US Bank Crisis Latest Update: America’s current banking crisis is not taking its name. This crisis, which started with the collapse of the Silicon Valley Bank, has so far engulfed many American banks. Not only this, but the effect of its transition is visible on the banking world in Europe as well. Experts say that the situation of many banks is serious and they can take the path of Silicon Valley Bank anytime. In the midst of all this, the US government and banking authorities have become active to reduce the impact of the crisis.
Cash problem in front of banks
Last week on Thursday i.e. March 16, the US Central Bank Federal Reserve told that it has given about $ 300 billion as emergency fund to many banks during about a week. The Central Bank told that many banks are facing the problem of cash crunch. In such a situation, these banks are reaching out to the Central Bank to ask for help.
Half the fund went to these two banks only
The Federal Reserve said that about half of this amount has been given as loans to the holding companies of the two major banks that have recently sunk. Silicon Valley Bank and Signature Bank are two major banks that have closed recently. The Federal Reserve has given a loan of $ 143 billion to the holding companies of these two banks as an emergency fund. However, the Fed did not tell to which banks the remaining amount has been given.
The flames of crisis reached Europe
Let us tell you that the authorities first closed the Silicon Valley Bank on 10 March. A few days later, Signature Bank also had to be closed. Credit Suisse, one of the oldest banks in Europe, also came under the grip of the banking crisis. Credit Suisse later received emergency help from the Swiss National Bank. However, still its crisis has not completely gone away.
Danger of drowning on dozens of banks
America’s current banking crisis is still not over. A few days ago, another American bank Western Pacific Bank also came under the grip of crisis. The bank is facing tremendous demand for cash from the customers, which is getting worse in meeting it. The news is telling that the next number may be of banks like Zion and Western Alliance. In some reports, it is being feared that dozens of American banks are in bad shape and they can collapse anytime.
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