Journal Article
Federal Reserve: Central Bank Lending Lessons from the 2023 Bank Crisis
Sablik, Timothy (2024-08-13)
In the spring of 2023, a pair of fast-moving bank runs threatened to spark a widespread financial panic. On March 9, the 16th largest bank in the country, Silicon Valley Bank (SVB) in Santa Clara, Calif., lost a quarter of its deposits in a single day. It was set to lose another 62 percent of deposits the following day before it was closed by regulators. On March 10, New York-based Signature Bank experienced a similarly rapid flight of 20 percent of its deposits. It was closed by regulators on March 12.
Econ Focus , Volume 24 , Issue 3Q , Pages 4-7