[1] The Federal Reserve established a Bank Term Funding Program (BTFP) to offer loans of up to one year to eligible depository institutions pledging qualifying assets as collateral. ^{[2] [3]}

To prevent the situation from affecting more banks, global industry regulators, including the Federal Reserve, the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, and Swiss National Bank intervened to provide extraordinary liquidity. ^{[4] [5] [6]}

By March 16, large interbank flows of funds were occurring to shore up bank balance sheets and some analysts were talking of a possibly broader U.S. banking crisis. ^[7] The Federal Reserve discount window liquidity facility had experienced approximately $150 billion in borrowing from various banks by March 16. ^[8]

Soon after the bank run at SVB, depositors quickly began withdrawing cash from San Francisco-based First Republic Bank (FRB), which focused on private banking to wealthy clientele. Like SVB, FRB had substantial uninsured deposits exceeding $250,000; such deposits constituted 68% of the bank's total at year-end 2022, declining to 27% by the end of March, as $100 billion in uninsured deposits were withdrawn. Despite a $30 billion capital infusion from a group of major banks in March, FRB continued to destabilize and its stock price plummeted as the FDIC prepared to take it into receivership and find a buyer on April 29. ^{[9] [10]} On May 1, the FDIC announced that First Republic had been closed and sold to JPMorgan Chase. ^{[11] [12]}

Background

Further information: Cryptocurrency bubble § 2020–2022 cryptocurrency bubble

Normal yield curve began inverting in July 2022, causing short-term Treasury rates to exceed long-term rates

M2 monthly money supply changes. Money supply dropped by $-224.5 billion in March 2023. The largest drop on record since 1959.

March 2023 banking crisis bank deposits

  Bank deposits percent change Y/Y

  Bank deposits in billions of U.S. Dollars

In the lead-up period, many banks within the United States had invested their reserves in U.S. Treasury securities, which had been paying low interest rates for several years. As the Federal Reserve began raising interest rates in 2022 in response to the 2021–2022 inflation surge, bond prices declined, decreasing the market value of bank capital reserves, causing some banks to incur unrealized losses; to maintain liquidity, Silicon Valley Bank sold its bonds to realize steep losses. ^[7] Also, several banks gained market exposure to cryptocurrency and cryptocurrency-related firms prior to and during the COVID-19 pandemic; ^[13] the 2020–2022 cryptocurrency bubble popped in late 2022. ^[14] In this environment, three such banks failed or were shut down by regulators: The first bank to fail, cryptocurrency-focused Silvergate Bank, announced it would wind down on March 8, 2023, due to losses suffered in its loan portfolio. ^{[15] [16]} Two days later, upon announcement of an attempt to raise capital, a bank run occurred at Silicon Valley Bank, causing it to collapse and be seized by regulators that day. ^[15] Signature Bank, a bank that frequently did business with cryptocurrency firms, was closed by regulators two days later on March 12, with regulators citing systemic risks. ^{[15] [17] [18]} The collapses of First Republic Bank, Silicon Valley Bank and Signature Bank were the second-, third- and fourth-largest bank failures in the history of the United States, respectively, smaller only than the collapse of Washington Mutual during the 2007–2008 financial crisis. ^{[19] [ failed verification ]}

In 2019, the Federal Reserve's "Tailoring rules" changed, increasing minimum asset threshold from $50 billion to $100 billion and reduced the number of required stress testing scenarios, allowing banks with under $100 billion to have reduced liquidity standards. ^[20] Signature Bank and First Republic Bank were under the $100 billion total assets for the Federal Reserve's tailoring rules, allowing the banks to have reduced regulation for liquidity. ^{[21] [22] [23]} Some have questioned if First Republic Bank would have had a bank run if there were similar regulation to EU countries in the United States. ^[24]

Liquidation of Silvergate Bank

Further information: Silvergate Bank § Liquidation

Background

Silvergate Bank was a California-based bank that began operations in 1988 as a savings and loan association. In the 2010s, the bank began to provide banking services to players within the cryptocurrency market. The bank sought regulatory approval in the summer of 2014 to do business with cryptocurrency firms. The bank expanded the assets on its balance sheet significantly—doubling its assets in its 2017 fiscal year to $1.9 billion—by servicing cryptocurrency exchanges and other companies who were involved in the cryptocurrency business that could not secure financing from larger, more conservative banks. Despite its rapid growth, the company maintained a small physical footprint; in 2018 ^[update] , the bank had only three branches, all located in Southern California. ^[25] By the fourth quarter of 2022, 90% of the bank's deposits had become cryptocurrency-related, with over $1 billion in deposits being tied to Sam Bankman-Fried. ^[26]

In addition to providing traditional banking services to its cryptocurrency clients, the bank operated as a clearinghouse for its banking clients; it involved itself in the business of resolving and settling transactions in real-time through its proprietary Silvergate Exchange Network. The network allowed a client to send payments in U.S. dollars from its accounts with Silvergate to those of another client of the bank without requiring an interbank wire transfer. A large number of cryptocurrency companies set up accounts with the bank to take advantage of Silvergate's relatively quick transaction settling times. ^[25]

Silvergate stock price (2019–2023)

Despite conducting the majority of its business with cryptocurrency companies, Silvergate's investment portfolio was fairly conservative; the company took large positions in mortgage-backed securities as well as U.S. bonds. ^[27] These sorts of assets, while reliable to be paid-in-full through their maturity date, carry risks associated with changes in interest rates; there is an inverse relationship between the mark-to-market value of a bond and the bond's yield. As interest rates shot up during the 2021–2023 inflation surge, the mark-to-market price of these securities decreased significantly. When these losses are unrealized, this does not typically cause the bank to cease operating, as the bank will receive payment-in-full under the original terms of the bond. However, if forced to sell these securities at a lower mark-to-market price, the losses on these types of assets become realized, posing significant risks to the bank's ability to continue to operate. ^[27]

Events

Silvergate was hit with a bank run in the wake of the bankruptcy of FTX; deposits from cryptocurrency-related firms dropped by 68% at the bank, with the bank facing requests from its clients to withdraw upwards of $8 billion in deposits. ^[26] As Silvergate did not have enough cash-on-hand to satisfy the deposit withdrawals, the bank began to sell its assets at a steep loss; the company realized a loss of $718 million on withdrawal-related asset sales in the fourth fiscal quarter of 2022 alone. ^{[26] [27] [28]} The bank, in a public statement, said that it was solvent at the end of Q4 2022, with an asset sheet containing assets of $4.6 billion in cash and $5.6 billion in liquid debt securities, with $3.8 billion in deposit obligations. ^[26] Silvergate faced tight financial constraints in the coming months, selling assets at a loss and borrowing $3.6 billion from the Federal Home Loan Bank of San Francisco to maintain its liquidity. ^[29] Silvergate wrote in a regulatory filing on March 1 that the bank risked losing its status as a well-capitalized bank and that the bank faced risks relating to its ability to continue operating. ^{[16] [30]}

Facing continued losses from sales of securities at mark-to-market price, Silvergate released a public notice on March 8, 2023, saying that it would undergo voluntary liquidation and would return all deposited funds to their respective owners. ^{[16] [18] [27]}

