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BREAKING
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

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

  • By Al Mayadeen English
  • Source: Agencies
  • 26 Mar 2023 13:22
  • 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."

Related News

India's SVC not US' SVB: Name confusion creates chaos, instigates fear

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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