Swiss regulators pay close attention to banks and insurance companies Following Silicon Valley bank failure | Reuters

A view of the Park Avenue location of Silicon Valley Bank (SVB), in New York City, U.S., March 13, 2023. REUTERS/David ‘Dee’ Delgado

ZURICH (Reuters) – Switzerland’s Federal Financial Market Supervisory Authority (FINMA) said on Wednesday it was closely monitoring the situation of the banks and insurance companies it supervises. The measures come after two US banks went bankrupt and US authorities moved to protect deposits to prevent further spills.

“FINMA is aware of reports regarding Silicon Valley Bank (SVB) and Signature Banks in the United States and is closely monitoring the situation,” FINMA said in a statement. “FINMA assesses direct and indirect exposures to financial institutions of concern by banks and insurers under its supervision,” he said. We do it,” he explained.

FINMA said it is in contact with financial institutions under its supervision that may be affected, but declined to name specific institutions or name any action it may take.

The President of the United States, Joe Biden, said on Thursday that he would do whatever is necessary to deal with the banking crisis caused by the failures of Silicon Valley Bank and Signature Bank. The bankruptcy forced US regulators to take emergency action.

FINMA’s work focuses on managing the risks of financial institutions under its supervision and responding to different scenarios, he said.