Regional Banking Crisis 2023
About Regional Banking Crisis 2023
A banking crisis that saw the second, third, and fourth largest bank failures in US history. Silicon Valley Bank failed on March 10 with 209 billion in assets. Signature Bank followed on March 12. First Republic Bank failed on May 1 with 229 billion in assets. The failures were caused by rising interest rates devaluing long term bond portfolios. Depositors panicked and withdrew funds via mobile banking. The FDIC guaranteed all deposits, including those above the 250,000 limit. The crisis raised concerns about the FDIC insurance fund and the viability of regional banks in a high interest rate environment.
Related Events
Global Financial Crisis 2008
The worst financial crisis since the Great Depression, triggered by the subprime mortgage market col...
Asian Financial Crisis
A financial crisis that started in Thailand and spread across East Asia. On July 2, 1997, Thailand w...
1991 Indian Economic Crisis
India faced a severe balance of payments crisis in 1991. Foreign exchange reserves fell to just 3 we...