Money Today Reporter Yoon Se-mi | 2023.03.21 22:14
U.S. Treasury Secretary Janet Yellen stressed her will to protect the banking system, saying she would provide additional guarantees for deposits if the banking crisis worsens.
According to foreign media such as the Financial Times (FT) and CNBC on the 21st (local time), Minister Yellen said in a speech at the American Banking Association that day that the authorities’ actions were swift and appropriate when systemic unrest increased after the recent closure of Silicon Valley Bank (SVB). , said that it would take additional measures if necessary in the future.
“The measures we have taken are not focused on any particular bank or group of people. They are necessary to protect the broader banking system,” he said. will be able to,” he said.
Earlier, after SVB and Signature Bank were shut down amidst a liquidity crisis caused by a bank run, the US financial authorities were concerned about the spread of the crisis. have put out
Since then, claims have been made in the United States that the authorities need to take additional measures, such as raising the limit of depositor protection for other banks, just as they did for SVB and Signature Bank.
In this regard, Bloomberg reported on the 21st, citing a source familiar with the matter, that the U.S. Treasury is considering a plan to guarantee full deposits to prevent the spread of the banking crisis. However, the Treasury does not believe such action is necessary right away and is reportedly reviewing it in case the situation worsens.
Meanwhile, Chairman Yellen emphasized that the banking situation was “stabilizing” and that “the US financial system is sound.” “The Fed’s lending program is having the effect of providing liquidity to the banking system as intended, and the accumulation of deposit outflows from regional banks is stabilizing,” he added.
The market, which has been engulfed in fear of the recent banking crisis, is gradually calming down. First Republic, which was feared to become the ‘second SVB’, is also showing a 20% surge in after-hours trading ahead of the opening of the New York Stock Exchange on the 21st.
First Republic received $30 billion in liquidity from large U.S. banks during the liquidity crisis last week, but a sense of crisis heightened as the stock price continued to plummet. However, news broke that JP Morgan CEO Jamie Dimon was leading discussions on how to provide additional support for First Republic at the private financial sector level, and as Chairman Yellen confirmed his willingness to actively intervene, the stock price changed direction.
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