La Caída del sistema económico Global. Seguimiento del desplome.

[muyuu]

https://home.treasury.gov/news/press-releases/jy1337

Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC
March 12, 2023
WASHINGTON, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13.  No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole.  As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.
 

la pasta saldrá del Deposit Insurance Fund, y me imagino que los bancos tendrán que subir tasas y comisiones para hacer frente al gasto

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https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html

Regulators close crypto-focused Signature Bank, citing systemic risk

U.S. regulators on Sunday shut down New York-based Signature Bank
, a big lender in the crypto industry, in a bid to prevent the spreading banking crisis.

“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” Treasury, Federal Reserve, and FDIC said in a joint statement Sunday evening.

The banking regulators said depositors at Signature Bank will have full access to their deposits, a similar move to ensure depositors at the failed Silicon Valley Bank
 will get their money back.

“All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” the regulators said.

The regulators shuttered Silicon Valley Bank on Friday and seized its deposits in the largest U.S. banking failure since the 2008 financial crisis — and the second-largest ever. The dramatic moves come just days after the tech-focused institution reported that it was struggling, triggering a run on the bank’s deposits.

Signature is one of the main banks to the cryptocurrency industry, the biggest one next to Silvergate, which announced its impending liquidation last week. It had a market value of $4.4 billion as of Friday after a 40% sell-off this year, according to FactSet.

As of Dec. 31, Signature had $110.4 billion in total assets and $88.6 billion in total deposits, according to a securities filing.

To stem the damage and stave off a bigger crisis, the Fed and Treasury created an emergency program to backstop deposits at both Signature Bank and Silicon Valley Bank using the Fed’s emergency lending authority.

The FDIC’s deposit insurance fund will be used to cover depositors, many of whom were uninsured due to the $250,000 guarantee on deposits.

While depositors will have access to their money, equity and bondholders at both banks are being wiped out, a senior Treasury official said.

señores, esto no ha parado de momento

[muyuu]

hay un rescate en marcha del sistema bancario de EEUU al completo

los bancos estadounidenses tienen pérdidas no convertidas de unos 600.000.000.000 US$

siempre que la gente no saque sus depósitos, son pérdidas solamente sobre el papel - pero si la gente saca su dinero del banco y tienen que vender bonos en pérdida, se viene todo abajo

por eso están reaccionando de emergencia y con algunos bancos incluso antes de que declaren o pidan nada

[muyuu]

https://www.coindesk.com/business/2023/03/13/hsbc-subsidiary-to-acquire-silicon-valley-banks-uk-unit-for-1/

HSBC Subsidiary to Acquire Silicon Valley Bank's U.K. Unit for 1 Pound
The bank said the deal is a move to strengthen it's regional presence.
By CoinDesk Staff
AccessTimeIconMar 13, 2023 at 7:24 a.m. GMT
Updated Mar 13, 2023 at 7:34 a.m. GMT


HSBC Holdings Plc (HSBA) said that its U.K ring-fenced subsidiary, HSBC U.K. Bank, is acquiring Silicon Valley Bank U.K. (SVB U.K.) for British pound 1, as per a filing.

As of Mar. 10 , SVB U.K. had loans of around $6.6 billion and deposits of around $8.1 billion, the filing read.
Noel Quinn, HSBC Group CEO, said, "This acquisition makes excellent strategic sense for our business in the U.K. It strengthens our commercial banking franchise and enhances our ability to serve innovative and fast-growing firms, including in the technology and life-science sectors, in the U.K. and internationally.

(This is a developing story.)

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https://www.bbc.co.uk/news/business-64937251

HSBC swoops in to rescue UK arm of Silicon Valley Bank

By Michael Race
Business reporter, BBC News
HSBC has swooped to buy the UK arm of collapsed US Silicon Valley Bank (SVB), bringing relief to UK tech firms who warned they could go bust without help.

Customers and businesses who had been unable to withdraw their money will now be able to access it as normal.

The government and the Bank of England led the talks and worked through the night to scramble together the deal, which involves no taxpayer money.

HSBC said it paid just £1 for the SVB's UK arm.

Silicon Valley Bank - which specialised in lending to technology companies - was shut down by US regulators on Friday in what was the largest failure of a US bank since 2008.

Its collapse sent shockwaves across the tech industry over the possible impact it could have on businesses, with some firms telling the BBC they could go bust if deposits were not secured.

Money in failed US bank is safe, government says
Shares fall as fears persist about failed US bank
With fears over how firms would be able to access cash on Monday morning, frantic talks were held between Chancellor Jeremy Hunt, the prime minister, the Bank of England governor, HSBC bosses and civil servants to find a solution.

The Bank of England said no other UK banks had been "materially affected" by SVB's collapse and said the banking system remained "safe, sound, and well capitalised".

