It never rains but what it pours

[klondike]

Let's hope this doesn't spread. The sat nav is screaming "Turn around when possible" and I think somebody may have dropped the paddle.

SVB International Fallout: UK and EU Lenders Lose £30 Billion Overnight as 'Panic' Spreads

The fallout from the run on the Silicon Valley Bank in California went international overnight, with British and European Union lenders seeing nearly £30 billion wiped off their portfolios and the Bank of England stepping in to take over the insolvency process for the British arm of SVB to protect the deposits of British firms tied to the bank.

Since Friday, the Stoxx Europe 600 banks index, which also includes leading British lenders, saw a mass sell-off in the wake of the collapse of the Silicon Valley Bank, the largest American bank failure since the 2008 financial crisis. In total, the European-UK banking index saw a one-day decline of 3.8 per cent, with €33.5 billion (£29.6/$35.6 billion) being wiped off their balance sheets.

Some of the United Kingdom's largest banks saw their shares fall significantly, with HSBC declining by 4.6 per cent, Lloyds Banking Group falling by 3.3 per cent, and shares in NatWest going down by 2.5 per cent, The Times of London reports.

British-based investors in SVB have already reportedly failed to withdraw their funds from the UK-based branch of the investment bank, sparking fears that tech start-ups could potentially go under if the government doesn't intervene to save the bank.


Full story : https://www.breitbart.com/europe/2023/03/11/svb-international-fallout-uk-and-european-lenders-lose-30-billion-overnight-as-panic-spreads/

[Michael Rolls]

here we go again

[Diasi]

I don't want to see any of my taxes, which will already take 20% of my pension rise, used to bale out firms who were stupid enough to deal with a bank based in the USA Silicone Valley, but I suppose it will be.

[Michael Rolls]

but of course  is wrong with this country

[Alex]

Anything in the Sunday papers about this ?  I suppose not, they're too busy with the beatification of Gary Lineker