First Republic says its liquidity remains 'very strong' in bid to calm nerves following Silicon Valley Bank's collapse
, First Republic reassured customers of its liquidity position as its share price flagged.
"First Republic's liquidity position remains very strong," the bank said."Sources beyond a well-diversified deposit base include over $60 billion of available, unused borrowing capacity at the Federal Home Loan Bank and the Federal Reserve Bank."But investors remain far from convinced that First Republic has assuaged fears of contagion.
Like SVB's bond holdings, First Republic's long-term mortgage assets are most likely worth less than their actual value. that SVB and First Republic in particular had emerged as banks with balance sheets ill-prepared for higher interest rates and a potential recession. Regulators may step in to create a wider safety net to secure more of struggling banks' deposits, in an attempt to calm jittery customers.
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