Although the UK arm of SVB was small with just over 3,000 business customers, its collapse would have presented a risk for a sector which the government views as pivotal to the UK's future economic success.

Mr Hunt said some of the firms only had bank accounts with SVB UK, "so for that reason we were faced with a situation where could have seen some of our most important companies, our most strategic companies, wiped out and that would have been extremely dangerous".

However, he added there was "never a systemic risk to our financial stability in the UK".

Toby Mather, chief executive and co-founder of Lingumi, an education technology start-up, said 85% of its cash was tied up with the bank and he had had a very "anxious weekend".

"We had enough money in bank accounts outside the UK and enough revenue coming through each week from our customers that we could look our staff in the eyes at nine o'clock this morning and say we can make payroll in two weeks, but it would have been very uncertain from then", Mr Mather said.

Sebastian Weidt, chief executive of Universal Quantum, a tech company which employs about 40 people and held all its funds with SVB, said the deal was a "huge relief" after an "unbelievably stressful" few days.

Although its US parent was in financial trouble, Silicon Valley Bank UK was in reasonable financial health when it was bought for £1 by HSBC.

It had adequate capital and was making reasonable profits. Bank of England sources confirmed this weekend's intervention was more a preventive strike before the collapse of its US parent sparked mass withdrawals from the UK business.

What that means is that HSBC got one hell of a deal which it owed to its size and strength - with regulators confident that Europe's largest bank could easily take on any risk from SVB UK's customers.

It seems the only thing wrong with SVB UK was its name. While not a Lehman Brothers moment, what the collapse of SVB US has highlighted is that many banks are riskier than they look on paper as they have all sustained losses on their investments in government bonds as interest rates have soared - pushing their value down.

One reason why bank shares are lower again on Monday as that thought sinks in with jittery investors.

What went wrong at Silicon Valley Bank?
The rescue deal for the UK arm comes after the US agreed a rescue deal for customers in the US bank, with all depositors fully protected.

SVB specialised in lending to start-up firms, and the company served nearly half of US venture-backed technology and healthcare companies that had listed on stock markets last year.

The firm was under pressure as higher interest rates made it harder for its customers to raise money through private fundraising or share sales. More clients were withdrawing deposits in a trend that snowballed last week.

The bank collapsed in the US on Friday after failing to raise enough money to plug losses from the sale of assets, mainly US government bonds, that were affected by higher rates.

The knock-on impact on SVB's UK arm sparked fears it could lead to the collapse of many smaller UK tech firms, with more than 200 tech bosses signing a letter calling for the government to step in.

Former investment banker Sir Philip Augar said the UK government and regulators had a "good weekend in actually avoiding a crisis", but warned there was an irony in the collapse of SVB just as the government was considering "slackening" regulations in the financial services industry.

"It shows that it's a dangerous industry that can cause damage to the whole economy if it's not controlled properly," he said.

"It has the capability of delivering a nasty shock."

While the deal with HSBC was broadly welcomed, the Bank of London - a UK clearing bank - said it was a "missed opportunity".

The bank, which was among firms that had put forward a rescue bid for SVB UK, said: "It cannot be right that, once again, the heritage banks that have provided a poor service to UK entrepreneurs over many years benefit from their already dominant position."

[muyuu]

First Republic se desploma un 60% en pre-trade



Western Alliance Bancorp. un 75%




https://www.cnbc.com/2023/03/13/first-republic-drops-bank-stocks-decline.html

First Republic drops 60%, leads decline in bank stocks despite government’s backstop of SVB

First Republic Bank
 led a decline in bank shares Monday that came even after regulators’ extraordinary actions Sunday evening to backstop all depositors in failed Silicon Valley Bank
 and Signature Bank
 and offer additional funding to other troubled institutions.

San Francisco’s First Republic shares lost 65% in premarket trading Monday after declining 33% last week. PacWest Bancorp dropped 24%, and Western Alliance Bancorp
 lost 61% in the premarket. Zions Bancorporation
 shed 21%, while KeyCorp
 fell 12%. Bank of America
 lost 4% in premarket trading, while Charles Schwab
 tumbled 8% early Monday.

-----

la banca del EuroStoxx se hunde también

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https://edition.cnn.com/2023/03/14/investing/credit-suisse-financial-reporting-weakness/index.html

Credit Suisse finds ‘material weakness’ in its financial reporting, scraps exec bonuses
By Hanna Ziady, CNN
Updated 9:09 AM EDT, Tue March 14, 2023


Vuk Valcic/SOPA Images/LightRocket/Getty Images
London
CNN
 —
Credit Suisse acknowledged “material weakness” in its financial reporting Tuesday as it scrapped bonuses for top executives in the wake of the bank’s worst annual performance since the global financial crisis.

The embattled Swiss lender also said chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million Swiss francs ($1.6 million) for the 2022-2023 financial year, given the firm’s “poor financial performance.”

