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France 24

Business

Yuka ROYER

First Republic gets $30 billion lifeline from major US banks

First Republic the European Central Bank Interest Rates San Francisco

BUSINESS DAILY © FRANCE 24

In an effort to stave off contagion, 11 of the largest American banks have injected a total of $30 billion into First Republic, a regional bank based in San Francisco that's been struggling amid this week's turmoil in the financial sector. We take a closer look. Meanwhile, the European Central Bank has again raised interest rates by half a percentage point despite worries over stability in the banking sector.

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