{"id":28453,"date":"2023-05-08T16:22:59","date_gmt":"2023-05-08T16:22:59","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble"},"modified":"2023-05-08T17:03:57","modified_gmt":"2023-05-08T17:03:57","slug":"first-republic-bank-going-down-in-flames-hints-at-further-trouble","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble","title":{"rendered":"First Republic Bank Going Down in Flames Hints at Further Trouble"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>First Republic Bank faced a brutal sell-off earlier this week, with its stock price having gone down by more than 93% since the beginning of this year. As options to save the bank dwindle, banking crisis fears are soaring.<\/p>\n

\u201cThe value of the shares of First Republic Bank is going down essentially because of the news about the conditions of the bank,\u201d Fabrizio Carmignani, professor of economics and dean at Griffith Business School, told Sputnik.<\/p>\n

\u201cEarlier this week, we were told by the bank itself that they\u2019re experiencing a significant drop in their deposits, about 40% loss of deposits. And this is a huge hit in terms of financial fragility for the bank.<\/p>\n

In addition to that, we have to think about the overall context of the banking system at the moment, particularly when it comes to regional banks, banks of the size of First Republic Bank or the Silicon Valley Bank, so the initial collapse of the Silicon Valley Bank has indeed exposed fragilities across the system of regional banks, and markets are responding to that.<\/p>\n

The shares of First Republic Bank are at the moment targeted by markets. Markets are responding to the bad news that is coming from the bank. And this explains the sharp drop that we have observed in the last couple of days.
\nFirst Republic Bank, a California-based lender which was founded in 1985, lost over $100 billion in deposits in March as customers withdrew billions of dollars, according to the entity\u2019s Monday report.<\/p>\n

On Tuesday, there was an unprecedented sell-off of First Republic\u2019s stock, which saw its price plummet roughly 50%; on Wednesday, it fell by a further 14%, with the New York Stock Exchange halting trading of the bank\u2019s shares a staggering 16 times.<\/p>\n

Earlier, in March, First Republic shares nosedived for the first time, following the collapse of the Silicon Valley (SVB) and Signature banks. SVB and Signature Bank had a significant amount of their assets in interest rate-sensitive financial instruments like government bonds and mortgage-backed securities.<\/p>\n

As a rule of thumb, when rates go up, bond prices typically go down. Thus, the Federal Reserve\u2019s aggressive rate hikes, aimed at taming inflation, have eaten away at the value of the banks\u2019 assets.<\/p>\n

Yellen Promised to Shield Depositors, But Now Treasury is Silent Back in March, Wall Street heavyweights provided First Republic Bank with a hefty lifeline in order to prevent a \u201ccontagion.<\/p>\n

\u201d The 11 biggest banks in the US, including Goldman Sachs and Wells Fargo, agreed to deposit $30 billion at First Republic.<\/p>\n

Almost simultaneously, Treasury Secretary Janet Yellen stepped forward and pledged to protect depositors at smaller US banks after the government had taken over the two unfortunate regional lenders.<\/p>\n

Still, the Treasury has kept mum so far about the future of First Republic Bank, as the latter appears to be going down in flames. Citing people familiar with the matter, the Financial Times noted that the bank has recently been in touch with the US government and financiers on Wall Street.<\/p>\n

Nonetheless, the Treasury declined to comment on the matter, when asked by the newspaper. One might ask whether it\u2019s not the end and the banking crisis will continue to spread.<\/p>\n

Earlier, a study was released on March 13, claiming that almost 190 banks could face the fate of SVB if half of their depositors decide to withdraw their funds.<\/p>\n

According to Ostwald, what is happening now is part of a larger trend provoked by the Federal Reserve\u2019s aggressive rate hikes. He does not rule out that more US banks are likely to follow First Republic\u2019s suit.<\/p>\n

\u201cIt\u2019s an economic crisis largely born of the fact that we\u2019ve had a sharp rise in interest rates to combat inflation,\u201d the economist continued.<\/p>\n

\u201cSo it\u2019s not in the same sense a systemic threat in the way that we saw back in 2008, which was the major banks, the investment banking side of things. This is far more concentrated in the wholesale and retail banking sector.<\/p>\n

