Source says ECB supervisors see no contagion from banking turmoil to euro zone | – #Source #ECB #supervisors #contagion #banking #turmoil #euro #zone

FRANKFURT, March 17 (Reuters) – Europe Central Bank supervisors at a meeting on Friday Credit Suisse and some USA have seen that the market turmoil surrounding their lenders has not contagioned euro zone banks.

Investors are looking for a new one after the collapse of Silicon Valley Bank last week bank worried about the risk of a crisis, emergency lines were thrown this week to Switzerland’s Credit Suisse and San Francisco-based First Republic Bank ( FRC.N ).

However Unit A source familiar with the contents of the unscheduled meeting of the supervisory board told Reuters that supervisors were told that deposits at euro zone banks remained stable and that the risk to Credit Suisse ( CSGN.S ) was insignificant.

An ECB spokesman declined to comment.

Eurozone banks still have about 4 trillion euros (4.25 trillion dollars) are sitting on excess liquidity, even as data from the central bank showed on Friday, they want to return to the ECB now that borrowing from it has become more expensive.

In contrast, Credit Suisse on Thursday 50 from its central bank billion Swiss franc (54 billion dollars) found the emergency line worth.

The Swiss bailout calmed markets and emboldened the ECB to raise interest rates by another half a percentage point on Thursday, rattling traders’ bets and inflation remained committed to the fight against

USAof major banks during the past week USAto the First Republic Bank on the same day to rescue the creditor, which was caught in an expanding crisis caused by the bankruptcy of two medium-sized creditors of funds entered. ($1 = 0.9401 euros)

Reporting by Francesco Canepa; Edited by Andrew Cawthorne and Alex Richardson

Our standards: Thomson Reuters Trust Principles.

2023-03-17 16:02:29
Source – reuters

Translation“24 HOURS”