CAPP funds were automatically applied to eligible customers’ accounts over the weekend, according to eligibility rules set by the state. "The issue isn't do the regulator's have confidence in our solvency.Approximately 113,000 San Diego Gas & Electric customers who fell behind in paying their energy bills during the initial years of the COVID-19 pandemic recently received debt relief through the California Arrearage Payment Program (CAPP), which erased a total of $51.3 million in overdue balances they incurred between Maand December 31, 2021. The bank had 147% LCR before the bank failures and this was "substantially higher now", Winters said, without disclosing the current level.
The banking chief said the move to guarantee non Federal Deposit Insurance Corporation-insured deposits was the "most wonderful example of moral hazard that we've come across in quite a while."įollowing the banking crisis, Standard Chartered's liquidity coverage ratio (LCR), a measure of how much cash-like assets the bank has, is much higher now, Winters said. Winters said there appeared to be "non-viable business models remaining, at least in the U.S.", with other banks that had similar deposit concentrations. banks collapsed in the past two weeks and America's biggest lenders agreed to deposit $30 billion in beleaguered First Republic Bank (FRC.N). "I think it had very profound implications for the regulation of banks, and for the way that banks manage themselves," Winters said.Īpart from Credit Suisse takeover, two U.S. Federal Reserve move to guarantee non-insured deposits was a "moral hazard".Īs part of the deal for UBS Group AG (UBSG.S) to take over Credit Suisse, the Swiss regulator determined that Credit Suisse's AT1 bonds with a notional value of $17 billion would be wiped out, a decision that stunned global credit markets and angered many holders. Winters told a financial forum in Hong Kong the U.S. HONG KONG, March 24 (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday Credit Suisse AG's (CSGN.S) $17 billion Additional Tier 1 bonds wipeout had "profound" implications for global bank regulations.
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