US President Joe Biden said on Tuesday, March 28, that his administration had done everything possible to overcome the banking crisis.
“No, it’s not over yet. We are watching very closely. We did what we had to do at the executive level,” Reuters quoted the American leader as saying.
At the same time, Biden expressed confidence in the imminent stabilization of the situation.
Earlier, on March 23, the White House reported that the efforts of the US administration, the Ministry of Finance and banking regulators helped the US to stabilize the situation in the banking sector. According to White House press secretary Karin Jean-Pierre, the Federal Deposit Insurance Corporation quickly took control of the banking valuation of Silicon Valley assets. Then — Signature Bank assets.
The bankruptcy of one of the largest banks, Silicon Valley Bank, became known before that, on March 11. Then the credit institution went bankrupt in less than two days. As noted by Reuters, the bankruptcy of such a large credit institution was the first after the financial crisis of 2008.
Later, on March 26, it was reported that the bank holding company First Citizens Bank & Trust Company began buying deposits and loans of the bankrupt Silicon Valley Bank (SVB). Already on March 27, 17 branches of the “intermediate bank” Silicon Valley Bridge Bank opened as owned by First Citizens Bank & Trust Company.