Collapse of Silicon Valley Bank

Main article: Collapse of Silicon Valley Bank

Background

Silicon Valley Bank (SVB) was a commercial bank founded in 1983 and headquartered in Santa Clara, California. Until its collapse, SVB was the 16th largest bank in the United States and was heavily skewed toward serving companies and individuals from the technology industry. ^{[31] [32] [33]} Nearly half of U.S. venture capital-backed healthcare and technology companies were financed by SVB. ^[34] Companies such as Airbnb, Cisco, Fitbit, Pinterest, and Block, Inc. have been clients of the bank. ^[35] In addition to financing venture-backed companies, SVB was well known as a source of private banking, personal credit lines, and mortgages to tech entrepreneurs. ^[36] According to the FDIC, it had $209 billion in assets at the end of 2022. ^[37]

Silicon Valley Bank recorded an increase of its deposit holdings during the COVID-19 pandemic, when the tech sector experienced a period of growth. In 2021, it purchased long-term Treasury bonds to capitalize on the increased deposits. However, the current market value of these bonds decreased as the Federal Reserve raised interest rates to curb the 2021–2023 inflation surge. ^[38] Higher interest rates also raised borrowing costs throughout the economy and some Silicon Valley Bank clients started pulling money out to meet their liquidity needs. ^[39]

Events

To raise cash to pay withdrawals by its depositors, SVB announced on March 8 that it had sold over US$21 billion worth of securities, borrowed US$15 billion, and would hold an emergency sale of some of its treasury stock to raise US$2.25 billion. The announcement, coupled with warnings from prominent Silicon Valley investors, caused a bank run as customers withdrew funds totaling US$42 billion by the following day. ^[39]

On March 10, 2023, as a result of the bank run, the California Department of Financial Protection and Innovation (DFPI) seized SVB and placed it under the receivership of the FDIC. The FDIC established a deposit insurance national bank, the Deposit Insurance National Bank of Santa Clara, to service insured deposits and announced that it would start paying dividends for uninsured deposits the following week; the dividends were funded by proceeds from the sale of SVB assets. Some 89 percent of the bank's US$172 billion in deposit liabilities exceeded the maximum insured by the FDIC. ^{[40] [41]} Two days after the failure, the FDIC received exceptional authority from the Treasury and announced jointly with other agencies that all depositors would have full access to their funds the next morning. ^{[42] [43]} An initial auction of Silicon Valley Bank assets on the same day attracted a single bid, ^[44] after PNC Financial Services and RBC Bank backed away from making offers. ^{[45] [46]} The FDIC rejected this offer and plans to hold a second auction to attract bids from major banks, now that the bank's systemic risk designation allowed the FDIC to insure all deposits. ^[44] The bank was later reopened as a newly organized bridge bank, Silicon Valley Bridge Bank, N.A. ^[47]

On March 26, 2023, the FDIC announced that First Citizens BancShares would acquire the commercial banking business of SVB. ^{[48] [49]} As part of the deal, First Citizens brought around $56.5 billion in deposits and $72 billion of SVB's loans discounted by $16.5 billion, while around $90 billion of SVB's securities continue to remain in receivership. ^[50] The FDIC received about $500 million-worth of equity appreciation rights linked to First Citizens' shares. ^[51] SVB's 17 branches reopened under the First Citizens brand the next day, with all SVB depositors becoming depositors of First Citizens. SVB Private was initially going to be auctioned separately but First Citizens later acquired the business as well. ^[52] The UK arm of SVB was acquired by HSBC, which announced it would rename the business to HSBC Innovation Banking. ^{[53] [54]}

Collapse of Signature Bank

Further information: Signature Bank § Collapse

Background

Signature Bank stock price (2006–2023)

Signature Bank was a New York City-based bank founded in 2001. ^[17] The bank began as a subsidiary of Bank Hapoalim that took on clients with assets of around $250,000, lending to small businesses based in New York City and in the surrounding metropolitan area. ^[55] The bank provided financing within the multifamily residential rental housing market in the New York metropolitan area beginning in 2007, ^{[56] [57]} though it began to reduce its exposure to the market during the 2010s. ^[58] By 2019, just over four-tenths of the value of the bank's loans were made to multifamily homeowners in the New York metropolitan area, comprising $15.8 billion of the bank's then-$38.9 billion in net loans. ^{[58] [59]}

Beginning in 2018, Signature Bank began to court customers in the cryptocurrency industry, securing hires that were experienced in the area with the goal of moving away from its dependence on real estate lending. ^[60] The quantity of deposits held at the bank expanded significantly, with deposits increasing from about $36.3 billion at the end of the 2018 fiscal year to $104 billion by August 2022; that month, over one-quarter of the bank's deposits held were those of cryptocurrency companies. ^{[59] [60]} Its cryptocurrency-sector clients included large cryptocurrency exchange operators, such as Celsius Network and Binance. ^{[18] [60]} By early 2023, Signature Bank had become the second largest provider of banking services to the cryptocurrency industry—second only to Silvergate Bank. ^[61]

In addition to providing traditional banking services to cryptocurrency clients, Signature Bank opened a proprietary payment network for use among its cryptocurrency clients. The payment network, Signet, had opened in 2019 for approved clients, and allowed the real-time gross settlement of fund transfers through the blockchain without third parties or transaction fees. By the conclusion of 2020, Signature Bank had 740 clients using Signet. ^{[62] [63]} The network continued to expand during the following years; both Coinbase and the TrueUSD dollar-pegged stablecoin had become integrated with Signet in 2022 and 2021, respectively. ^[64]

Events

Reporters ask questions to Signature Bank customers exiting a New York location.

As cryptocurrency prices dropped significantly in 2022, particularly so after the collapse of cryptocurrency exchange FTX, depositors in Signature Bank began to withdraw deposits in the tune of billions of dollars; by the end of 2022, deposits in the bank totaled around $88.6 billion, down from $106.1 billion in deposits held at the beginning of the year—a time when over one-quarter of deposits were held by digital asset-related entities. ^{[18] [59]} Towards the end of 2022, Signature Bank cut business ties with cryptocurrency exchange Binance, seeking to reduce the bank's exposure to risk associated with the cryptocurrency market. ^[18] According to Signature Bank board member Barney Frank, Signature Bank was hit with a multi-billion dollar bank run on Friday, March 10, with depositors expressing concern about cryptocurrency-related risks affecting the bank. ^[18] Investor confidence in the bank was also badly shaken, and the bank's stock declined by 23% on that Friday—the day on which Silicon Valley bank collapsed—marking the then-largest single-day decline of the Signature Bank's value in its 22-year history. ^[65]

On March 12, 2023, two days after the collapse of Silicon Valley Bank, Signature Bank was closed by regulators from the New York State Department of Financial Services in what is the third-biggest banking collapse in U.S. history. ^{[15] [18]} The bank proved unable to close a sale or otherwise bolster its finances before markets opened on Monday morning in order to protect its assets after customers began withdrawing their deposits in favor of bigger institutions, ^[18] and shareholders of the bank lost all invested funds. ^[66] The bank was placed under receivership by the FDIC, which immediately established Signature Bridge Bank, N.A. to operate its marketed assets to bidders. ^[67]

