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Eleven US banks come to the rescue of the First Republic with an injection of 30,000 million

NEW YORK, March 17 (EUROPA PRESS) -.

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Eleven US banks come to the rescue of the First Republic with an injection of 30,000 million

NEW YORK, March 17 (EUROPA PRESS) -

Eleven US banks, including the four largest (Bank of America, Citigroup, JPMorgan Chase and Wells Fargo) have announced a total injection of 30,000 million dollars (about 28,180 million euros) in the First Republic Bank to strengthen its liquidity and avoid its collapse.

Specifically, the entities Bank of America, Citigroup, JPMorgan Chase and Wells Fargo will each make uninsured deposits in the First Republic for a value of 5,000 million dollars (about 4,695 million euros).

For their part, Goldman Sachs and Morgan Stanley will inject $2.5 billion each (2.348 billion euros) into the First Republic, while BNY Mellon, PNC Bank, State Street, Truist and U.S. Bank will each make a deposit of 1,000 million dollars (939 million euros).

According to a statement from the four big banks in the United States, this injection of 30,000 million dollars "reflects their confidence in the country's banking system and helps ensure that First Republic has the liquidity to continue serving its customers."

The Big Four further point out that regional, medium and small banks are critical to the health and functioning of the US financial system.

"Following the failures of Silicon Valley Bank and Signature Bank there were uninsured deposit outflows at a small number of banks. The US financial system is among the best in the world and US banks (large, medium and community) They do an extraordinary job of serving the banking needs of their customers and communities."

They also stress that the banking system has "strong credit, plenty of liquidity, strong capital and strong profitability" and make it clear that recent events "did nothing to change this."

The injection of the big bank of the United States in the First Republic comes after the rating agencies S

After learning that the big US banks were in talks to rescue the First Republic, Wall Street managed to close yesterday in 'green'. The Dow Jones, its main indicator, rose 1.17%, while the S