Australia ‘closely monitoring’ global financial turmoil -treasurer

SYDNEY (Reuters) – Australia is closely monitoring the current global financial turmoil, including the situation at Swiss lender Credit Suisse and some banks in the United States, Treasurer Jim Chalmers said on Friday.

“Whether it’s Silicon Valley Bank and the steps taken by the American authorities, whether it’s Credit Suisse … we’re monitoring it very, very closely,” Chalmers spoke to ABC Radio.

He stated that he received at least two updates per day from Australian authorities regarding the most recent global financial issues.

On Thursday, large U.S. banks invested $30 billion in First Republic Bank to save the lender that was caught in a wider crisis. This came after two mid-sized U.S. lenders collapsed over the past week.

The collapse of Silicon Valley Bank has caused global banking stocks to be battered. Credit Suisse was affected within days. Credit Suisse had to borrow as much as $54 billion from Switzerland’s central Bank to replenish liquidity.

Chalmers claimed that there were some reliefs after Credit Suisse was assisted by the Swiss central bank. The U.S. authorities also stepped in and guaranteed all Silicon Valley Bank deposits.

There were some moves. “calming effect” However, Chalmers noted that vulnerability and uncertainty remained in the global financial market. He said that Australia was able to withstand some volatility.

“Our banking system is really well capitalised, it’s got a really strong liquidity position, it’s well regulated and we are well placed in Australia,” Chalmers stated.

(Reporting by Renju José in Sydney; Editing By Stephen Coates

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