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Search resuls for: "Balazs Koranyi Pete Schroeder Tom Westbrook"


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☆ Bank lifelines fail to stem sell-off, ECB sees no Europe contagion
  + stars: | 2023-03-17 | by ( Balazs Koranyi Pete Schroeder Tom Westbrook | Balazs Koranyi | Pete Schroeder | ) www.reuters.com   time to read: +6 min
March 17 (Reuters) - Credit Suisse and First Republic Bank shares came under renewed pressure on Friday despite multibillion-dollar support deals, while a source said European Central Bank supervisors see no contagion for euro zone banks from the turmoil. With investor confidence far from restored, analysts, investors and bankers think the loan facility has only bought Credit Suisse some time to work out what to do next. Meanwhile, U.S. regional bank shares, including PacWest Bancorp (PACW.O), also opened sharply lower, with First Republic down around 25%. But the supervisors were told deposits were stable across the euro zone and exposure to Credit Suisse was immaterial, a source familiar with the meeting's content told Reuters. The ECB pressed forward with a 50 basis-point rate hike, arguing that euro zone banks were in good shape and that if anything, higher rates should bolster their margins.
☆ ECB watchdog sees no Europe contagion after US, Swiss bank rescues
  + stars: | 2023-03-17 | by ( Balazs Koranyi Pete Schroeder Tom Westbrook | Balazs Koranyi | Pete Schroeder | ) www.reuters.com   time to read: +6 min
The rescue package came shortly after embattled Credit Suisse (CSGN.S) tapped an emergency central bank loan of up to $54 billion to shore up its liquidity. The ECB supervisors saw no contagion to euro zone banks from the market turmoil, a source familiar with the content of the meeting told Reuters, adding that supervisors were told deposits remained stable across euro zone banks and exposure to Credit Suisse was immaterial. "I don't think we are in the crux of a global financial crisis. The ECB pressed forward with its 50 basis point rate hike, arguing that euro zone banks were in good shape and that if anything, higher rates should bolster their margins. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.
☆ ECB meets over banking stress as US rescue eases immediate fears
  + stars: | 2023-03-17 | by ( Balazs Koranyi Pete Schroeder Tom Westbrook | Balazs Koranyi | Pete Schroeder | ) www.reuters.com   time to read: +6 min
March 17 (Reuters) - European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank (FRC.N) eased fears of its imminent collapse. The rescue package came less than a day after Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. The two deals helped restore some calm to global markets, after a torrid week for banking stocks. "French and European banks are very solid," ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio. Japan's finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.
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