Signature Bank had been under multiple federal investigations, ongoing at the time of the bank's collapse, regarding the rigor of its anti-money laundering measures. The U.S. Department of Justice had opened a criminal probe into whether the firm was performing due diligence when opening up new accounts and whether it was doing enough to detect and report potential criminal activity by its clients. The U.S. Securities and Exchange Commission had opened a separate, related civil probe. ^{[68] [69]}

On March 19, the New York Community Bank (NYCB) agreed to purchase around $38.4 billion in Signature's assets for $2.7 billion. Due to the deal, 40 Signature branches were rebranded to Flagstar Bank, one of NYCB's subsidiaries. ^[70]

Collapse of First Republic Bank

Further information: First Republic Bank § Collapse

First Republic Bank Stock Price

Background

First Republic Bank (FRB) was based in San Francisco as a commercial bank and provider of wealth management services. It catered to high-net-worth individuals and operated 93 offices in 11 states, primarily in New York, California, Massachusetts, and Florida. ^[22] It was the 14th largest U.S. bank at the end of 2022. ^[71]

Events

Intense scrutiny and pressure were applied to other U.S. banks, including FRB. ^[72] On March 13, its shares fell by 62%. ^[73] As the bank faced significant liquidity issues, on March 16, it received a $30 billion lifeline in the form of deposits from a number of major U.S. banks, on top of a $70 billion financing facility provided by JPMorgan Chase & Co. ^{[74] [75]} Eleven of the largest U.S. banks participated in the rescue effort, ^[76] under the direction of Jamie Dimon. ^[77]

On March 19, S&P Global downgraded the credit rating of First Republic Bank further into junk by three notches saying that the private-sector rescue effort "may not solve the substantial business, liquidity, funding, and profitability challenges that we believe the bank is now likely facing." ^[78] In its quarterly report in April, the bank said that deposits had plunged by more than $100 billion. The announcement caused the bank's share price to fall by more than 20%. ^[79]

On April 28, the bank announced plans to begin selling its bonds and securities at a loss to raise equity and also begin laying off people. ^[80] Multiple advisor teams began to leave the bank as well. ^[81] On that day, it was announced that the FDIC was considering seizing the bank, causing its stock price to plunge another 43% to $3.50. ^{[80] [82]} After falling another 42% in after hours trading, the FDIC confirmed its imminent takeover of the bank. ^{[83] [84]} In 2023, the cumulative decrease in stock price was 97%. ^[85] The next day, the FDIC approached various banks, including JPMorgan Chase, PNC and Bank of America, saying they had until April 30 to place bids for First Republic Bank. ^[86]

On the morning of May 1, the California Department of Financial Protection and Innovation announced that FRB had been closed, and its assets were sold to JPMorgan for $10.6 billion. ^[87]

Aftermath

Bank Term Funding Program

In response to the bank failures of March, the government took extraordinary measures to mitigate fallout across the banking sector. ^[18] On March 12, Federal Reserve created the Bank Term Funding Program (BTFP), an emergency lending program providing loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions. ^{[2] [3] [88]} The program was designed to provide liquidity to financial institutions following the collapse of Silicon Valley Bank and other bank failures, and to reduce the risks associated with current unrealized losses in the U.S. banking system that totaled over $600 billion at the time of the program's launch. ^[89] Funded through the Deposit Insurance Fund, ^[90] the program offered loans of up to one year to eligible borrowers who pledged as collateral certain types of securities including U.S. Treasuries, agency debt, and mortgage-backed securities. ^[91] The collateral was valued at par instead of open-market value, so a bank could borrow on asset values that have not been impaired by a series of interest rate hikes since 2022. The Federal Reserve also eased conditions at its discount window. The Department of the Treasury said it would make available up to $25 billion from its Exchange Stabilization Fund as a backstop for the program. ^[92] In January 2024, the Federal Reserve raised the interest rate on new BTFP loans, stating loans outstanding in the program as of January 17 were $161.5 billion. ^[93] The program ceased offering new loans on March 11, 2024. ^[94]

Government discussion of other funding

In addition to working with their counterparts at the FDIC and U.S. Treasury to provide liquidity to banks through the BTFP, by March 2023, the Federal Reserve had begun to internally discuss implementing stricter capital reserve and liquidity requirements for banks with between $100 billion and $250 billion in assets on their balance sheets. ^[95] A review of regulations affecting regional banks had been ongoing since 2022, as Federal Reserve vice chairman Michael Barr and other officials in the Biden Administration had become increasingly concerned about the risk posed to the financial system by the rapidly increasing size of regional banks. ^{[95] [96]}

U.S. investigations

The collapse of Silicon Valley Bank itself also spurred federal investigations from the U.S. Securities and Exchange Commission as well as the United States Department of Justice. Within the scope of both probes is the sales of stock made by senior officers of Silicon Valley Bank shortly before the bank failed, while the SEC's investigation also includes a review of past financial-related and other risk-related disclosures made by Silicon Valley Bank to evaluate their accuracy and completeness. ^[97]

Internal investigations at the FDIC and Federal Reserve noted that deregulation, not subjecting medium-sized banks to high scrutiny, reduced enforcement of remaining regulations, and government staffing shortages weakened oversight and allowed mismanagement of banks to cause their collapse. ^[98]

Economic impact

As depositors began to move money en masse from smaller banks to larger banks, ^{[18] [72]} on Monday, March 13, shares of regional banks fell. ^[73]

PacWest Bank stock price

Western Alliance Bancorporation
stock price

Citizens Business Bank (CVBF)
Stock Price

Pacific Premier Bancorp (PPBI) stock price

Bank of Hope (HOPE) Stock Price

Valley Bank (VLY) Stock Price

Bitcoin price

Following SVB and Signature's collapses, Western Alliance Bancorporation share price fell 47% and PacWest Bancorp was down 21% recovering after their trading was halted. ^{[99] [100]} Moody's downgraded its outlook on the U.S. banking system to negative, citing what it described as "rapid deterioration" of the sector's financial footing. ^[101] It also downgraded the credit ratings of several regional banks, including Western Alliance, First Republic, Intrust Bank, Comerica, UMB Financial Corporation, and Zions Bancorporation. ^[102] Large declines in regional bank stocks continued after First Republic's failure. ^[103]

U.S. President Joe Biden made a statement about the first three bank failures on March 13, and asserted that government intervention was not a bailout and that the banking system was stable. ^{[104] [105]}

The initial bank failures led to speculation on March 13 that the Federal Reserve could pause or halt rate hikes. ^[106] Beginning on March 13, traders began modifying their strategies in the expectation that fewer hikes than previously expected would occur. ^[107] Some financial experts suggested that the BTFP, combined with a recent practice of finding buyers who would cover all deposits, may have effectively removed the FDIC's $250,000 deposit insurance limit. ^[108] However, Treasury Secretary Janet Yellen clarified that any guarantee beyond that limit would need the approval of the Biden administration and Federal regulators. ^[109]

