It's been a case of lather, rinse, repeat in banking this week, with the collapse of Silicon Valley Bank followed by a much bigger crisis in the form of Credit Suisse. Mid-sized SVB was more systemically significant than many had assumed, raising big questions about US oversight.
But there was never any doubt about the dangers from a stricken Credit Suisse, a pillar of the Swiss banking establishment and a (shaky) member of the top table. Regulation in Europe is (mostly) somewhat firmer than in the US, but that hasn't helped Credit Suisse. Cash has, in the form of a colossal loan from the Swiss Central Bank, which has made SFr50bn (£44.7bn) available in a bid to shore up confidence in the troubled lender. It has calmed the waters.
The rally got started first thing, wobbled a bit, but was back on even after the European Central Bank stuck to its guns by raising rates by 0.5 per cent, citing the need to control inflation. It said it was monitoring the situation and would respond if needed.
Esta historia es de la edición March 17, 2023 de The Independent.
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