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Americans withdraw nearly $100bn due to fear after SVB crash

  • By Al Mayadeen English
  • Source: Agencies
  • 26 Mar 2023 12:22
  • 1 Shares
3 Min Read

The Federal Reserve releases an announcement that emergency lending facilities are available to eligible depository institutions.

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  • The logo of the IMF at a meeting in 2018 in Bali, Indonesia (Reuters)
    The logo of the IMF at a meeting in 2018 in Bali, Indonesia. (Reuters)

Following the US federal takeover of Silicon Valley Bank and Signature Bank, and the Credit Suisse merger with UBS, banks around the world have been witnessing a surge in deposit withdrawals, despite assurances by the banks of everything being normal. 

According to Federal Reserve data on Sunday, $98.4 billion have been taken out from bank accounts by US clients - mainly from smaller banks. 

In light of that, the Federal Reserve released an announcement that emergency lending facilities are available to eligible depository institutions.

Read more: Shares of German largest lender plunge over distrust in EU bank sector

After the Financial Stability Oversight Council convened on March 24, a statement cited by the media said, "The Council discussed current conditions in the banking sector and noted that while some institutions have come under stress, the US banking system remains sound and resilient. The Council also discussed ongoing efforts at member agencies to monitor financial developments."

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The Fed's Jerome Powell also stated, “You've seen that we have the tools to protect depositors when there’s a threat of serious harm to the economy or to the financial system, and we’re prepared to use those tools. And I think depositors should assume that their deposits are safe.”

'Exceptionally high' uncertainties

After the Federal Reserve suggested an interest rate increase of 25 basis points, Powell argued that the flow of deposits "stabilized over the past week" as a result of the Fed's "powerful actions".

However, a warning from the International Monetary Fund's (IMF) Managing Director Kristalina Georgieva on Sunday kept eyes wide open.

Georgieva spoke at the China Development Forum, predicting that 2023 would be challenging, taking into consideration global growth "slowing to below 3 percent" and the "outlook for the global economy over the medium-term likely to remain weak."

As higher interest rates are being used to tackle the increasing inflation, the IMF warned of "exceptionally high" uncertainties and increased risks of rattling financial stability. 

"We continue to monitor developments closely and are assessing potential implications for the global economic outlook and global financial stability. We are paying close attention to the most vulnerable countries, in particular low-income countries with high levels of debt," Georgieva said.
 
She concluded that the IMF is set to release a detailed assessment in its World Economic Outlook and Global Financial Stability Report in a few weeks.

  • depositors
  • economy
  • Federal reserve
  • US
  • deposits
  • SVB collapse
  • Silicon Valley bank
  • jerome powell
  • SVB

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