The US banking crisis that collapsed Silicon Valley Bank and affected global financial markets has had “little impact” on Australian banks, says APRA Chairman John Lonsdale.
The US banking crisis that collapsed Silicon Valley Bank and affected global financial markets has had “little impact” on Australian banks says APRA Chairman John Lonsdale.
“Although the collapse of SVB and subsequent takeover of Credit Suisse have had little impact on Australian banks – their plight and the global alarm it sparked highlighted two truths about banking,” Mr Lonsdale said in a press conference. “First, is how interconnected the international financial system has become, for example, Credit Suisse has a global presence including a branch here in Australia – local banks had next to no exposure to SVB yet concerns about these entities immediately sparked anxiety about contagion risk.Read More
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