Australia's GDP rises 0.6% in June quarter: ABS    EFG Hermes raises TMG share price target to EGP 130    Egyptian pound ends week lower against US dollar – CBE    Egypt, Slovenia eye stronger economic ties amid regional challenges    Egypt's PM says $7.5bn Qatari investment package being activated    Egyptian FM holds high-level talks in Slovenia, urges EU pressure on Israel    Geopark in Fayoum tops agenda in Egypt-UNESCO environmental talks    Egypt expresses condolences to Sudan after deadly Darfur landslides    CI Capital Concludes EGP 1.3B Securitized Bond Issuance for Al-Tameer Leasing and Factoring (Al Oula)    Egypt PM at SCO summit: Israeli war in Gaza a 'war of starvation'    US, Egypt launch Bright Star 25 military exercises with participation from 40 nations    US ambassador celebrates Egypt's top Thanawaya Amma students, launches $50,000 training initiative    Egypt's Environment Minister leads key meeting to accelerate preparations for Barcelona Convention    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



U.S. weighs new fund as backup if more banks fail
Sama Mousa Published in Amwal Al Ghad on 12 - 03 - 2023

The U.S. Federal Reserve and the Federal Deposit Insurance Corp are considering creating a fund to allow regulators to backstop deposits at banks if they fail. According to a Bloomberg News report on Saturday, this came as a result of the Silicon Valley Bank's collapse.
The report also said that regulators have discussed the new fund with banking executives and are hoping that the new measure will help control panic and reassure depositors.
Bloomberg's report also added that the new fund is part of the agency's contingency planning due to the ongoing panic about the health of banks.
According to Reuters, both the U.S. Federal Reserve and the Federal Deposit Insurance Corp did not comment on the report.
U.S. president, Joe Biden, spoke on Saturday with California Governor, Gavin Newsom, about the SVB collapse and the efforts that will be taken to address the current situation.
According to Reuters, SVB imploded after depositors rushed to withdraw their deposits due to concerns about the lender's financial health. The two-day run on the bank stunned markets and wiped out more than 100 billion dollars in market value for U.S. banks.

Clic here to read the story from its source.