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Germany Says No Threat To Its Financial Stability After SVB Collapse

Germany's finance watchdog said Monday the collapse of the Silicon Valley Bank in the United States posed no financial threat in Germany, amid market jitters over contagion fears.

"The distressed situation of Silicon Valley Bank Germany Branch does not pose a threat to financial stability," Bafin said in a statement, because it "has no systemic relevance". Bafin added it had ordered "a moratorium" on the bank's German branch which it said did not offer bank deposit services.

(By AFP - Agence France Presse)

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