The initial three bank failures and resulting pressures on other U.S. regional banks were expected to reduce available financing in the commercial real estate market and further slow commercial property development. ^[110] The Federal Reserve's discount window liquidity facility saw around $150 billion in borrowing from various banks by March 16, ^[8] more than 12 times the $12 billion that the BTFP provided. ^[111] Since the majority of First Republic's long term assets were in municipal bonds, it was unable to make full use of the BTFP as those assets did not qualify as an eligible collateral. ^[112]

By March 16, large inter-bank flows of funds were occurring to shore up bank balance sheets and numerous analysts were reporting on a more general U.S. banking crisis. Many banks had invested their reserves in U.S. Treasury securities, which had been paying low interest rates. As the Federal Reserve began raising rates in 2022, bond prices declined decreasing the market value of bank capital reserves, leading some banks to sell the bonds at steep losses as yields on new bonds were much higher. ^[7]

On March 17, President Joe Biden stated that the banking crisis had calmed down, ^[113] while the New York Times said that the March banking crisis was hanging over the economy and had rekindled fear of recession as business borrowing would become more difficult as many regional and community banks would have to reduce lending. ^{[114] [115]}

Late on Sunday, the Federal Reserve and several other central banks announced significant USD liquidity measures in order to calm market turmoil. ^[116] In a "coordinated action to enhance the provision of liquidity through the standing U.S. dollar swap line arrangements", the U.S. Federal Reserve, the Bank of Canada, Bank of Japan, European Central Bank, and Swiss National Bank joined to organize daily U.S. dollar swap operations. These swaps had previously been set up to occur on a weekly cadence. ^[117]

The share price of PacWest had fallen sharply on 3 May after the bank announced that it was 'considering strategic options including a sale'. On 4 May share trading was suspended as the sell-off marked a further 42% loss with other US regional banks, including First Horizon, Metropolitan Bank and Western Alliance, also being affected. ^{[118] [119]}

In May 2023, FDIC proposed imposing higher fees on an estimated 113 of the largest banks to cover the costs of bailing out uninsured depositors. ^[120]

International impact

By 19 March, concerns about the banking sector internationally had increased. ^{[4] [5] [6] [121] [122]} That day, Swiss bank UBS Group AG bought its smaller competitor Credit Suisse in an emergency arrangement brokered by the Swiss government. One month before the events in the United States, Credit Suisse had announced its largest annual loss since the 2008 financial crisis, as clients continued withdrawing their cash at a rapid pace; $147 billion had been withdrawn in the fourth quarter of 2022. It also disclosed it had found "material weaknesses" in its financial reporting. Its largest investor, Saudi National Bank, announced on March 15 that it would not provide more support to Credit Suisse. Its share price plunged 25% on the news and UBS stepped in to buy the bank. Axel Lehmann, former chairman of the bank, later sought to blame the American bank failures for triggering Credit Suisse's demise, though other analysts disputed that characterization. The bank had experienced many years of multi-billion dollar losses, scandals, executive turnover and weak business strategy. ^[123]

Late on Sunday the Federal Reserve and several other central banks announced significant USD liquidity measures in order to calm market turmoil. ^[121] In a "coordinated action to enhance the provision of liquidity through the standing U.S. dollar swap line arrangements", the U.S. Federal Reserve, the Bank of Canada, Bank of Japan, European Central Bank (ECB) and Swiss National Bank joined to organize daily U.S. dollar swap operations. These swaps had previously been set up to occur on a weekly cadence. ^[117]

On 21 March, The Business Times reported that Asian central banks were "unlikely to be greatly influenced by the banking crisis in the United States and Europe", ^[124] but Australia's central bank governors met and publicly indicated a potential pause in recent rate hikes. ABC News reported that the challenge for central banks is determining if the "banking turmoil close to crashing the real economy, or is inflation still the greater threat." ^[125] In Japan the three main lenders, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, lost share value between 10% and 12% due to the market turmoil and their exposure to the bond market. ^[126] Japan's central bank held a crisis meeting in mid-March while the Topix banks index fell 17%. The fall was led by fears over the SVB collapse and the risks in Japan's regional banking sector, partly because of exposure to US interest rate hikes. ^[127]

The cost to insure against default on Deutsche Bank debt rose substantially on Friday, 24 March, with the 5-year CDS for the bank's debt rising 70%. ^[128] The ECB and other European central banks raised interest rates the same day. ^[129] The European STOXX 600 index fell around 4% with shares in Deutsche Bank down more than 14% at one point, closing the day at a loss of around 8%. ^[130] The UK's banking index also fell around 3% led by falls of around 6% for both Barclays and Standard Chartered and a 4% drop for NatWest. Shares in other European banks also fell, among them Commerzbank, Austria's Raiffeisen Bank and the French Société Générale. ^{[131] [132] [133]} According to the European Commission's Paolo Gentiloni, finance ministers in the Euro zone called on the commission to close loopholes in Crisis Management and Deposit Insurance (CMDI) provision, starting in the second quarter of 2023. ^[134]

Chinese banks experienced little negative effect. According to Bloomberg News , almost all of the 166 top performers during the market turmoil were in China. The banking crisis in the U.S. and Europe highlighted the relative stability of the Chinese banking system. While China's recovery from the pandemic remains fragile, inflation there is muted, and the People's Bank of China had adjusted interest rates at a slower pace than Western central banks. ^[135]

The turbulence in the financial system caused India's central bank to put any further hikes in interest rate on hold on 6 April, with governor Shaktikanta Das saying "it's a pause not a pivot". A 25 basis point increase had been widely expected. Central banks in Australia, Canada and Indonesia also paused any further increases. ^[136]

While rising interest rates give banks greater returns on customer's loans, the tighter financial conditions meant the sector saw a downturn in equity funding, with the S&P 500 bank index (SPXBK) in April down 14% year to date on expectation of lower quarterly earnings for some US banks. ^[137] Effects on the secondary market were also expected. ^[138] On 11 April the International Monetary Fund downgraded its forecast for GDP growth globally in 2023 from 2.9% to 2.8%, saying "Uncertainty is high and the balance of risks has shifted firmly to the downside so long as the financial sector remains unsettled". The forecast marked a slowdown from 3.4% in 2022, but predicted growth could rise modestly to 3.0% in 2024. ^[139] The IMF had been cutting its forecast since spring 2022. ^{[140] [141]}

See also

• List of banks acquired or bankrupted in the United States during the 2007–2008 financial crisis
• List of bank failures in the United States (2008–present)
• Inverted yield curve
• Yield curve control
• 1991 Indian economic crisis
• Stock market crash
• Stock market crashes in India
• List of stock market crashes and bear markets
• Norinchukin Bank

