U.S. Treasury encouraged by First Republic resolution, says banking system remains sound
U.S. Treasury Department Encouraged by First Republic Bank Resolution
The U.S. Treasury Department is pleased to announce that the resolution of First Republic Bank was achieved with the least cost to the Deposit Insurance Fund. The department believes that the U.S. banking system remains sound and resilient, according to a Treasury spokesperson.
On Monday, U.S. regulators seized First Republic, the third major U.S. institution to fail in two months. JPMorgan Chase & Co agreed to take $173 billion of the bank’s loans and $30 billion of its securities, including $92 billion of deposits.
The spokesperson added, “Treasury is encouraged that this institution was resolved with the least cost to the Deposit Insurance Fund, and in a manner that protected all depositors.”
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