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Politics
FIRST REPUBLIC RESCUE MAY RELY ON US BACKING TO REACH A DEAL
* Talks have floated a variety of measures and are continuing
* Aim is to make bank attractive to potential investors, buyer
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First Republic Rescue May Rely on US Backing to Facilitate Deal
By
Jennifer Surane,
Sridhar Natarajan,
Lydia Beyoud and
Katherine Doherty
+Follow
March 21, 2023 at 9:48 PM GMTUpdated onMarch 22, 2023 at 1:39 PM GMT
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Wall Street leaders and US officials discussing an intervention at First
Republic Bank are exploring the possibility of government backing to encourage a
deal that would shore up the lender, people with knowledge of the situation
said. The shares dropped Wednesday morning.
The group has floated a variety of measures to make the company more attractive
to potential investors or a buyer, part of an effort to ensure there isn’t
another US bank failure, the people said, asking not to be named describing
confidential talks.
Among options, the government could play a role in lifting assets out of First
Republic that have eroded its balance sheet. While investors have expressed
interest in helping, the firm’s unrealized losses have been a sticking point.
Additional ideas have included offering liability protection, applying capital
rules more flexibly or easing limits on ownership stakes, the people said.
WATCH: A rescue deal for First Republic may require government backing,
according to people with knowledge of the situation. Sally Bakewell reports.
Source: Bloomberg
The talks are continuing. A variety of issues remain unresolved and an agreement
isn’t guaranteed, the people said. It’s unclear how the government would provide
any financial support.
A White House spokesperson referred questions to banking regulators.
Representatives for the Federal Reserve, Treasury Department and First Republic
declined to comment, and the FDIC didn’t respond to requests for comment.
The lender’s shares fell 6.9% at 9:38 a.m. in New York.
First Republic, a San Francisco-based lender known for catering to wealthy tech
executives, has lost 88% of its stock market value this year as customers pulled
their money, pressuring the bank to sell assets that had declined in value amid
interest-rate hikes. An attempt by 11 stronger banks to shore up the firm by
depositing $30 billion last week gave the company and advisers including
JPMorgan Chase & Co. more time to find a way to resolve the strains.
Read more: Blankfein Criticizes Big Banks’ $30 Billion First Republic Aid
The Federal Deposit Insurance Corp. already took over SVB Financial Group’s
Silicon Valley Bank and New York-based Signature Bank, prompting regulators to
take the unusual step of covering uninsured deposits after banks failed.
Your browser does not support the audio element.
LISTEN: Adam Haigh, Bloomberg Finance Editor, discusses the latest on First
Republic. He spoke with host Doug Krizner on Bloomberg Radio.
Treasury Secretary Janet Yellen said earlier Tuesday that the US could take
additional extraordinary actions if other small lenders are threatened. The
government “is resolutely committed” to mitigating financial-stability risks
where necessary, she said. “The public should have confidence in our banking
system.”
Read more: Yellen Says US Will Intervene If Needed to Protect Smaller Banks
— With assistance by Christopher Condon, Katanga Johnson, Hannah Levitt, Justin
Sink, Dan Reichl and Gillian Tan
(Updates with shares in first, sixth paragraphs.)
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