First Republic FDIC estimates $13 billion hit to Deposit Insurance Fund
Bloomberg 8 September 2023
FDIC acknowledges ‘too generous’ view of First Republic’s liquidity
US regulators in charge of supervising First Republic bank were “too generous” and “could have done more to effectively challenge” management on its plans for dealing with rising interest rates and liquidity risk before its failure this year, the Federal Deposit Insurance Corporation said.
The FDIC’s first in-depth report into California-based First Republic’s collapse put the blame squarely on “a loss of market and depositor confidence” that had been triggered by the demise of Silicon Valley Bank in March.
FT 8 September 2023
FDIC Report Detailing Supervision of the Former First Republic Bank
Banks are now sitting on record mark-to-market losses