Faced with turbulence in the US banking system, France has little to worry about. When asked about the bank failures that have occurred in recent days in the United States, Economy Minister Bruno Le Maire wanted to be comforting. “I don’t see any risk of infection, so there’s no particular warning.”– said the minister.
“Very diversified fields of activity”
“We have solid banks”, “reliable banking system” AND “a money ratio that is high”, he said, as several banks in the United States faced a wave of unexpected withdrawals. The risk of infection is also limited, the minister said, given that French banking institutions “Very diversified fields of activity”. French banks “not associated with one industry sector”– insisted the French minister.
That really didn’t happen with the two US banks that went bankrupt in recent days. On Wednesday Silvergate Bank, a favorite of the crypto community, announced its liquidation. Two days later, US authorities closed the Silicon Valley Bank (SVB), which is almost entirely associated with the new technology sector.
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Faced with the risk of contagion, US authorities have also announced a series of measures to reassure individuals and businesses that the banking system is sound. In particular, they guaranteed the withdrawal of all SVB deposits. They will also open access to all deposits of Signature Bank, the third institution that was automatically closed on Sunday by the regulator, to everyone’s surprise.
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Source: TF1