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Business Banking & Insurance

US bank deposits fall most in nearly a year after SVB collapse

Bank deposits fell by $98.4 billion to $17.5 trillion in the week ended March 15



US authorities took extraordinary measures to shore up confidence in the financial system after the collapse of Silicon Valley Bank, introducing a new backstop for banks that Federal Reserve officials said was big enough to protect the entire nation's deposits.
Image Credit: Bloomberg

Washington: Deposits at US lenders posted the biggest decline in nearly a year during the week when multiple bank failures triggered the latest bout of global financial turmoil.

Bank deposits fell by $98.4 billion to $17.5 trillion in the week ended March 15, according to unadjusted data released Friday by the Federal Reserve.

So-called “other” deposits, which exclude accounts with maturity dates such as certificates of deposit, declined by $78.2 billion to $15.7 trillion. Compared with a year ago, these more liquid deposits such as savings and checking accounts have declined by 6.1 per cent, the most in data back to the early 1970s.

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