Dáil Éireann Debate, Tuesday - 21 March 2023
331. Deputy Carol Nolan asked the Minister for Finance if his Department is engaging in any assessment of the collapse of a bank (details supplied) and the potential implications for Irish investors; and if he will make a statement on the matter. [13443/23]
View answerI understand that the Deputy is referring to the recent collapse of Silicon Valley Bank (SVB). As the Deputy will be aware swift action was taken by the US and UK regulatory authorities following the collapse including guaranteeing deposits and the sale of SVB (UK).
A meeting of the Financial Stability Group (FSG) took place on Monday 13 March to discuss the collapse of SVB. The FSG comprises senior management from the Department of Finance, the Central Bank of Ireland, and the National Treasury Management Agency.
The FSG established a sub-group to co-ordinate enhanced monitoring and reporting on the domestic impacts arising from the failure of SVB. The sub-group includes officials from my Department, the Central Bank and the NTMA, as well as officials from Departments and Agencies which have a direct relationship with the tech sector in Ireland. The sub group will meet and engage on a regular basis and report to the FSG and Minister.
I should highlight the limited direct impact on the Irish financial system of the failure of Silicon Valley Bank and the retail banks operating in Ireland have no exposure to this Bank.
