A coalition of midsized US banks has asked federal regulators to guarantee all of their customers’ deposits for two years, even above the usual $250,000 limit, to avoid contagion after Silicon Valley Bank’s collapse, Bloomberg reported Saturday. | AFP
This week, the First Republic bank, which serves mainly high net worth clients, saw its stock market valuation melt by 80 percent amid fears it would become the next domino to fall. Based in San Francisco, it is the 14th largest US bank by assets.
“Notwithstanding the overall health and safety of the banking industry, confidence has been eroded in all but the largest banks,” the coalition said, according to Bloomberg. The group of banks is proposing to finance this measure themselves by increasing the amount of contributions they already pay to the FDIC to guarantee deposits.
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