At a time when the European markets are in the deep red, in the wake of its collapse Silicon Valley Bankthe European Commission states that it is monitoring the situation and notes that the technology bank has a very limited presence in the European Union.

“We note the swift and decisive reaction of the American authorities. At the EU level, there is a very limited presence of Silicon Valley Bank in the EU and we are in contact with the relevant competent authorities,” said the Commission spokesperson.

Big drop in Europe

European shares fell sharply today, heading for their worst day in nearly three months, as European banking stocks continued to fall despite measures taken by authorities to limit the impact of the sudden collapse of Silicon Valley Bank (SVB ).

The pan-European index STOXX 600 fell 2.4%.

Bank, auto and insurance stocks were among the biggest decliners.

“Investors are still reeling from the events of the past few days and are waiting with bated breath to see whether the effects on the financial sector will spill over and create new problems,” said Susanna Streeter, senior executive at Hargreaves Lansdown.

“There is an assessment that weaknesses continue to exist in pockets of the system and that the US Treasury Department may need to step in with further deposit guarantees at other banks.”

European bank shares fell 5.7% and are on track for their worst two-day selloff since the Russia-Ukraine war broke out last year.

Credit Suisse stock plunged 12.1% to a new all-time low. Germany’s Commerzbank fell 11.3 percent, while shares in France’s Societe Generale and Spain’s Sabadell fell 6.2 percent and 9.4 percent, respectively.

Shares in HSBC fell 4.1% after the British bank said it was acquiring SVB’s UK subsidiary for one pound.

Pressure on the AX

In the Athens Stock Exchange, the losses were significantly limited in the last hour, however it is clear that the market is affected by the developments, which was reflected in the pressure exerted on the banking sector.

In particular, the General Index recorded losses of 1.61% at 1,039.28 points, while the turnover is at 71.75 million euros.