References

1. "Joint Statement by Treasury, Federal Reserve, and FDIC". Federal Reserve . March 12, 2023. Archived from the original on March 12, 2023. Retrieved March 12, 2023.
2. "Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors". Federal Reserve . March 12, 2023. Archived from the original on March 12, 2023. Retrieved March 12, 2023. This article incorporates text from this source, which is in the public domain .
3. Stein, Jeff; Lynch, David J.; Romm, Tony; Pager, Tyler (March 12, 2023). "U.S. says 'all' deposits at failed bank will be available Monday". The Washington Post . Archived from the original on March 12, 2023. Retrieved March 12, 2023.
4. Thompson, Mark (March 17, 2023). "Global banking crisis: What just happened?". CNN . Archived from the original on April 6, 2023. Retrieved March 20, 2023.
5. Choe, Stan; McDonald, Joe (March 20, 2023). "Stocks rise on Wall Street after bank deal, regulator moves". Los Angeles Times . Archived from the original on April 11, 2023. Retrieved March 20, 2023.
6. Henderson, Richard; Lee, Isabelle; Greifeld, Katherine (March 20, 2023). "Investors Say Banking Crisis Far From Over Even After UBS's Credit Suisse Deal". Bloomberg . Retrieved March 20, 2023.
7. Choi, Candace (March 16, 2023). "The Banking Crisis: A Timeline of Silicon Valley Bank's Collapse and Other Key Events : The latest on the fallout that followed and regulators' response". Wall Street Journal . Archived from the original on March 16, 2023. Retrieved March 17, 2023.
8. Cox, Jeff (March 16, 2023). "Banks take advantage of Fed crisis lending programs". CNBC . Archived from the original on March 17, 2023. Retrieved March 17, 2023.
9. Isidore, Chris (April 29, 2023). "What's next for troubled First Republic Bank". CNN . Retrieved April 30, 2023.
10. Son, Hugh (April 29, 2023). "Big banks including JPMorgan Chase, Bank of America asked for final bids on First Republic". CNBC . Retrieved April 30, 2023.
11. Farrell, Maureen; Smialek, Jeanna; Hirsch, Lauren (May 1, 2023). "First Republic Bank Is Seized by Regulators and Sold to JPMorgan Chase". The New York Times . Retrieved May 1, 2023.
12. "JPMorgan Chase Bank, National Association, Columbus, Ohio Assumes All the Deposits of First Republic Bank, San Francisco, California". FDIC . May 1, 2023. Retrieved May 1, 2023.
13. DiCamilio, Nate (March 1, 2023). "How much exposure do global banks have to crypto?". Quartz . Archived from the original on March 7, 2023. Retrieved March 12, 2023.
14. Julian, Mark; Gerrit, De Vynck (December 17, 2022). "'Crypto winter' has come. And it's looking more like an ice age" . The Washington Post. Archived from the original on December 29, 2022. Retrieved December 18, 2022.
15. Yue, Francis (March 12, 2023). "Crypto-friendly Signature Bank shut down by regulators, after collapses of Silicon Valley Bank, Silvergate". MarketWatch . Archived from the original on March 13, 2023. Retrieved March 12, 2023.
16. Ensign, Rachel Louise (March 8, 2022). "Crypto Bank Silvergate to Shut Down, Repay Deposits". The Wall Street Journal . Archived from the original on March 12, 2023. Retrieved March 13, 2023.
17. Lang, Hannah; Anand, Nupur (March 12, 2023). "Signature Bank becomes next casualty of banking turmoil after SVB" . Reuters . Archived from the original on March 12, 2023. Retrieved March 12, 2023.
18. Ensign, Rachel Louise; Benoit, David (March 12, 2023). "Signature Bank Is Shut by Regulators After SVB Failure". The Wall Street Journal . Archived from the original on March 13, 2023. Retrieved March 12, 2023.
19. Ensign, Rachel Louise; Eisen, Ben (May 1, 2023). "First Republic Bank Is Seized, Sold to JPMorgan in Second-Largest U.S. Bank Failure". The Wall Street Journal . Retrieved May 1, 2023.
20. Polk, Davis (November 21, 2019). "The Final Tailoring Rules for U.S. Banking Organizations" (PDF). davispolk. Archived (PDF) from the original on April 29, 2023.
21. "Tailoring Rule visual" (PDF). Federal Reserve. 2019. Archived (PDF) from the original on July 19, 2023.
22. "First Republic Bank 2022 Form 10-K Annual Report". First Republic.
23. "Signature Bank 2021 Annual Report" (PDF). Annual Reports.
24. Coppula, Frances (2023). "Can First Republic Bank recover". substack. Archived from the original on April 25, 2023.
25. Rooney, Kate; Cheng, Evelyn (May 31, 2018). "Meet the small community lender that's become the go-to banker of the cryptocurrency world". CNBC . Archived from the original on March 9, 2023. Retrieved March 13, 2023.
26. Benoit, David (January 5, 2023). "Silvergate Raced to Cover $8.1 Billion in Withdrawals During Crypto Meltdown". The Wall Street Journal . Archived from the original on March 12, 2023. Retrieved March 13, 2023.
27. Demos, Telis (March 9, 2023). "Silvergate's Story Is About Fundamentals, Not Just Crypto". The Wall Street Journal . Archived from the original on March 12, 2023. Retrieved March 13, 2023.
28. Forelle, Charles (January 5, 2023). "When 'Held to Maturity' Isn't—and Why That Matters to Silvergate". The Wall Street Journal . Archived from the original on January 5, 2023. Retrieved March 13, 2023.
29. Wallerstein, Eric (January 21, 2023). "Crypto Banks Borrow Billions From Home-Loan Banks to Plug Shortfalls". The Wall Street Journal . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
30. Grant, Charley (March 1, 2023). "Silvergate Stock Drops After Filing Raises Questions About Its Ability to Stay in Business". The Wall Street Journal . Archived from the original on March 9, 2023. Retrieved March 13, 2023.
31. Russell, Karl; Zhang, Christine (March 11, 2023). "The Second-Biggest Bank Failure" . The New York Times . ISSN   0362-4331. Archived from the original on March 11, 2023. Retrieved March 11, 2023.
32. Pollard, Amelia (March 10, 2023). "Silicon Valley Bank Collapses in Biggest Failure Since 2008". Bloomberg Law . Archived from the original on March 10, 2023.
33. Sweet, Ken (March 10, 2023). "Silicon Valley Bank is seized by US after historic failure". Associated Press . Archived from the original on March 10, 2023. Retrieved March 10, 2023.
34. Maruf, Ramishah; Morrow, Allison (March 11, 2023). "How does a bank collapse in 48 hours? A timeline of the SVB fall". CNN Business . Archived from the original on March 11, 2023. Retrieved March 11, 2023.
35. Wile, Rob (March 10, 2023). "Silicon Valley Bank shutdown: How it happened and what comes next". NBC News . Archived from the original on March 10, 2023. Retrieved March 10, 2023.
36. Gittelsohn, John; Murphy, Margi; Miller, Hannah (March 10, 2023). "SVB Rocks California as Founders Join Napa Vintners in Fear" . Bloomberg News . Archived from the original on March 11, 2023. Retrieved March 11, 2023.
37. Maruf, Ramishah (March 11, 2023). "Takeaways from America's second-largest bank failure". CNN Business . Archived from the original on March 14, 2023. Retrieved March 14, 2023.
38. "Why did Silicon Valley Bank fail?". The Guardian . Reuters. March 10, 2023. ISSN   0261-3077. Archived from the original on March 13, 2023. Retrieved March 13, 2023.
39. Hewlett, Clothilde V. (March 10, 2023). "In re Silicon Valley Bank: Order taking possession of property and business" (PDF). California Department of Financial Protection and Innovation. Archived (PDF) from the original on March 10, 2023. Retrieved March 10, 2023.
40. French, David; Wang, Echo; John, Alun (March 10, 2023). "Silicon Valley Bank is largest failure since financial crisis, billions stranded" . Reuters . Archived from the original on March 11, 2023. Retrieved March 10, 2023.
41. "FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California" (Press release). Washington: Federal Deposit Insurance Corporation. March 10, 2023. Archived from the original on March 10, 2023.
42. Allyn, Bobby (March 12, 2023). "The U.S. takes emergency measures to protect all deposits at Silicon Valley Bank". NPR . Archived from the original on March 12, 2023. Retrieved March 12, 2023.
