off-the-wire

UK govt says country's banking system safe and sound, after First Republic collapse

Kitco Media
By Reuters
Published:
Updated:
Reuters

LONDON, May 1 (Reuters) - Britain's finance ministry said on Monday that the country's banking system remained safe, sound and well capitalised, after First Republic Bank (FRC.N) became the third major U.S. bank to fail in two months.

"As the independent Bank of England has confirmed, the UK banking system remains safe, sound and well capitalised," a spokesperson for the Treasury said via e-mail.

The spokesperson also said First Republic was "a matter for U.S. authorities".

Reporting by Muvija M; Editing by Alex Richardson
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