*FollowingthecrashesofSiliconValleyBankandNewYork-basedSignatureBankinMarch,FirstRepublicBank"scollapsemarkedthesecond-largestbankfailureinAmericanhistory.

(相关资料图)

*TheU.S.government"srescuedealinwhichregulatorsseizedcontrolofFirstRepublicBankandsoldittoJPMorganChasehasnoteliminatedconcernsaboutpotentialfutureU.S.bankingcrises.

*U.S.bankingturmoilhasintensifiedconcernsforEUbanks,whicharealsounderpressureamidhigherinterestrates,sendingshockwavesthroughglobalfinancialmarketsandhammeringtheglobaleconomy.

byXiongMaoling

BEIJING,May11(Xinhua)--JPMorganChase"srecentacquisitionofFirstRepublicBank,whichmarksthelatestfalloutfromtheU.S.bankingturmoil,mightrelieveU.S.regulators.Butitfailedtoquellinvestors"concernsovertheU.S.bankingsector.

Sharesofseveralotherregionalbanks--notablyPacWestBancorpandWesternAllianceBancorp.--tumbledafterthefailureofFirstRepubliclastweek,asfearscontinuetospreadacrossinvestors.

Despitestocksreboundingafterabrutalweek,moreU.S.regionalbanksriskfallingintotroubleamidhighinterestratesandgrowingdoubtsamonginvestors,whichcouldbedetrimentaltotheU.S.andglobaleconomy.

FEDTAKESBLAME

ThecollapseofSanFrancisco-basedFirstRepublicBank,whichfollowedthecrashesofSiliconValleyBank(SVB)andNewYork-basedSignatureBankinMarch,markedthesecond-largestbankfailureinAmericanhistory.

"TheturbulenceweareseeinginthebankingindustryistheresultoftheFederalReserveraisinginterestratesatthefastestpaceinfortyyearsandoftherealcommercialpropertymarketcrisis,"DesmondLachman,aseniorfellowattheAmericanEnterpriseInstitute,toldXinhua.

ThisphototakenonMay1,2023showsabranchofFirstRepublicBankinNewYork,theUnitedStates.(PhotobyMichaelNagle/Xinhua)

Lastweek,theFedimplementedthe10thinterestratehikeinaboutayear,bringingthefederalfundsratetoatargetrangeof5to5.25percentwhilehintingatapossiblepauseinitsaggressivetighteningcycleamidstillelevatedinflation,bankingturmoilandgrowingrecessionrisk.

EchoingLachman"sremarks,DavidKelly,chiefglobalstrategistwithJPMorganAssetManagement,toldXinhuathe"FederalReservewaitedtoolongtoraiseinterestrates,"andnowtheshockfromFed"saggressivemonetarytightening"isreallydestabilizingtheregionalbanks."

BarryBosworth,economistandseniorfellowattheBrookingsInstitution,notedthattheinstabilityprimarilyreflects"amismatchofmaturity(liquidity)betweendepositsandbankassets."

"Theywentlonginasearchforyieldwhileforgettingthatdepositorscouldleaveonamoment.Regulatorswerenegligentinnotstoppingthebuildupofrisk,"saidBosworth.

TheFedalreadyacceptedsomeoftheblameforthecollapseofSVB,asindicatedinareportpublishedinlateApril.TheU.S.centralbanksaiditsownsupervisorswereslowtograsptheextentofthevulnerabilitiesatthebank.Whenproblemswereidentified,supervisorsfailedtotakesufficientstepstoensurethoseproblemswerefixed.

"FollowingSiliconValleyBank"sfailure,wemuststrengthentheFederalReserve"ssupervisionandregulationbasedonwhatwehavelearned,"saidFedViceChairforSupervisionMichaelS.Barr.

"Thisreviewrepresentsafirststepinthatprocess--aself-assessmentthattakesanunflinchinglookattheconditionsthatledtothebank"sfailure,includingtheroleofFederalReservesupervisionandregulation,"saidBarr.

PeoplequeueupoutsidetheheadquartersoftheSiliconValleyBank(SVB)inSantaClara,California,theUnitedStates,March13,2023.(PhotobyLiJianguo/Xinhua)

Thefailuresofthreemid-sizebanksalsoputnewscrutinyona2018lawsignedbyformerPresidentDonaldTrumpthatrolledbacksomebankingregulations.

"Aftertheglobalfinancialcrisis,Europebeganreformingthesector,increasingcapitallevelsandputtingothersafetybuffersinplace.ButintheUnitedStates,underTrump,someoftheregulationsalreadyinplaceforregionalbankswereloosened,allowingthebankstotakegreaterrisks,"saidGiorgioBarbaNavaretti,professorofeconomicsattheUniversityofMilan.

BarbaNavarettiaddedthatthebanksmostimpactedinrecentmonthsintheUnitedStatesweregenerally"lessdiversified"thantheirEuropeancounterpartsintermsofassets.