Credit Suisse (CSGKF) said in its annual report that it had found “the group’s internal control over financial reporting was not effective” because it failed to adequately identify potential risks to financial statements.

The revelations come just days after the bank delayed the publication of the annual report after an eleventh-hour query from the US Securities and Exchange Commission over cash flow statements for 2019 and 2020.


The board concluded that the “material weakness could result in misstatements of account balances or disclosures that would result in a material misstatement to the annual financial statements of Credit Suisse,” the annual report said. Credit Suisse is urgently developing a “remediation plan” to strengthen controls.

The bank’s stock fell more than 3% but recovered as European markets steadied to trade up 0.7% by 9 a.m. ET. It had fallen to a new record low Monday, as the collapse of Silicon Valley Bank and Signature Bank in the United States scared investors and pummeled banking stocks around the world.

Outflows continue

Customers withdrew billions from Credit Suisse last year, contributing to the bank’s biggest annual loss since the financial crisis in 2008. The stock has plunged 67% over the past 12 months.

The health of the bank’s finances is once again under the microscope following the demise of SVB and spillover effects on global financial markets.

Despite the fallout from SVB’s collapse, Credit Suisse saw “material good inflows” Monday, according to CEO Ulrich Körner.

“So far it’s calm,” he said in an interview on Bloomberg TV Tuesday. Outflows from the bank had “significantly moderated” after customers withdrew 111 billion francs ($122 billion) in the three months to December, Körner added. The annual report painted a similar picture, saying outflows had not yet reversed by the end of last year.

Körner said the collapse of SVB was “somewhat of an isolated problem.” Credit Suisse follows “materially different and higher standards when it comes to capital funding, liquidity and so on,” he added.

Exec bonuses scrapped
In a separate compensation report, Credit Suisse said it had cut its employee bonus pool in half last year compared with 2021, setting aside 1 billion Swiss francs ($1.1 million).

Executive board members took home 32.2 million francs ($35.3 million) in fixed compensation but received no bonuses.

Once a big player on Wall Street, Credit Suisse has been hit by a series of missteps and compliance failures over the past few years that have damaged its reputation and profit, as well as cost several top executives their jobs.

In October, the lender embarked on a “radical” restructuring plan that entails cutting 9,000 full-time jobs, spinning off its investment bank and focusing on wealth management.

Körner said Tuesday the bank had the “right plan” in place and it was executing on it “at pace.”

“Nobody is pleased about the share price development…I can’t manage the share price, I can manage the execution and I do,” he added.

[muyuu]

Credit Suisse en mínimos históricos

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https://www.ft.com/content/0324c5a6-cecd-4fb3-85b3-7cdc99a33e4e

Credit Suisse appeals to Swiss central bank for show of support as share slide sparks wider rout

Swiss lender tumbles more than 30% after top shareholder rules out further funding

Credit Suisse has appealed to the Swiss National Bank for a public show of support after its shares cratered as much as 30 per cent, sparking a broader sell-off in European and US bank stocks.

The request by Credit Suisse came after its shares sank as low as SFr1.56, having earlier been halted amid a heavy sell-off, according to three people with knowledge of the talks.

Credit Suisse also asked for a similar response from Finma, the Swiss regulator, two of the people said, but neither institution has yet decided to intervene publicly.(...)

https://twitter.com/Schuldensuehner/status/1635994065471668225

@Schuldensuehner WTF? The markets are now pricing in a probability of default of 47% for Credit Suisse. What have I missed?

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https://archive.is/DFYgU (bloomberg)

First Republic Bank Is Said to Weigh Options Including a Sale

By Gillian Tan and Matthew Monks
March 15, 2023, 11:44 PM UTC

First Republic Bank, the San Francisco-based lender that was cut to junk by S&P Global Ratings and Fitch Ratings on Wednesday, is exploring strategic options including a sale, according to people with knowledge of the matter.
The bank, which is also weighing options for shoring up liquidity, is expected to draw interest from larger rivals, said some of the people, all of whom requested anonymity discussing confidential information. No decision has been reached and the bank could still choose to remain independent, they said. A spokesperson for First Republic Bank declined to comment.
First Republic said Sunday that it had more than $70 billion in unused liquidity to fund operations from agreements that included the Federal Reserve and JPMorgan Chase & Co. Still, its stock fell 21% Wednesday in New York trading to a decade-low of $31.16, giving it a market value of $5.8 billion.


“The additional borrowing capacity from the Federal Reserve, continued access to funding through the Federal Home Loan Bank, and ability to access additional financing through JPMorgan Chase & Co. increases, diversifies, and further strengthens First Republic’s existing liquidity profile,” the bank said in Sunday’s statement.

