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ABC News

Business

David Taylor

Spectre of first global credit crunch since global financial crisis emerges as another US bank faces collapse

United States First Republic First Republic Bank Federal Deposit Insurance Corporation US Federal Reserve Silicon Valley Bank FDIC Insurance SVB the Federal Reserve

San Francisco-based First Republic Bank is facing collapse. (Facebook: First Republic)

It has been relatively calm on financial markets in recent weeks, but that ended late on Friday US time.

News wires are reporting the US Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank under receivership.

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