There will be further banks which struggle, but it is very much more of the ilk of, I would say, the 1980s, 1995 SNL crisis, which was eventually resolved via the RTC solution.<\/p>\n

And it is basically all to do with the very sharp rise in interest rates, which a lot of people, even when it started, didn\u2019t really think it would last as long as it has, that inflation would be as persistent.<\/p>\n

And the more the Fed has to hike to fight inflation, the more this is likely to become a problem, because there will be even more assets which are underperforming on bank balance sheets simply because of the rise in the interest rates.<\/p>\n

And in terms of spillover, yes, that\u2019s also going to start. \u201d He drew attention to the fact that problems in the credit markets in the US have started to emerge with a gradual rise in the default rate.<\/p>\n

This is coming from a very, very low default rate per se, but it\u2019s nevertheless a rising trend, the economist noted, adding that the more money the banks use for covering \u201cbad loans\u201d, \u201cthe less money that they have to actually lend for the economy at a time when it needs it, given that the economic performance is not exactly wonderful.<\/p>\n

\u201d Recession, Macroeconomic Changes & De-Dollarization There has been a debate in the US for over a year whether the nation\u2019s economy is heading towards recession.<\/p>\n

Technically, recession \u2013 defined as two consecutive quarters of negative gross domestic product (GDP) growth \u2013 occurred in the US in the first half of 2022.<\/p>\n

Still, President Joe Biden at the time denied that the country was on a dangerous track. \u201cI do not think that there is any reason to panic and go to banks and withdraw deposits,\u201d said Fabrizio Carmignani.<\/p>\n

\u201cTo me, this is not a way to deal with a recession. If anything, bank runs could actually cause a recession, could cause a credit crunch and a recession. So that\u2019s definitely something that I don\u2019t believe should be done. \u201d<\/p>\n

However, it appears that the trouble in the US banking sector and similar turbulence in Western European banks is a reflection of macroeconomic changes, which includes deglobalization, manifested in increased economic and technological protectionism, and economic decoupling facilitated by sanctions and geopolitical tensions.<\/p>\n

When it comes to the de-dollarization trend which is emerging across the Global South, triggered both by the West\u2019s use of the greenback as a punishing mechanism and the Federal Reserve\u2019s interest rate hikes, which have made the dollar particularly expensive, one should brace for a more bifurcated, fractured payment system in the future, according to Ostwald.<\/p>\n

The greenback will definitely remain an important means of payment, but basically \u201cwe are dividing up into trading blocs,\u201d he said, to some extent echoing the idea of Russian economists who are predicting the establishment of several trading blocs with different major currencies in each of them.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. First Republic Bank faced a brutal sell-off earlier this week, with its stock price having gone down by more than 93% since the beginning of this year. As options to save the bank dwindle, banking crisis fears are soaring. \u201cThe value of the shares of First Republic Bank is going down essentially […]<\/p>\n","protected":false},"author":84,"featured_media":28451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,246,278,245],"class_list":["post-28453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-lesotho","tag-bank","tag-lesotho"],"yoast_head":"\nFirst Republic Bank Going Down in Flames Hints at Further Trouble - Lesotho<\/title>\n<meta name=\"description\" content=\"First Republic Bank faced a brutal sell-off earlier this week, with its stock price having gone down by more than 93% si ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Republic Bank Going Down in Flames Hints at Further Trouble\" \/>\n<meta property=\"og:description\" content=\"First Republic Bank faced a brutal sell-off earlier this week, with its stock price having gone down by more than 93% si ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-08T16:22:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-08T17:03:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/05\/postQueueImg_1683546854.06.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"719\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"First Republic Bank Going Down in Flames Hints at Further Trouble\",\"datePublished\":\"2023-05-08T16:22:59+00:00\",\"dateModified\":\"2023-05-08T17:03:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble\"},\"wordCount\":1181,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/05\/postQueueImg_1683546854.06.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Lesotho\",\"Bank\",\"Lesotho\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/first-republic-bank-going-down-in-flames-hints-at-further-trouble\",\"name\":\"First Republic Bank Going Down in Flames Hints at Further Trouble - 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