A senior European Central Bank supervisor says eurozone banks are well-funded and more conservative than Silicon Valley Bank and Signature Bank.
For now, however, the ECB’s Supervisory Board, which oversees the eurozone’s biggest bank, did not see the need to hold an emergency meeting, the source added.
Germany’s financial regulator BaFin, which supervises German banks in cooperation with the Bundesbank, said it was imposing a moratorium on the German branch of SVB. The supervisory source added eurozone banks had done a good job of transferring assets from their trading books to their “hold-to-maturity” portfolio, meaning they didn’t have to account for lower market prices as a result of rising interest rates.
“The supervision of midsized banks in Europe is stronger, including on funding and liquidity,” Troiano said. “There has not been a rollback of post-crisis regulations in Europe, unlike in the US.”
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