Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Finance»Swiss regulator monitoring banks and insurers after SVB collapse
Finance

Swiss regulator monitoring banks and insurers after SVB collapse

March 14, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

ZURICH, March 13 (Reuters) – Swiss monetary regulator FINMA on Monday mentioned it was looking for to determine any potential contagion dangers for the nation’s banks and insurers following the collapses of Silicon Valley Financial institution (SIVB.O) and Signature Financial institution (SBNY.O).

Shares in Swiss banks slumped together with others within the sector globally after strikes by U.S. authorities to ensure deposits of the 2 lenders did not reassure traders.

Credit score Suisse (CSGN.S) shares hit a brand new low, whereas the price of insuring its debt towards a default rose to an all-time excessive. Shares of Swiss rival UBS (UBSG.S) dropped greater than 7%.

“FINMA takes observe of the media stories on Silicon Valley Financial institution and Signature Financial institution within the USA and is carefully monitoring the state of affairs,” FINMA mentioned in an announcement.

“FINMA is evaluating the direct and oblique publicity of the banks and insurance coverage firms it supervises to the establishments involved,” it mentioned. “The intention is to determine any cluster dangers and potential for contagion at an early stage.”

The regulator mentioned it was in touch with numerous establishments which could possibly be affected, however declined to call them or the measures it would take.

Newest Updates

View 2 extra tales

President Joe Biden pledged on Monday to do no matter was wanted to handle the banking disaster precipitated by the collapse of the 2 lenders which compelled regulators to step in with emergency measures to stem contagion.

FINMA mentioned it was additionally monitoring for any spill-over results from the failure of one other tech-focused U.S. financial institution, Silvergate Capital Corp (SI.N), which mentioned on Wednesday it was planning to wind down its operations and liquidated voluntarily.

The regulator mentioned its supervisory actions had been centered on the chance administration of supervised establishments and on coping with numerous eventualities.

Switzerland’s Federal Division of Finance mentioned it “takes observe of the stories on US banks and the event of the inventory markets” however wouldn’t be additional commenting on them.

The federal government division additionally pointed to FINMA’s position and mentioned “FINMA is carefully monitoring Credit score Suisse as a part of its supervisory actions.”

The Swiss Nationwide Financial institution declined to touch upon the impact SVB’s collapse might have on Switzerland’s monetary sector.

In an extra reflection of investor concern about Credit score Suisse’s outlook, the value of a few of its bonds fell sharply, with some at file lows.

Struggling to recuperate from a string of scandals, Switzerland’s second-biggest financial institution has begun a significant overhaul of its enterprise, slicing prices and jobs and making a separate enterprise for its funding financial institution beneath the CS First Boston model.

Final week it introduced it was delaying the publication of its annual report following a name from the U.S. Securities and Change Fee.

Reuters Graphics

FALLOUT SPREADS

Germany’s Bundesbank convened its disaster group on Monday to evaluate the attainable fallout of the collapse of SVB on the native market, whilst no emergency motion was foreseen in Europe.

Europe’s STOXX banking index (.SX7P) fell 5.8% and was on observe for its largest two-day fall since March 2022, quickly after Russia invaded Ukraine. Shares in Germany’s Commerzbank (CBKG.DE) fell as a lot as 12.7%.

Earlier on Monday, the Financial institution of England facilitated a non-public sale of the UK arm of SVB to HSBC (HSBA.L) in a transfer which might shield deposits with out taxpayer help

Reporting by Paul Arnold, Chiara Elisei and Noele Illien, writing by John Revill; Enhancing by Rachel Extra, Elisa Martinuzzi and Emelia Sithole-Matarise

: .

Source link

Banks collapse Insurers monitoring regulator SVB Swiss
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Why JPMorgan hired NOAA’s Sarah Kapnick as chief climate scientist

May 31, 2025

Interest rates on HELOCs fall as inflation cools

May 31, 2025

Got $5,000? These 3 High-Yielding Dividend Stocks Are Trading Near Their 52-Week Lows.

May 31, 2025

Atlantic International Corp. (ATLN) Launches AI-Powered Workforce Intelligence Platform via Lyneer

May 31, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

‘Fundamental duty of judiciary, executive to reach out to last citizen who needs justice’: CJI B R Gavai | India News

May 31, 2025

‘My Gpay account is linked to hers, my OTPs come on her phone’: Sara Ali Khan reveals how she manages finances | Lifestyle News

May 31, 2025

Kunlavut Vitidsarn rises to the top: A new world No 1 in badminton men’s singles as Thai shuttler reaches summit | Badminton News

May 31, 2025

Gov. Jared Polis signs Colorado’s new kratom regulations into law

May 31, 2025
Popular Post

Russia Denies Attack On Indian Firm’s Kyiv Warehouse

ECB may need big rates hikes beyond March, steeper QT from July, Nagel says

‘The View’ Mocks Fox News Over Green Day’s Anti-MAGA Lyrics Coverage

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.