CAPTION: European, German leaders try to reassure consumers after bank failure. (picture alliance/Rupert Oberhäuser)
German and European political and financial leaders moved to shore up consumer confidence following the collapse of Credit Suisse, Switzerland's second largest bank.
"The European banking sector is resilient, with robust levels of capital and liquidity," the European Central Bank's (ECB) Banking Supervision, the Single Resolution Board (SRB) and the European Banking Authority (EBA) affirmed in a joint statement.
The regulators said they "welcome the comprehensive set of actions taken yesterday by the Swiss authorities in order to ensure financial stability."
The German government agreed, stressing the stability of its financial system.
Chancellor Olaf Scholz welcomed the "decisive action of the Swiss authorities" in the takeover of the ailing Credit Suisse by its competitor UBS, a government spokesman said. European authorities had learned from the 2008 financial crisis and tightened banking regulations, he stressed.
"The German banking system is therefore well positioned," he said.
"The German financial system is stable," added a German Finance Ministry spokesman. There are no findings of a "systemic problem in the German financial system," rather the system shows it is highly resilient.
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