43. "Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC" (Press release). Washington: US Department of the Treasury. March 12, 2023. Archived from the original on March 12, 2023. Retrieved March 13, 2023.
44. Gardner, Jim (March 13, 2023). "FDIC plans to hold a second auction for Silicon Valley Bank, U.S. senators told". San Francisco Business Times . Archived from the original on March 14, 2023. Retrieved March 13, 2023.
45. Davies, Megan; Sen, Anirban; French, David; Schroeder, Peter; Nguyen, Lananh (March 13, 2023). "Exclusive: PNC, RBC interest in SVB cools as regulators seek bids" . Reuters . Archived from the original on March 14, 2023. Retrieved March 15, 2023.
46. Rappeport, Alan; Hirsch, Lauren; Smialek, Jeanna; Tankersley, Jim (March 14, 2023). "How Washington Decided to Rescue Silicon Valley Bank" . The New York Times . Archived from the original on March 14, 2023. Retrieved March 15, 2023.
47. "FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, Santa Clara, California" (Press release). Washington, D.C.: Federal Deposit Insurance Corporation. March 13, 2023. Archived from the original on March 13, 2023. Retrieved March 13, 2023.
48. Hirsch, Lauren (March 27, 2023). "First Citizens to Acquire Silicon Valley Bank" . The New York Times . Archived from the original on March 27, 2023. Retrieved March 27, 2023.
49. Primack, Dan (March 27, 2023). "First Citizens agrees to buy Silicon Valley Bank". Axios . Archived from the original on March 27, 2023. Retrieved March 27, 2023.
50. Ackerman, Andres (March 27, 2023). "First Citizens Acquires Much of Failed Silicon Valley Bank". The Wall Street Journal . Archived from the original on March 27, 2023. Retrieved March 27, 2023.
51. Gandel, Stephen; Fontanella-Khan, James; Gara, Antoine; Wiggins, Kaye (March 27, 2023). "First Citizens to buy failed Silicon Valley Bank". Financial Times . Archived from the original on March 27, 2023. Retrieved March 27, 2023.
52. Britton, Diana (March 27, 2023). "SVB Private Goes to First Citizens, but How Much of It Is Left?". Wealth Management. Informa. Archived from the original on March 28, 2023. Retrieved March 28, 2023.
53. "HSBC buys Silicon Valley Bank UK". HSBC. March 14, 2023. Archived from the original on August 15, 2023. Retrieved August 15, 2023.
54. "HSBC to rename British arm of Silicon Valley Bank next month, Sky News reports". Reuters. May 29, 2023. Archived from the original on August 15, 2023. Retrieved August 15, 2023.
55. Pristin, Terry (May 1, 2001). "Metro Business Briefing; BANK FOR SMALL BUSINESSES" . The New York Times. ISSN   0362-4331. Archived from the original on September 22, 2015. Retrieved July 22, 2023.
56. Friedman, Nicole; Parker, Will (May 1, 2020). "Rent Is Due Today, but Many Tenants Can't—or Won't—Pay". The Wall Street Journal . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
57. Davis, Paul (October 11, 2012). "Joseph DePaolo's Signature Bank Is Hard to Copy". American Banker. ProQuest   1095581934.
58. Putzier, Konrad (June 18, 2019). "Community Bank Stocks Hit by New York Rent Reform". The Wall Street Journal . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
59. "Signature Bank Annual Balance Sheet". WSJ Markets . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
60. Benoit, David; Ensign, Rachel Louise (August 15, 2022). "Crypto Is Taking a Few Small Banks on a Wild Ride". The Wall Street Journal . Archived from the original on February 3, 2023. Retrieved March 13, 2023.
61. Li, Yun (March 12, 2023). "Regulators close crypto-focused Signature Bank, citing systemic risk". CNBC . Archived from the original on March 12, 2023. Retrieved March 13, 2023.
62. Adams, John (April 23, 2021). "Signature Bank raises its bet on cryptocurrency". American Banker . ProQuest   2516512682.
63. Adams, John (December 26, 2018). "Can blockchain jolt energy payments? What about real estate?". American Banker . ProQuest   2160050934.
64. Kharif, Olga (March 12, 2023). "Signature Bank Closure Deals Another Blow to Crypto Industry". Bloomberg News . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
65. Miao, Hannah (March 10, 2023). "Signature Bank Stock Logs Worst Day Ever After Silicon Valley Bank, Silvergate Collapse". The Wall Street Journal . Archived from the original on March 11, 2023. Retrieved March 13, 2023.
66. Eisen, Ben (March 12, 2023). "Signature Bank Shareholders Wiped Out". The Wall Street Journal . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
67. "FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY" (Press release). Federal Deposit Insurance Corporation. March 12, 2023. Archived from the original on March 13, 2023. Retrieved March 13, 2023.
68. Schoenberg, Tom; Benny-Morrison, Ava; Weinstein, Austin (March 14, 2023). "Signature Bank Faced Criminal Probe Ahead of Firm's Collapse". Bloomberg News . Archived from the original on March 15, 2023. Retrieved March 15, 2023.
69. Ghosh, Kanjyik (March 14, 2023). Aich, Rashmi (ed.). "Signature Bank faced criminal probe ahead of its collapse – Bloomberg News" . Reuters . Archived from the original on March 15, 2023. Retrieved March 15, 2023.
70. "New York Community Bank to buy failed Signature Bank". NBC News. March 19, 2023. Archived from the original on March 20, 2023. Retrieved March 20, 2023.
71. Schulze, Elizabeth (April 29, 2023). "Federal regulators race to seize and sell First Republic Bank". ABC News . Archived from the original on April 29, 2023. Retrieved April 29, 2023.
72. Son, Hugh (March 13, 2023). "Why regulators seized Signature Bank in third-biggest bank failure in U.S. history". CNBC . Archived from the original on March 13, 2023. Retrieved March 14, 2023.
73. Hughes, Jennifer; Fontanella-Khan, James; Aliaj, Ortenca; Masters, Brooke (March 13, 2023). "First Republic and other US regional banks tumble on fears of deposit flight". Financial Times . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
74. Schroeder, Pete; Prentice, Chris; Anand, Nupur (March 16, 2023). "Major US banks inject $30 billion to rescue First Republic Bank". Reuters . Archived from the original on March 16, 2023. Retrieved March 17, 2023.
75. Copeland, Rob; Hirsch, Lauren; Rappeport, Alan; Farrell, Maureen (March 16, 2023). "Wall Street's Biggest Banks Rescue Teetering First Republic" . The New York Times . ISSN   0362-4331. Archived from the original on March 17, 2023. Retrieved March 17, 2023.
76. Burns, Tobias; Lane, Sylvan (March 16, 2023). "What you need to know about this week's banking crisis". The Hill . Archived from the original on March 16, 2023. Retrieved March 17, 2023.
77. Hirsch, Lauren; Farrell, Maureen; Smialek, Jeanna (April 29, 2023). "Regulators Prepare to Seize and Sell First Republic" . The New York Times . Archived from the original on April 29, 2023. Retrieved April 29, 2023.
78. "S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problems". CNBC . March 19, 2023. Archived from the original on March 20, 2023. Retrieved March 20, 2023.
79. Yasmin, Mehnaz; Anand, Nupur (April 25, 2023). "First Republic Bank deposits tumble more than $100 billion as it explores options" . Reuters. Archived from the original on April 25, 2023. Retrieved April 25, 2023.
80. Pound, Jesse (April 28, 2023). "First Republic most likely headed for FDIC receivership, sources say; shares drop 40%". CNBC . Archived from the original on April 28, 2023. Retrieved April 28, 2023.
81. Welsch, Andrew (April 28, 2023). "Pressure on First Republic Mounts as Advisors Jump Ship". Barrons . Archived from the original on April 28, 2023. Retrieved April 28, 2023.
82. Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (April 28, 2023). "First Republic's Troubles Reignite Fears of a Banking Crisis" . The New York Times . Archived from the original on April 28, 2023. Retrieved April 28, 2023.
83. "First Republic Bank Stock Quote (U.S.: NYSE)". MarketWatch . Archived from the original on April 27, 2023. Retrieved April 28, 2023.
