Minutes of the Federal Open Market Committee, July 25-26, 2023: “Various participants commented on risks that could affect some banks, including unrealized losses on assets resulting from rising interest rates, significant reliance on uninsured deposits, and increased funding costs.” August 16, 2023 3:52 pm
$78 billion withdrawn from commercial banks last week (7/5-7/12). $869 billion in deposits has been pulled since the all time hit 4/13/22. With the FDIC announcement today banks aren’t reporting their uninsured deposits correctly, will this re-accelerate the bank run already picking up pace again?!? July 24, 2023 7:47 pm
FDIC observed some institutions incorrectly reduced the amount reported to the extent the uninsured deposits are collateralized by pledged assets; this is incorrect as the existence of collateral has no bearing on the portion of a deposit that is covered by federal deposit insurance! July 24, 2023 10:06 am
Silicon Valley Bank has failed. It’s the second largest bank failure in US history. Roughly 95% of Silicon Valley Bank’s deposits were FIDC uninsured. May 31, 2023 10:58 amMarch 10, 2023 11:36 pm