off-the-wire

EU says Silicon Valley Bank collapse has 'limited' impact on bloc

Kitco Media
By Reuters
Published:
Updated:
Reuters

LONDON, March 15 (Reuters) - Silicon Valley Bank (SIVB.O) had only a limited presence in the European Union, but its collapse shows why lightly regulated foreign lenders need to meet stricter rules inside the EU, the bloc's financial services chief said on Wednesday.

"Silicon Valley Bank has a very limited presence in the European Union and we are in touch with the relevant supervisory authorities," Mairead McGuinness told the European Parliament. "So the direct impact of these bank failures on the EU seems to be limited."

Reporting by Huw Jones Editing by David Goodman
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.