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Transcript/ScriptBANK FAILURES IMPACT (TV)
HEADLINE: Banking Worries Ripple Around the Globe
TEASER: Central bankers are working to calm depositors and financial markets
PUBLISHED: 3/22/2023 at
BYLINE: Mike O’Sullivan
CONTRIBUTOR: Rob Garver
DATELINE: Los Angeles
VIDEOGRAPHER:
PRODUCER:
SCRIPT EDITORS: Tom Turco, DLJ
VIDEO SOURCE (S): Agencies,
PLATFORMS: WEB __ TV _X_ RADIO _X_
TRT: 2:09
VID APPROVED BY: Reifenrath
TYPE: TV, R
EDITOR NOTES: ))
((INTRO))
[[Worries about recent bank failures and bailouts are rippling through the world
economy, from New York to Beijing, and central bankers are working to calm depositors
and financial markets. Mike O’Sullivan reports from California, where a major player in
the tech industry, Silicon Valley Bank, collapsed earlier this month.]]
((NARRATOR))
The banking system is sound, U.S. Treasury Secretary Janet Yellen assured bankers
Tuesday.
Yellen and other officials’ reassurances come amid the plummeting stock price of San
Francisco-based First Republic Bank...
... and the failure of Signature Bank, a player in cryptocurrency markets.
As the Biden administration protected depositors at Signature Bank and Silicon Valley
Bank, a major funder of tech startups that also failed this month,
European Central Bank President Christine Lagarde attempted to calm nerves in
Brussels...
... after Swiss officials announced a deal on Sunday for UBS Bank to buy struggling
Credit Suisse, a global investment bank and financial services company.
((Christine Lagarde, European Central Bank President (English))) ((AFP))
“We are very confident that the capital and liquidity positions of the Euro area bank[s]
are very satisfactory.”
Asian investors were worried, including in Shanghai, as Chinese officials insisted a joint
venture with Silicon Valley Bank is stable.
U.S. Senator Marco Rubio has urged a review of the bank’s Chinese holdings to ensure
that U.S. firms that work in critical technology are not acquired by Chinese interests.
((NARRATOR))
The U.S. government acted to avoid what economists call contagion, says Diane Ellis, a
former U.S. regulator who is now with the financial services company IntraFi. She
spoke with VOA on Zoom.
((Diane Ellis, IntraFi Senior Managing Director))((MANDATORY CG: Zoom))
“And that can happen when a bank fails and its failure causes, say, another bank to fail
or another financial institution or other businesses so large that it creates significant
damage to the real economy.”
((NARRATOR))
All of these efforts are an attempt to avoid a repeat of the 2008 U.S. housing market
crash that led to hundreds of bank failures and plunged the world into recession.
(( Mike O’Sullivan, VOA News, Los Angeles ))
NewsML Media TopicsArts, Culture, Entertainment and Media
NetworkVOA
Location (dateline)
Los Angeles
Embargo DateMarch 22, 2023 17:45 EDT
Byline
(( Mike O’Sullivan, VOA News, Los Angeles ))
Brand / Language ServiceVoice of America - English