Read more: US Bank Stocks Sink as Credit Suisse Fear Spurs Renewed Rout

The lender specializes in private banking and wealth management, and has made an effort to differentiate itself from Silicon Valley Bank, which has been seized by US regulators. Unlike SVB, which counted startups and venture firms among its biggest clients, First Republic said that no sector represents more than 9% of total business deposits.

— With assistance by Jennifer Surane

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https://www.reuters.com/business/finance/goldman-sachs-bought-svbs-bond-portfolio-lender-says-2023-03-14/

March 15, 20233:18 AM GMTLast Updated 16 hours ago

SVB says Goldman Sachs was buyer of portfolio it booked losses on
By Echo Wang, Niket Nishant and Saeed Azhar

NEW YORK, March 14 (Reuters) - SVB Financial Group (SIVB.O) said on Tuesday that Goldman Sachs Group Inc (GS.N) was the acquirer of a bond portfolio on which it booked a $1.8 billion loss, a transaction that set in motion the failure of SVB.

The loss on the portfolio was the reason SVB, a technology-focused lender known as Silicon Valley Bank, attempted a $2.25 billion stock sale last week using Goldman Sachs as an adviser. The capital raise was thwarted as depositors fled and investors fretted SVB would have needed even more capital.

The portfolio SVB sold to Goldman Sachs on March 8 consisted mostly of U.S. Treasuries and had a book value of $23.97 billion, SVB said. The transaction was carried out "at negotiated prices" and netted the bank $21.45 billion in proceeds, SVB added.

VB became the largest bank to fail since the 2008 financial crisis, and was taken over by U.S. regulators on Friday.

Goldman Sachs' purchase of the bond portfolio was handled by a division that was separate from the unit that handled SVB's stock sale, according to a source familiar with the matter.

Jacob Frenkel, chair of government investigations and securities enforcement practice at law firm Dickinson Wright, said such arrangements to handle conflict of interest are typical in major banks.

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[muyuu]

Feliz santo del BCE

https://twitter.com/Schuldensuehner/status/1636285580198780928

[el malo]

¿Qué está pasando? ¿pero no lo acaban de rescatar?

CDS Credit Suisse

994.53
quote price arrow up+439.76 (+79.27%)


https://www.cnbc.com/quotes/CSCD5

[muyuu]

un fragmento muy importante de ayer

https://twitter.com/theemikehobart/status/1636494845144432643

edito para añadir este enlace que trae subtítulos automáticos (autotraducidos también)

Lankford - Yellen 2023-03-16

[...]

-Lankford: ¿los depósitos en todos los bancos comunitarios en Oklahoma, independientemente de su
 tamaño, estarán completamente asegurados?
 [...]
¿recibirán el mismo tratamiento que SVB acaba de recibir o Signature Bank acaba de recibir?


- Yellen: un banco solo recibe ese tratamiento si la mayoría  de la junta de la FDIC, una super-mayoría
la gran mayoría de la junta de la FED y yo, en consulta con el presidente determinamos que la falta de protección
 de los depositantes sin seguro crearía un riesgo sistémico y consecuencias económicas y financieras significativas


- Lankford: entonces, ¿cuál es su plan para que los grandes depositantes de bancos comunitarios no se lleven sus
sus fondos de los bancos comunitarios a los grandes bancos?

hemos visto las fusiones de bancos durante la última década

Me preocupa que esté a punto de acelerar esto, que al animar a cualquiera que tenga un depósito grande
en un banco comunitario a decir que no lo va a recuperar, pero que si va a uno de nuestros bancos preferidos, lo
recuperan en ese momento

- Yellen: ciertamente no es algo que estemos alentando

- Lankford
Está sucediendo ahora mismo

-Yellen:
ocurre porque los depositantes están preocupados por las quiebras bancarias que han ocurrido y por
si otros bancos podrían o no...

- Lankford:
no, ocurre porque está completamente asegurado sin importar el monto, si está en un banco grande, y
no está completamente asegurado si está en un banco comunitario

- Yellen: bueno, no está completamente asegurado

- Lankford: lo estaba en Signature Bank, apenas alcanzó ese umbral en el que estaba en Signature

- Yellen: consideramos que existía un grave riesgo de contagio que podría haber provocado la caída
y desencadenado corridas en muchos bancos
 
y que, dado que nuestro juicio es que el sistema bancario en general está sano y salvo, los
depositantes deberían tener confianza en el sistema y tomamos estas medidas

- Lankford: se ha realizado una evaluación especial en los bancos comunitarios en mi estado y en
todos los bancos del país. ¿Hubo alguna discusión de que esa evaluación especial solo se aplicaría a los
bancos más grandes o siempre se supuso que la evaluación especial iba a cubrir todos los
bancos, incluidos los bancos rurales en mi estado

- Yellen:
creo que... no estoy segura de cuáles son las reglas en torno a eso,
eso debe determinarlo el FDIC

[...]