PARIS, March 15 ― The turbulence in the US banking sector following the collapse of Silicon Valley Bank (SVB) should have only a limited impact on European banks, which are...
PARIS, March 15 ― The turbulence in the US banking sector following the collapse of Silicon Valley Bank should have only a limited impact on European banks, which are organised differently, rating agencies Moody's and S&P Global said yesterday.
Moody's, which has downgraded the US banking sector's outlook from stable to negative, said the structure of European banks limited their exposure because they placed a larger share of deposits with central banks. “A critical difference between the European and US systems, which will limit the impact across the Atlantic, is that European banks' bond holdings are lower and their deposits more stable, having grown less rapidly,” it said.
S&P Global Ratings said the European banks it follows and rates did not have the same economic model or funding sources as the US banks, adding it was unlikely that their direct exposure was significant.
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