CRISISNOTOVER

U.S.regulatorsseizedcontrolofFirstRepublicBankandsoldittoJPMorganChaseonMay1,attemptingtocontainatwo-monthbankingcrisisrattlingthefinancialsystem.

PeopleentertheJPMorganChase&Co.headquartersinNewYork,theUnitedStates,May1,2023.(PhotobyMichaelNagle/Xinhua)

Despitethegovernment"srescuedeal,moreU.S.banksmaystillfacefinancialtroubles,withriskstoglobalfinancialstability.

"Justaswethoughtthecrisiswaspastitsworst,PacWestsharestumbledyesterday,raisingtheprospectthatitmightbethenextU.S.banktoseekabuyerorraisenewcapital,"RussMould,investmentdirectoratBritishonlineinvestmentplatformAJBell,saidonMay4.

Fearofcontagioncouldfollowbankfailures,andthat"swhyregionalbankssuchasthePacWestarestillinaprecarioussituation.Alossofconfidencecouldsparkcustomerstowithdrawtheirdepositsenmasse.

AccordingtoaGalluppollreleasedlastweek,nearlyhalfofAmericanadultssaytheyareconcernedaboutthesafetyofthemoneytheykeepinbanks,includingjustunderafifthwhoare"very"worried.

AstudyonthefragilityoftheU.S.bankingsystemfoundthat186morebanksareatriskoffailureevenifonlyhalfoftheiruninsureddepositorsdecidetowithdrawtheirfunds,arecentUSATodayreportsaid.

"MyexpectationisthatwewillgetasignificantnumberofotherregionalbanksfailingasafalloutfromhighFedinterestratesandtherealcommercialpropertycrisis,"saidLachman,aformerofficialattheInternationalMonetaryFund(IMF).

Lachman,however,addedthattheFederalReserveandtheFederalDepositInsuranceCorporationarewell-positionedtocontainanyadditionalbankfailures.

Butbankfailureisnottheonlyfear.Kelly,theJPMorganstrategist,expressedconcernaboutacreditcruncharisingfromthecurrentbankingturmoilanditsdragoneconomicexpansion.

"Theproblemofrisinginterestratesisunderminingtheeconomicsofsmallregionalbanks.It"sgoingtomakethesebanksmuchlesswillingtolend.I"mworriedaboutacreditcrunch,wherebysmallbanksarelesswillingtolendtosmallbusinesses.Thatcouldcausetheeconomiestoslowdownmorerapidly,"saidKelly.

AccordingtoKelly,theUnitedStateshasmorethana50percentchanceofenteringintoarecessionbeforetheendoftheyear.

ThereisspeculationthatEuropeanfinancialinstitutionsmaybesusceptibletothesameissuesthatledtotheU.S.bankingcrisis.InMarch,highly-indebtedSwissBankerCreditSuissesawitssharesbatteredbyinvestorsbeforeUBSsteppedinandagreedtobuyitsailingrival.

U.S.bankingturmoilhasintensifiedconcernsforEUbanks,whicharealsounderpressureamidhigherinterestrates,sendingshockwavesthroughglobalfinancialmarketsandhammeringtheglobaleconomy.

"ThedownbeatsentimenthaspromptedfallsinsharesinUKlistedbanksincludingBarclays,HSBC,Lloyds,andNatWest,"SusannahStreeter,headofmoneyandmarketsatHargreavesLansdown,aBritishfinancialservicecompany,saidinlateAprilwhenFirstRepublicBankwasmakingalast-ditchbidtofindarescuedeal.

TheEuroStoxxBanksindex,whichoffersexposuretomorethan20majorbanksacrossEurope,tradedataround102lateonMay10,whichwasstillover14percentbelowitsMarch6level,whennewsaboutSVBrunningintotroublebrokeout,showingthatthedistressofU.S.bankscontinuestoweighontheEuropeanbankingsector.

"TheweaknessinU.S.marketsisexacerbatingthenegativesentimentoverconcernsthattheturbulenceinitsbankingsectorwilldragtheU.S.economyintorecession,andwheretheU.S.leads,Europeinevitablytendstofollow,"saidMichaelHewson,chiefmarketanalystattheLondon-basedfinancialservicescompanyCMCMarkets.

ArecentGoldmanSachsreportshowedthattheinvestmentbankexpectsannualaverageGDPgrowthgloballytoslowto2.5percentin2023,"reflectingongoingdragsfrommonetarypolicytighteningandbankingstressesintheU.S.andEurope."

(XinhuareportersLiuYananinNewYork,MatthewRuslinginWashingtonD.C.,HuangZemininLondon,ShaoLiinFrankfurt,EricJ.LymanandZhouXiaotianinRomealsocontributedtothisreport.)(Videoreporters:ShaoLi,ZhaoXiaona,HuangZemin,LarryNelid,PengZhuo,ZhouXiaotian,LeonardoCinieriLombroso,EricJ.Lyman;videoeditors:YuJiaming,LuoHui,ZhuJianhui)