84. Sabes, Adam; Dumas, Brecj (April 28, 2023). "First Republic Bank to be taken over by FDIC: Report". Fox Business . Archived from the original on April 28, 2023. Retrieved April 28, 2023.
85. Ackerman, Andrew; Benoit, David; Ensign, Rachel Louise (April 29, 2023). "JPMorgan, PNC Bidding for First Republic as Part of FDIC Takeover". The Wall Street Journal . Archived from the original on April 29, 2023. Retrieved April 29, 2023.
86. Hollerith, David (April 29, 2023). "FDIC approaches big banks about buying First Republic". Yahoo! Finance . Archived from the original on April 29, 2023. Retrieved April 29, 2023.
87. Murdoch, Scott; Nishant, Niket; Prentice, Chris (May 1, 2023). "JPMorgan lands as winner in U.S. regulator auction of First Republic" . Reuters . Archived from the original on June 22, 2023. Retrieved May 1, 2023.
88. Eisen, Ben (March 12, 2023). "Meet the BTFP, the Fed's 2023 Crisis Facility". The Wall Street Journal . Archived from the original on March 12, 2023. Retrieved March 12, 2023.
89. Cox, Jeff (March 12, 2023). "U.S. government steps in and says people with funds deposited at SVB will be able to access their money". CNBC . Archived from the original on March 12, 2023. Retrieved March 12, 2023.
90. Smialek, Jeanna; Rappeport, Alan (March 12, 2023). "Regulators Race to Contain Silicon Valley Bank Fallout and Close Signature Bank" . The New York Times . Archived from the original on March 13, 2023. Retrieved March 12, 2023.
91. Smith, Colby; Politi, James; Fontanella-Khan, James; Masters, Brooke (March 12, 2023). "Federal Reserve announces emergency lending facility to shore up US banks". Financial Times . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
92. Burns, Dan (March 12, 2023). "Factbox: Key elements of Fed's new US bank funding program" . Reuters . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
93. Schroder, Pete (January 25, 2024). "Fed to allow emergency bank lending program to expire on March 11". Reuters . Retrieved January 30, 2024.
94. Wallerstein, Eric (March 11, 2024). "The Fed's Emergency Bank-Funding Program Is Starting to Wind Down". The Wall Street Journal . Archived from the original on March 12, 2024. Retrieved March 18, 2024.
95. Ackerman, Andrew (March 14, 2023). "Fed to Consider Tougher Rules for Midsize Banks After SVB, Signature Failures". The Wall Street Journal . Archived from the original on March 14, 2023. Retrieved March 14, 2023.
96. Ackerman, Andrew (September 7, 2022). "Fed's Top Banking Regulator Signals Tougher Merger Reviews, 'Living Wills'". The Wall Street Journal . Archived from the original on March 14, 2023. Retrieved March 14, 2023.
97. Michaels, Dave (March 14, 2023). "Justice Department, SEC Investigating Silicon Valley Bank's Collapse". The Wall Street Journal . Archived from the original on March 14, 2023. Retrieved March 14, 2023.
98. Horsley, Scott; Gura, David (April 28, 2023). "A new report assesses last month's bank failures and includes lessons for the future". NPR . Retrieved July 1, 2023.
99. Neukam, Stephen (March 13, 2023). "Shares in these five regional banks tumbled Monday despite Biden's assurances". The Hill . Archived from the original on March 16, 2023. Retrieved March 20, 2023.
100. Singh, Medha; Bautzer, Tatiana (March 13, 2023). "First Republic dives as fresh financing fails to soothe deposit outflow fears" . Reuters . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
101. Price, Chris (March 14, 2023). "Entire US banking system downgraded after Silicon Valley Bank chaos". The Telegraph . Archived from the original on March 14, 2023. Retrieved March 14, 2023.
102. Holtzclaw, Barry (March 14, 2023). "High Interest Rates, Crypto Deposits Increase Banks' Risks, Says Moody's". San Jose Inside . Archived from the original on March 15, 2023. Retrieved March 15, 2023.
103. Pound, Jesse (May 2, 2023). "PacWest falls 30% as regional banks stocks slide to new lows". CNBC. Retrieved May 2, 2023.
104. Chappell, Bill (March 13, 2023). "Watch: Biden reassures bank customers and says the failed firms' leaders are fired". NPR . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
105. Baker, Peter (March 13, 2023). "Biden assures Americans: 'Our banking system is safe'" . The New York Times . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
106. Timiraos, Nick (March 13, 2023). "Banking Crisis Calls Fed Interest-Rate Path Into Question". The Wall Street Journal . Archived from the original on March 13, 2023. Retrieved March 13, 2023.
107. Reynolds, Garfield; Gledhill, Alice (March 14, 2023). "The Great Hiking Cycle Is Seen as Done as Yields Drop Below Cash". Bloomberg . Archived from the original on March 15, 2023. Retrieved March 14, 2023.
108. Medici, Andy (March 14, 2023). "Deposit insurance cap may be a 'dead letter' as feds intervene in Silicon Valley Bank, Signature Bank". Silicon Valley Business Journal . Archived from the original on March 13, 2023. Retrieved March 14, 2023.
109. Rappeport, Alan (March 16, 2023). "Yellen Defends Efforts to Stabilize Banking System" . The New York Times . Archived from the original on March 17, 2023. Retrieved March 17, 2023.
110. Fahey, Ashley (March 16, 2023). "Silicon Valley Bank fallout spells additional trouble for commercial real estate industry". Silicon Valley Business Journal . Archived from the original on March 16, 2023. Retrieved March 16, 2023.
111. Scaggs, Alexandra (March 17, 2023). "Banking goes back to the 1920s". Financial Times . Archived from the original on March 17, 2023. Retrieved March 18, 2023.
112. Dayen, David (April 28, 2023). "Pre-Farewell to First Republic". The American Prospect . Retrieved May 3, 2023.
113. Mason, Jeff; Singh, Kanishka (March 18, 2023). "Biden says banking crisis has calmed down" . Reuters . Archived from the original on March 18, 2023. Retrieved March 18, 2023.
114. Casselman, Ben (March 17, 2023). "Banking Crisis Hangs Over Economy, Rekindling Recession Fear" . The New York Times . Archived from the original on March 18, 2023. Retrieved March 18, 2023.
115. Nocera, Joe; de la Merced, Michael J. (March 18, 2023). "Two Big Ideas for Preventing Another Banking Crisis" . The New York Times . Archived from the original on March 19, 2023. Retrieved March 19, 2023.
116. Smith, Corby (March 19, 2023). "Central banks announce dollar liquidity measures to ease banking crisis" . Financial Times . Archived from the original on March 19, 2023. Retrieved March 20, 2023.
117. Burns, Dan (March 19, 2023). Craft, Diane (ed.). "Fed, other central banks set joint liquidity operation". Reuters . Archived from the original on March 20, 2023. Retrieved March 20, 2023.
118. Rushe, Dominic; Kollewe, Julia; Beckett, Lois (May 4, 2023). "Trading halted in shares of two more US lenders as fears of banking crisis mount". The Guardian . Retrieved May 4, 2023.
119. Heeb, Gina (May 4, 2023). "Regional-Bank Shares Dive as Investors Fret About Contagion". The Wall Street Journal . Retrieved May 4, 2023.
120. Buchwald, Elisabeth (May 11, 2023). "Big banks could face billions more in FDIC fees after bank collapses". CNN . Retrieved May 11, 2023.
121. Smith, Corby (March 19, 2023). "Central banks announce dollar liquidity measures to ease banking crisis" . Financial Times . Archived from the original on March 19, 2023. Retrieved March 20, 2023.
122. Baccardax, Martin (March 19, 2023). "Fed Leads Global Liquidity Boost With US Dollar Swap Lines As Bank Crisis Deepens". TheStreet . Archived from the original on March 20, 2023. Retrieved March 20, 2023.
123. Makortoff, Kalyeena (February 9, 2023). "Credit Suisse axes top bosses' bonuses after biggest loss since financial crisis". The Guardian. Archived from the original on April 11, 2023. Retrieved April 11, 2023.
     Daga, Anshuman (March 18, 2023). "What happened at Credit Suisse and how did it reach crisis point?". Reuters. Archived from the original on March 18, 2023. Retrieved April 11, 2023.

