Sharp sell-off in First Republic shares causes alarm in Washington via IrishTimesBiz
They said the leading options are for some of the large US banks that recently deposited $30bn into First Republic to rescue the lender, or for the Federal Deposit Insurance Corporation to take control of the institution and offer a government guarantee for all deposits, as it did with SVB.
Officials from the White House, the Federal Reserve and US Treasury have been in contact with First Republic recently, the people added, as the Biden administration becomes increasingly concerned that the bank is running out of time to reassure depositors and investors.With only three big banks left, are Irish consumers bereft of choice?One of the people said that the government was not concerned about contagion beyond First Republic.
The sell-off in First Republic’s stock followed a poorly-received earnings release and investor call on Monday evening, during which executives refused to take questions from analysts and withdrew financial guidance for the rest of the year.
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