Silicon Valley Bank’s failure has rocked markets
Despite the current nervousness on the stock markets and rising interest rates, the Association of German Banks (BdB) believes that the financial institutions in Germany are well prepared.
Despite the current nervousness on the stock markets and rising interest rates, the Association of German Banks (BdB) believes that the financial institutions in Germany are well prepared. “The German banks are robust, stable and resilient,” said BdB representative Hilmar Zettler to the newspapers of the Funke media group (Friday editions). 80 percent increased.
“For savers, there is also a double safety net made up of statutory and voluntary deposit insurance,” Zettler continued. “We are thus offering a safety net in Germany that is unique in the world.”
The current nervousness on the stock markets was triggered by the collapse of the Silicon Valley Bank (SVB) in the USA. The largest bank failure in the USA since the financial crisis of 2008 also caused considerable turbulence and difficulties for a number of banks internationally. In the fight against high inflation, the European Central Bank (ECB) also increased key interest rates by 0.5 percentage points on Thursday.
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