European regulators furious at handling of SVB's collapse: Financial Times

Xinhua
18 Mar 2023, 08:44 GMT+10

LONDON, March 17 (Xinhua) -- European financial regulators were angry at U.S. authorities' handling of the Silicon Valley Bank (SVB) crisis, according to British newspaper Financial Times.

Some of the European regulators have privately accused U.S. authorities of "tearing up a rule book for failed banks that they had helped to write," said the paper in an article on Thursday.

Quoting a senior Eurozone official, the newspaper said the European regulators were shocked at the "total and utter incompetence" of U.S. authorities.

The Europeans were particularly unhappy with the U.S. authorities' decision to cover all SVB depositors, which might "undermine a globally agreed regime," said the Financial Times.

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