US bank crisis unlikely to have global effects

Wong Chin Yoong

US authorities have seized California’s Silicon Valley Bank following a bank run that led to its collapse. – AFP pic, March 16, 2023.

NO financial news can be more unnerving than the seizure of California’s Silicon Valley Bank (SVB) followed by the closure of New York’s Signature Bank two days later.

US regulators’ prompt action in seizing SVB and ensuring that all insured and uninsured deposits are fully redeemable has largely calmed the financial market.

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