Banking Sector
Central banks end crisis-fighting measures
They cited "improvements in US dollar funding conditions" and "low demand" at recent operations aimed at providing liquidity, CNN reported. Starting May 1, those operations will once again be held weekly, a decision made in consultation with the US Federal Reserve, the primary source of dollars. The frequency could increase again if needed, the four central banks said.
MoS Finance bats for including 'new voters' in banking sector
Addressing a review meeting of Financial Inclusion Parameters of Western Maharashtra here, the MoS said special camps should be arranged for the purpose to include the 18-plus 'new voters' in the banking system. He also stressed on the need for banks to work towards the unbanked, securing the unsecured and funding the unfunded through various schemes of the government.
PNB cautions customers about fake message circulating on digital platforms
The bank said that a fraudulent message stating "PNB's 130th Anniversary Government Financial Subsidy" is being circulated across digital platforms. "These are fake messages and PNB brand name is being used to perpetuate different forms of fraud. In some cases, these frauds are attempts at identity theft and financial scams," the bank said in a statement.
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Deutsche Bank shares slump as another major bank comes into spotlight
The German lender's shares fell 8 per cent in Frankfurt trade, and the Euro Stoxx bank index fell 4 per cent. Deutsche Bank's 5-year credit-default swaps widened on Thursday. It should be noted that Deutsche Bank's 5-year credit-default swap, which was 175 on Thursday, is nowhere near the peak for Credit Suisse, which was 1,194, according to S&P Global data.
Bank shares across Europe fall sharply
Shares in Germany's Deutsche Bank saw the biggest fall, dropping 13 per cent, and there was also a sharp jump in the cost of insuring against losses on its debt, BBC reported. Investors have already been spooked by the collapse of two US banks and the rushed takeover of Swiss giant Credit Suisse by its rival UBS.
Credit Suisse bailout creates a bank twice the size of Swiss economy
Worries that Credit Suisse's downfall would spark a broader banking meltdown left Swiss regulators with few good options, CNN reported. A tie-up with its larger rival, UBS, offered the best chance of restoring stability in the banking sector globally and in Switzerland, and protecting the Swiss economy in the near term.
US Fed, undaunted by recent banking problems, raises interest rate
The Fed did address concerns about the banking system in a statement. "The US banking system is sound and resilient," it said. "Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain."
JPMorgan advising First Republic on another fundraise
First Republic's share price has plummeted 90 per cent to record lows over the past month, as investors scrutinised lenders with a high amount of uninsured depositors a response to the collapse of Silicon Valley Bank and Signature Bank earlier this month, CNN reported.
US bank First Republic's shares crash more than 46%
As the growing banking crisis spread into a new week, the credit rating of the regional bank was downgraded deeper into junk status by S&P Global, the Guardian reported. The agency said that the bank, which caters to wealthy clients, probably faced "high liquidity stress with substantial outflows". US officials are studying how to temporarily expand the protection offered to banking customers by Federal Deposit Insurance Corp (FDIC) to include all deposits, going beyond the current $250,000 cap, Bloomberg reported.
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