EU Commissioner: Impact On EU Limited From Failure Of Three US Banks

(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, March 15 (KUNA) -- The impact on the European Union from the collapse of three US banks over the last few days is limited, Mairead McGuinness, EU Commissioner for financial services said Wednesday.
'Over the last few days, we saw three US banks fail. They are Silicon Valley Bank, Signature Bank and Silvergate Bank,' she told the European Parliament in Strasbourg today.
'Silicon Valley Bank has a very limited presence in the European Union and we are in touch with the relevant supervisory authorities. So the direct impact of these bank failures on the EU seems to be limited,' she opined.
'Of course we are monitoring developments with EU supervisors. And that includes the reaction on the markets, which was initially negative on the EU banking sector but has since calmed down,' she said.
The Irish politician said 'but more broadly this situation shows how the economic and financial situation is changing - globally and in Europe'.
'The EU financial system, and banks in particular, are adjusting, under close supervision. We have to stay alert to this new environment,' she warned. (end)
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