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Evening Brief – 03.16.23

The announcement that Credit Suisse will draw up to $54 billion of emergency funds from the Swiss National Bank underlines how fragile the bank had become, as the withdrawal of deposits continued at pace and confidence seeped away.

It also highlights the lightning speed of the global fallout of Silicon Valley Bank’s collapse, which has shaken the banking sector, and prompted investors spotting weaknesses in other institutions to race for the exit.

For now, the move has restored a little stability in the markets. Systemic risk to the sector is still considered to be low, as larger banks have built up bigger capital buffers from the financial crisis and have stable deposits, while the coffers of some are believed to have swelled as customers seek out sturdier institutions for their deposits.

Meanwhile, First Republic which is probably the most “at-risk” regional bank, having had similar (heavily invested in long-term assets to the tune of roughly $120bn in mortgages), though less extreme versions of the problems that plagued Silicon Valley Bank, is reportedly going to get relief from other major US financial institutions.

Many large US banks got even bigger recently thanks to small bank deposit runs from the past week, which they are now returning as deposits back into those troubled banks.

Adding it all up: BTFP removes all the asset-side risk from bank balance sheets, while the big bank deposit pledges remove all liability-side risk.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.