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US bank collapse: Should Australia be worried?
SVB came under extreme liquidity pressure following the release of its full-year accounts in late February where it reported sharp falls in the market value of its investment portfolios. Credit: Jeff Chiu/AP. Inset:Appu Govindarajan
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California-based Silicon Valley Bank (SVB) dramatically collapsed following a customer run on its deposit base last week, marking the second-biggest collapse of a financial institution in US history since the fall of Washington Mutual at the height of the global financial crisis. Is this the start of a new banking or financial crisis? Govindarajan Appu, a columnist on economics, a certified public accountant, and an associated chartered accountant in Perth, explains about US Bank Collapse and what it means for Australian economy.
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