This banking crisis is very different to 2008 - let's hope for calm before too long. David Buik writes as UBS agrees an 'emergency rescue' of Credit Suisse.
Fifteen years ago, few will forget the lengthy queues that formed outside many branches of Northern Rock.
The threat of another banking crisis today, precipitated by problems exposed at SVB Investments, First Republic Bank in California and finally a third of Signature Bank's assets have been bought by New York Community Bank, and their 40 branches, are totally different from the issues of 2008. In response to today’s banking problems, the public should be reassured on three key issues. The regulation of banks is much more stringent.
This is no small achievement. In the case of SVB Bank, which finances a significant proportion of California’s tech operation, the writing was on the wall, when depositors attempted to pull out $42 billion last Friday week. Initially the Swiss National Bank provided a $53 billion facility to reassure markets. Over the weekend UBS, Switzerland’s largest bank has agreed to buy Credit Suisse for circa $3.2 billion.
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