Lessons on bank resolution, from Silicon Valley to Zurich
After the chaos of SVB and Credit Suisse, is First Republic a model for future bank rescues?
Global regulators spent more than a decade writing rules that would allow big banks to be wound down swiftly and safely. But there was little evidence of that work when four lenders failed in the space of six weeks in March and April.
The US Federal Deposit Insurance Corporation has drawn sharp criticism – including from former staffers – for its handling of the Silicon Valley Bank collapse on March 10.
Thomas Hoenig, former vice-chair of the FDIC, calls it a “chaotic resolution at best”, with
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