Bank shares sell-off sparks unplanned ECB board meeting

Meeting prompted by tumultuous week for banks across the world

clock • 1 min read

The European Central Bank has arranged an unplanned meeting of its supervisory board this morning (17 March) to discuss the impact of recent market movements on European banks.

An ECB spokesperson told PA's sister title Investment Week: "The supervisory board is meeting to exchange views and to provide members with an update on recent developments in the banking sector." The meeting was prompted by a tumultuous week for banks across the world, which began with the sale of Silicon Valley Bank UK to HSBC following SVB's collapse on 9 March. Credit Suisse added to the concerns when a combination of its admission of risk and compliance failures, combined with its largest shareholder announcing it would not be able to add further financial banking, resulting in a...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Increases were largely attributed to rises in fuel, gas and electricity prices as well as food and non-alcoholic beverages

UK inflation unexpectedly jumps to 10.4% in February

All eyes on Bank of England interest rate decision

clock 22 March 2023 • 3 min read
“Banks are often seen as oiling the wheels of the economy, so that any shocks to the established system can result in intense scrutiny on the financial strength of banks in general.”

Contagion is 'spreading' from banking to real economy

Some of the most affected stocks were non-financials

clock 21 March 2023 • 5 min read
Chancellor Jeremy Hunt	© Zara Farrar - HM Treasury

Spring Budget 23: OBR forecasts UK will dodge recession this year

OBR also forecasts inflation set to fall to 2.9%

Elliot Gulliver-Needham
clock 15 March 2023 • 1 min read