His condition US banking sector “stabilizes”, the American estimates Treasury Secretary Janet Yellen following the bankruptcy of Silicon Valley Bank (SVB) and Signature Bank, which rocked the sector globally.

“The situation is stabilizing. And the American banking system remains stable,” Joe Biden’s Secretary of the Economy and Finance will say this morning (local time) to an audience of bankers, according to excerpts of her speech at the annual symposium of the American Bankers Association (ABA). in Washington.

The mechanism, created a week ago by the US central bank (Fed) to lend money to banks to prevent their collapse, “is working as intended by providing liquidity to the banking system” and “withdrawals from regional banks have stabilized », Janet Yellen will highlight.

Waves of massive deposit withdrawals led to the liquidation of Silvergate Bank, a small regional bank that had become the go-to destination of the crypto-currency circuit, less than two weeks ago, and then SVB, which was taken over by the Guarantee Service of Deposits (FIDC). Signature Bank, the country’s 21st bank, also closed.

American authorities immediately announced a series of measures to reassure individuals and businesses about the stability of the US banking system, primarily by promising that SVB and Signature Bank customers would be able to withdraw all of their deposits.

“Our intervention was necessary to protect the entire American banking system. And similar actions could be justified if small institutions suffer massive withdrawals that create a risk of contagion.”the minister is also expected to declare.

First Republic Bank is primarily on the docket.

The Fed, for its part, announced on Thursday that within a few days it lent almost $12 billion to American banks under the mechanism created on March 12 so that they could respond to the withdrawal requests of their customers.