Kommentar: Siden finanskrisen for 15 år siden har myndighederne forsøgt at lære bankerne og deres ledelser, at de skal stå på egne ben, og at staten (og skatteyderne ) ikke hver gang kommer og redder dem.
Lørdag var Yellen ude med en melding om, at der ikke kom en bankredning, og sådan er den officielle udlægning stadig.
Faktum er dog, at alle indlånere dækkes af gennem en ny lånefacilitet. Myndighederne tør altså ikke at slippe markedskræfterne løs i lyset af bankens krak. Og det vil blive vel modtaget af de finansielle markeder. Men underliggende vil der være forøget nervøsitet i forhold til muligheden for flere store credit events.
Vi forventer, det samme vil ske, hvis der kommer europæiske bankkrak. Meget tyder således på, at de seneste 15 år siden finanskrisen har været et begrænset lærestykke. Der er dog næppe tvivl om, at bankaktionærerne i SVB kommer til at tage et stort tab.
Uddrag fra Yahoo Finance:
Financial regulators said Sunday night depositors of the failed Silicon Valley Bank will have access to all of their money starting Monday, March 13, while announcing new facilities to backstop deposit withdrawals across the banking system amid fears of contagion following SVB’s shock failure last week.
In a joint statement, the heads of the Federal Reserve, Treasury Department, and FDIC said: “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,” the statement added. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
The Federal Reserve also said it will offer funding to banks through a new facility to help ensure banks can meet all depositor withdrawals, essentially backstopping all deposits — both those insured and uninsured — across the U.S. financial system.
The Fed’s financing will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year to banks, savings associations, and credit unions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral.
According to the Fed, the BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution’s need to quickly sell those securities in times of stress.
The Fed said it is carefully monitoring developments in financial markets.
Morten W. Langer
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