March 16, 2023 19:53 GMT
MNI BRIEF: Fed, Treasury, FDIC-Big Banks Back First Republic
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The Federal Reserve, Treasury and Federal Deposit Insurance Corporation issued a brief joint statement Thursday lauding support by a group of major banks to the troubled regional lender First Republic, sending bank shares higher.
"Today, 11 banks announced USD30 billion in deposits into First Republic Bank. This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system," the bank regulators said.