Subscribe here: https://bit.ly/eudebates The European Union does not see a risk of contagion in the European banking sector following the collapse of Silicon Valley Bank in the US, European Economic Commissioner Paolo Gentiloni said on Monday.
“There is a possibility of indirect contagion, but at the moment we do not see this as a specific risk,” Gentiloni said in Brussels at the start of meeting of Eurogroup finance ministers.
The European Commission (EC) does not see a direct risk of contagion after the bankruptcy of Silicon Valley Bank (SVB) in the US and is keeping an eye on the situation, Commissioner for Economy Paolo Gentiloni said at a doorstep before the Eurogroup meeting.
“Well, we don’t see a specific risk of contagion. Of course, we are monitoring the situation in close contact with ECB [the European Central Bank – TASS],” the Commissioner said. Communications are being maintained with US regulators to avert degradation of the financial situation, Gentiloni noted.
The bankruptcy of SVB “does not bear systemic risks for global financial stability,” an ING Bank’s financial expert told TASS on Monday.
Silicon Valley Bank, the sixteenth bank in the US in terms of the asset value, became bankrupt on Friday.
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NOT SO!!! Credit Suisse is on the verge of collapse and MANY OTHER EU, UK banks have had near-cataclysm losses!