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ABC News
ABC News
Business

US banks flock to Federal Reserve highlighting 'scale of stress in US banking system'

United States US Federal Reserve First Republic RBA the Reserve Bank Westpac Australia Interest Rates William Isaac Silicon Valley Bank
Major US bank First Republic has narrowly avoided collapse – but what does the growing global banking crisis mean for Australia? (Facebook: First Republic)

This time last week, news hit trading terminals in Asian trade that Silicon Valley Bank in the United States was closing its doors – a necessary move to prevent a feared nationwide bank run.

News followed about financial distress at Signature Bank, then Credit Suisse, and now First Republic.

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