The situation over Silicon Valley Bank (SVB) and others has sparked concerns of potential contagion within the sector, despite moves seen over the last few days by the Federal Deposit Insurance Corporation (FDIC) and the US Federal Reserve. The failures have been bound to US domestic banks, although some investors are questioning the degree to which a chain reaction could reach Europe. In short, we don’t foresee a systemic funding risk to EU banks. The structure of the banking sector is materially different in Europe, which benefits from stricter regulation and less fragmentation.
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