Ireland's Financial Stability Group to assess impact of SVB collapse

Government officials on both sides of the Atlantic seek to reassure jittery consumers that the banking sector was secure and their money was safe

US president Joe Biden said he would ask Congress to strengthen regulation of the banking system  following the collapse of Silicon Valley Bank. Picture: Chris Kleponis/Getty Images

The Government’s Financial Stability Group is to conduct an assessment into the Silicon Valley Bank’s impact on the Irish economy, Finance Minister Michael McGrath has said.

It comes as government officials on both sides of the Atlantic sought to reassure jittery consumers that the banking sector was secure and their money was safe.