European ministers spoke Monday about the recent failure of Silicon Valley Bank (SVB), which saw U.S. regulators close on Friday after billions of dollars were withdrawn by fearful depositors. Signature Bank was also closed on Sunday by regulators, raising fears among customers.
Germany and Belgium's finance ministers praised the American government and financial authorities for responding to the crisis, with Belgium Finance Minister Vincent Van Peteghem saying that there was "no indication" there was a risk to the country's banks despite the failure of SVB in the U.S. The European Commissioner for Economy Paolo Gentiloni reiterated this stance, saying they did not "see a specific risk of contagion" from the U.S. banks.
In the U.K., HSBC bank acquired the local arm of SVB, with British Finance Minister Jeremy Hunt saying it was necessary in order to protect British tech companies.
Back in the U.S., officials with the Federal Deposit Insurance Corporation — the regulator which closed SVB on Friday —were outside the Santa Clara headquarters of the bank to reassure customers that they would be able to access their money.
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