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The Central Bank told a meeting of the Financial Stability Group that direct exposures of the Irish financial system to SVB were 'minimal'

Central Bank watched for risks after SVB's collapse

The Central Bank said it was closely watching for "broader spillover risks" in the aftermath of the collapse of Silicon Valley Bank (SVB).

Business • 17 May 23

California banking regulators moved quickly to shut SVB down on March 10 after depositors withdrew $42 billion in 24 hours

Former SVB CEO says rate hikes, withdrawals sank bank

Greg Becker, the former CEO of failed lender Silicon Valley Bank, has apologised in congressional testimony for its "devastating" collapse while citing rising interest rates and mounting withdrawal requests as key causes of its demise.

Business • 16 May 23

HSBC, Europe's largest bank. posted a pretax profit of $12.9 billion for the first quarter ended March,

HSBC rewards shareholders with dividend as profit rises

HSBC Holdings said today that its quarterly profit tripled, beating expectations, as rising interest rates worldwide boosted the lender's income and helped it pay a first quarterly dividend since 2019.

Business • 02 May 23

JPMorgan Chase and Co's profit increased 52% to $12.62 billion, or $4.10 per share, in the three months ended March 31

JPMorgan profit surges 52% on robust consumer business

JPMorgan Chase & Co's profit climbed in the first quarter as higher interest rates boosted its consumer business in a period that saw two of the biggest banking failures in US history.

Business • 14 Apr 23

Warren Buffett said today that recent banking problems do not resemble the problems that helped trigger the 2008 global financial crisis

Do not panic about US banking industry - Buffett

Warren Buffett today said people should not be panicked about the banking industry or the safety of US bank deposits, despite the recent failures of Silicon Valley Bank and Signature Bank.

Business • 12 Apr 23

JPMorgan Chase & Co 's chief executive Jamie Dimon

JPMorgan's Dimon says US banking turmoil not over

The US banking crisis is ongoing and will have effects for years to come, JPMorgan Chase & Co CEO Jamie Dimon wrote in a letter to shareholders today.

Business • 04 Apr 23

The outlook for European banks is cloudy after the takeover deal of Credit Suisse by UBS and the collapse of Silicon Valley Bank in the US

Outlook for European banks still cloudy as storm abates

European banking stocks were meant to shine in 2023, but after a two-week storm which had analysts and investors rushing to rework their spreadsheets, the outlook is clouded.

Business • 31 Mar 23

First Republic's share price has plummeted nearly 90% in March in the wake of the collapse of SVB

US regulator probes First Republic insiders stock sales

Massachusetts regulators have opened an investigation into sales of company stock by top executives at First Republic Bank in the weeks leading up to the recent banking turmoil.

Business • 31 Mar 23

The European Central Bank has said that recent volatility in the banking sector has highlighted the need for greater regulatory scrutiny

Banking sector rebound remains fragile

Investor confidence in the banking sector remained fragile today, with the European Central Bank saying recent volatility highlighted the need for greater regulatory scrutiny.

Business • 28 Mar 23

The price of Brent rose 2.8% last week, while WTI rebounded 3.8% as jitters in the banking sector eased

Oil rises on Kurdistan output halt and banking optimism

Oil prices rose today after a halt to oil exports from Iraqi Kurdistan via Turkey and moves to contain a potential banking crisis that could have hit demand for crude.

Business • 27 Mar 23

Under the deal, First–Citizens Bank & Trust Company will assume SVB assets of $110 billion, deposits of $56 billion and loans of $72 billion

First Citizens to buy Silicon Valley Bank - FDIC

First Citizens BancShares will buy all of Silicon Valley Bank's deposits and loans from the Federal Deposit Insurance Corporation (FDIC), according to the US regulator.

Business • 27 Mar 23

Citigroup has downgraded Europe's banking sector today

European bank shares fall as crisis leaves mark

Banking shares slipped in Europe today as the instability that surged through the global banking system this month is prompting investors to adjust to more challenging economic and lending conditions ahead.

Business • 23 Mar 23

Janet Yellen addressed the American Bankers Association conference today.

Yellen vows to safeguard US bank deposits

The US banking system is stabilising after strong actions from regulators, but further steps to protect bank depositors may be needed if smaller institutions suffer deposit runs that threaten more contagion, US Treasury Secretary Janet Yellen told bankers today.

Business • 21 Mar 23

Analysts say SVB had a unique vulnerability to a social media-driven bank run

Social media-driven bank runs a burden for regulators

The speed at which depositors fled Silicon Valley Bank this month - withdrawing $42 billion in 24 hours - has left authorities confronting a new risk: the social media-driven bank run.

Business • 21 Mar 23

What next for banking following Credit Suisse rescue?

As in politics, a week is a long time in banking. A little over seven days ago, all appeared well in the world of global finance, but fast forward to today and a string of banks in the US have been rescued from the brink or closed their doors.

Business • 20 Mar 23

S&P Global downgraded First Republic Bank deeper into junk status over the weekend

First Republic shares fall 50% on fresh liquidity fears

Shares of First Republic Bank tumbled 35% today, adding to recent losses after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week.

Business • 20 Mar 23

The Federal Deposit Insurance Corporation has decided to break up Silicon Valley Bank

FDIC to break up SVB, seeks sale of private unit

The US Federal Deposit Insurance Corporation has decided to break up Silicon Valley Bank and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week.

Business • 20 Mar 23

Californian regulators shuttered Silicon Valley Bank last Friday

SVB Financial seeks bankruptcy protection for reorg

SVB Financial Group said it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators.

Business • 17 Mar 23

US crude fell below $70 a barrel for the first time since December 2021 yesterday

Oil prices extend losses on ECB rate hike, banking woes

Oil prices extended losses today, trading near 15-month lows, after the European Central Bank raised interest rates and as fears of a global banking crisis weighed on the demand outlook.

Business • 16 Mar 23

Yellen tells senators US banking system 'remains sound'

The US banking system remains sound and Americans can feel confident that their deposits will be there when needed, US Treasury Secretary Janet Yellen will tell the Senate Finance Committee today.

Business • 16 Mar 23

The 167-year-old Credit Suisse's problems have shifted the focus for investors and regulators from the US to Europe

Credit Suisse shares soar after central bank lifeline

Shares of embattled Credit Suisse surged this morning after announcing it would borrow up to $53.7 billion from the Swiss central bank, calming markets following the worst trading day in its history.

Business • 16 Mar 23

Today's half point increase by the ECB brings the euro area base rate to 3%

ECB increases euro zone interest rates again

The European Central Bank raised interest rates by 50 basis points today as promised, ignoring financial market chaos and calls by investors to dial back policy tightening at least until sentiment stabilises.

Business • 16 Mar 23

Credit Suisse shares nosedived after its main shareholder said it would not provide more funding

Credit Suisse: Scandals and market panic

Credit Suisse shares went into free fall today, as the banking giant battered by a series of scandals, was seen as the "weakest link" in the Swiss banking sector.

World • 15 Mar 23

Brian Hayes of BPFI was speaking as European bank shares fell further today

Irish banking sector 'in good stead into the future'

The level of capitalisation and liquidity in the Irish banking sector is very strong, the chief executive of the Irish Banking and Payments Federation Ireland has said.

Business • 15 Mar 23

Mairead McGuinness, EU financial services commissioner

EU says SVB collapse has 'limited' impact on bloc

Silicon Valley Bank had only a limited presence in the European Union, but its collapse shows why lightly regulated foreign lenders need to meet stricter rules inside the EU, the bloc's financial services chief said today.

Business • 15 Mar 23