     Michael J. de la Merced; Maureen Farrell; Andrew Ross Sorkin (March 19, 2023). "UBS Agrees to Buy Rival Credit Suisse". The New York Times. Archived from the original on April 11, 2023. Retrieved April 11, 2023.

     Smith, Elliot (March 24, 2023). "The Swiss claim the U.S. banking crisis ultimately toppled Credit Suisse. But are they right?". CNBC. Archived from the original on April 11, 2023. Retrieved April 11, 2023.
124. Oh, Tessa (March 23, 2023). "Asian central banks face little impact from US, Europe banking crisis". The Business Times . Archived from the original on March 22, 2023. Retrieved May 3, 2023.
125. Taylor, David (March 21, 2023). "'The market is playing hunt and destroy' with the banking sector. Who's next?". ABC News . Archived from the original on April 6, 2023. Retrieved March 22, 2023.
126. Wong, Echo; Kawase, Kenji. "Investors punish Asian lenders with big portfolios of interest rate-sensitive bonds". asia.nikkei.com. Nikkei Inc. Archived from the original on April 6, 2023. Retrieved March 24, 2023.
127. Inagaki, Kana; Lewis, Leo (March 26, 2023). "Japanese banks take post-SVB hit over bond fears". Financial Times. Archived from the original on March 30, 2023. Retrieved March 30, 2023.
128. Baccardax, Martin (March 24, 2023). "Deutsche Bank Tumbles, Default Protection Costs Spike as U.S. Bank Crisis Spreads to Europe". TheStreet . Archived from the original on March 31, 2023. Retrieved March 25, 2023.
129. Sherman, Natalie; Jack, Simon (March 24, 2023). "Deutsche Bank share slide reignites worries among investors". BBC News. Archived from the original on April 4, 2023. Retrieved March 24, 2023.
130. Morpurgo, Giulia; Benitez, Laura (March 24, 2023). "Hedge Funds Seen Targeting Deutsche Bank in 'Irrational' Slide". Bloomberg.com. Retrieved March 24, 2023.
131. Shankar, Sruthi (March 24, 2023). "European stocks fall as Deutsche Bank leads rout in banks". www.reuters.com. Reuters. Archived from the original on March 31, 2023. Retrieved March 24, 2023.
132. Isaac, Anna; Sweney, Mark (March 24, 2023). "Deutsche Bank leads sell-off in European bank shares". The Guardian. Guardian News and Media Ltd. Archived from the original on April 5, 2023. Retrieved March 24, 2023.
133. O'Brien, Fergal; Munoz Montijano, Macarena (March 24, 2023). "Deutsche Bank Slumps in Resurgence of European Bank Worries". Bloomberg.com. Retrieved March 24, 2023.
134. Smith-Meyer, Bjarke (March 23, 2023). "EU economic chief: Bank crisis management rules coming in Q2". Politico. Archived from the original on April 6, 2023. Retrieved March 26, 2023.
135. Horta e Costa, Sofia (March 17, 2023). "This Week in China: Chinese Bank Stocks Are World's Best as US, Europe Crack". Bloomberg. Archived from the original on April 4, 2023. Retrieved March 21, 2023.
136. Bhat, Swati; Ganguly, Sudipto (April 6, 2023). "India pauses rate hikes in surprise decision, but door open for more". Reuters . Archived from the original on April 7, 2023. Retrieved April 7, 2023.
137. Azhar, Saeed; Yasmin, Mehnaz (April 10, 2023). "Wall Street bank earnings under pressure after crisis". Reuters. Archived from the original on April 10, 2023. Retrieved April 10, 2023.
138. Burroughes, Tom (March 21, 2023). "In Tough Times, Private Market Secondaries Can Shine". Wealth Briefing. Retrieved September 22, 2023.
139. Lawder, David (April 11, 2023). "IMF warns deeper financial turmoil would slam global growth". Reuters. Archived from the original on April 11, 2023. Retrieved April 11, 2023.
140. Toh, Michelle (July 26, 2022). "'Edge of a global recession': IMF slashes world economic forecast again". CNN. Archived from the original on April 13, 2023. Retrieved April 13, 2023.
141. Wiseman, Paul (April 19, 2022). "Citing Russia's war, IMF cuts global growth forecast to 3.6%". Associated Press. Archived from the original on April 13, 2023. Retrieved April 13, 2023.