European Commissioner Says Impact of SVB Collapse 'Limited' as Credit Suisse Drags Down Banking Stocks – Finance Bitcoin News
17 Mar 2023 12:00 AM
Despite McGuinness’ reassuring remarks, stocks of Europe’s largest banks still plunged by as much as 10% on March 15....
- European Commissioner Mairead McGuinness says that the collapse of Silicon Valley Bank has had limited impact on the European Union.
- However, McGuinness warns that authorities should still stay alert to unfolding events in international markets.
- The European Commission is currently monitoring the banking situation in the United States and hopes to learn important lessons.
- Despite McGuinness' reassuring remarks, stocks of Europe's largest banks still plunged by as much as 10% on March 15.
- Credit Suisse, Switzerland's second-largest bank, saw its shares hit an all-time low after the Saudi National Bank said it could no longer bail out the entity due to "material weaknesses" in its internal controls.
- Credit Suisse shares have since seen marked recovery after news of assistance from the Swiss National Bank.
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The article presents a mixed sentiment. While McGuinness reassures that the impact of Silicon Valley Bank's collapse on the European Union is limited, the plunge in stocks of Europe's largest banks suggests otherwise. McGuinness also warns of the threat of rising inflation. The news of Credit Suisse's all-time low and the Saudi National Bank's decision not to bail it out due to "material weaknesses" in its internal controls further adds to the negative sentiment. However, the marked recovery of Credit Suisse shares after news of assistance from the Swiss National Bank provides a glimmer of hope.
What is the European Commission's stance on the impact of Silicon Valley Bank's collapse on the European Union?
What does Mairead McGuinness warn about despite her reassuring remarks?
What is the European Commission currently monitoring in the United States?
Why did Credit Suisse's shares hit an all-time low?
What news led to the marked recovery of Credit Suisse shares?
Silicon Valley Bank
Saudi National Bank
Silicon Valley Bank collapse