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BREAKING
The Mujahideen Movement: The two were killed along with dozens of others from their family in a cowardly Zionist assassination that targeted the Sabra neighborhood today
The Palestinian Mujahideen Movement mourns the martyrdom of its Secretary-General, Asaad Attiya Abu Sharia "Abu Al-Sheikh", along with his brother Ahmad
Abu Zaid: I believe that the Iranian operation was multi-layered, combining cyber and electronic attacks with coordinated on-the-ground infiltrations by agents
Abu Zaid: Usually, archives of such sensitivity are typically protected by a full-scale security system, but it appears that Iranian intelligence managed to make use of a gap in it
Strategic military expert Nidal Abu Zaid: Iran has stripped "Israel" of the superiority and deterrence long boasted by its security minister, chief of staff, and other top officials
Fallahpour: Iran may use these documents in its battle with the United States and Western countries over its nuclear program
Fallahpour: Iran may have obtained additional documents related to "Israel's" regional projects, not just its nuclear program
Fallahpour: The coming weeks will be full of surprises, as Iran has forced Israeli intelligence agencies into a state of psychological exhaustion
Al Mayadeen's correspondent in Tehran, Siavash Fallahpour: Iran has redefined the concept of deterrence, shifting it away from traditional military balance toward a new strategic framework
Sources to Al Mayadeen: Number of documents so great that merely studying them, along with accompanying images and footage will require a great deal of time.

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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