The headquarters of Silicon Valley Bank (SVB) in Santa Clara, California on March 10, 2023 (GETTY IMAGES NORTH AMERICA/AFP/JUSTIN SULLIVAN)
The bankruptcy of two American banks, SVB and Signature Bank, does not endanger French banks, assured Monday on Franceinfo the Minister of Economy Bruno Le Maire.
“I don’t see any risk of contagion, so there is no specific alert,” said the minister.
“We have banks which are solid”, “a banking system which is solid” and “a liquidity ratio which is high”, affirmed Mr. Le Maire, adding that French banking establishments had “very diversified”.
The Minister of Economy Bruno Le Maire, during an interview with the press in Paris, February 3, 2023 (AFP / Ludovic MARIN)
French banks “are not exposed to a single sector of activity” like Silicon Valley Bank (SVB), which was almost exclusively exposed to the new technologies sector, underlined the French minister.
SVB, which could no longer cope with the massive withdrawals of its customers, was closed on Friday by the American authorities.
The latter announced on Sunday a series of measures to reassure individuals and businesses about the solidity of the American banking system and will in particular guarantee the withdrawal of all deposits from SVB.
They will also allow access to all the deposits of another establishment, Signature Bank, which was closed automatically by the regulator, to everyone’s surprise.
© 2023 AFP
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