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Die wichtigsten Antworten zum Kollaps der Silicon Valley Bank
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content="" pagetype="Article" componenttype="header" data-vars-danzz-first-article-element="true" is-new-line-child="true" class="headline"><div class="headline__highlight"><div class="headline__inner headline__inner--highlight"><div class="teaser__flag teaser__flag--content teaser__flag--colored"><div class="teaser__flag teaser__flag--colored teaser__flag--default teaser__flag--default-regular"><span class="teaser__flag--text"> Hinter der Headline </span> <!----></div></div> <h1 class="headline__title"><!----> <span>Die wichtigsten Antworten zum Kollaps der Silicon Valley Bank</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Der Untergang der Bank aus Kalifornien sendet eine Schockwelle durch das Finanzsystem. The Market zeigt, was die Ursachen sind und was es für die Märkte bedeutet.</p> <div class="progressbar__wrapper"><div class="progressbar"><div class="progressbar__line"><div class="progressbar__line--fill" style="transform:translateX(-100%);"></div></div></div></div> <div class="headline__meta"><!----> <div class="metainfo metainfo--content"><!----> <span class="metainfo__item metainfo__item--author"><a target="_blank" href="mailto:mark.dittli@themarket.ch">Mark Dittli ✉️</a></span> <!----> <!----> <!----> <span class="metainfo__item metainfo__item--date"><time datetime="2023-03-13T13:42:59.612Z"> 13.03.2023, 14.42 Uhr </time> <!----></span></div> <div class="headline__meta-extra"><div class="actionbar actionbar--header"><!----> <div class="popover__placeholder"><div><!----></div> <div class="popover popover--header hidden"><div class="popover__container popover--header"><button class="button popover__close"><svg version="1.1" viewBox="0 0 14 14" class="button popover__close-icon svg-icon svg-fill" style="width:12px;height:12px;"><path stroke="#000000" fill="none" pid="0" d="M1 1l12 12M1 13L13 1" _stroke="#000"/></svg></button> <div class="popover__content"><div class="popover__title">Neue Vorlese-Stimmen</div> <div class="popover__desc">Eine verbesserte Vorlesefunktion steht zur Verfügung. Probieren Sie es aus!</div></div></div></div></div> <!----> <div class="actionbar__item actionbar__item--print"><div class="actionbar__button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 16" class="svg-icon" style="width:18px;height:16px;"><path stroke="#000000" fill="none" pid="0" fill-rule="evenodd" clip-rule="evenodd" d="M3.5.5v4h11v-4h-11z" _stroke="#000"/><path stroke="#000000" fill="none" pid="1" d="M3.5 12.5H1.8a1.3 1.3 0 01-1.3-1.3V5.8a1.3 1.3 0 011.3-1.3h14.4a1.3 1.3 0 011.3 1.3v5.4a1.3 1.3 0 01-1.3 1.3h-1.7" _stroke="#000"/><path stroke="#000000" fill="none" pid="2" d="M12.5 8.5h-7a2 2 0 00-2 2v3a2 2 0 002 2h7a2 2 0 002-2v-3a2 2 0 00-2-2z" _stroke="#000"/></svg> <span class="actionbar__label">Drucken</span></div></div> <div class="actionbar__item share" style="position:relative;"><div class="contextmenu-closed"><div class="actionbar__button actionbar__button--header"><svg version="1.1" viewBox="0 0 18 18" class="svg-icon" style="width:18px;height:18px;"><path stroke="#000000" fill="none" pid="0" d="M10.48 1.18l6.795 6.584-6.794 6.353v-3.796l-.513.013c-2.052.051-3.758.423-5.238 1.2-1.471.773-2.684 1.927-3.785 3.49.565-2.854 1.539-5.138 3.005-6.82 1.467-1.683 3.456-2.8 6.116-3.263l.414-.072V1.181z" _stroke="#000"/></svg> <span class="actionbar__label">Teilen</span></div></div> <!----> <div data-nzz-tid="contextmenu-overlay" class="overlay--container"><!----> <!----></div></div> <!----></div></div></div></div></div><p data-team-paragraph="" id="id-doc-1grb4nj800" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text"><strong>Was ist geschehen?</strong></p><div id="id-doc-b288e687" content="" pagetype="Article" componenttype="barrier" is-new-line-child="true"><div id="paywall_container" class="disabled-overlay"></div></div><div id="id-doc-1ca02209" content="" pagetype="Article" componenttype="advertisement" is-new-line-child="true" class="nzzinteraction"></div><p data-team-paragraph="" id="id-doc-1grb55vv60" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">SVB Financial Group, das in Santa Clara, Kalifornien beheimatete Mutterhaus der Silicon Valley Bank, kündigte am 9. März 2023 eine Aktienkapitalerhöhung über gut 2 Mrd. $ an, um seine Kapitaldecke zu stärken. Die Bank hatte in den Tagen zuvor massive Abflüsse von Kundengeldern erlitten. Nach der Ankündigung stürzte der Kurs der an der Nasdaq Stock Exchange gehandelten Aktien um mehr als 60% ab. Am Freitag, dem 10. März, setzte sich der Kurssturz fort. Die Kapitalerhöhung scheiterte. Im Lauf des Tages am 10. März übernahm der kalifornische Regulator, das California Department of Financial Protection, die Kontrolle über die Bank und beauftragte die staatliche Einlagenschutzversicherung FDIC (Federal Deposit Insurance Corporation) mit der Abwicklung des Instituts.</p><p data-team-paragraph="" id="id-doc-1grb50edj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Handelt es sich um eine grosse Bank?</strong></p><p data-team-paragraph="" id="id-doc-1grb56lse0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ja. Die Silicon Valley Bank (SVB) hatte per Ende 2022 eine Bilanzsumme von 212 Mrd. $ und belegte damit Rang 16 auf der Liste der grössten Banken der USA. Es handelt sich um die grösste Bankenpleite in den USA seit dem Fall von Lehman Brothers im Herbst 2008. Die Börsenkapitalisierung der SVB Financial Group betrug im Höhepunkt 2021 mehr als 44 Mrd. $. Die Bank hatte sich auf Kundenbeziehungen mit Risikokapitalgesellschaften und Start-up-Unternehmen im Silicon Valley spezialisiert.</p><p data-team-paragraph="" id="id-doc-1grb4r3s80" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Was war das Problem der Silicon Valley Bank?</strong></p><p data-team-paragraph="" id="id-doc-1grb5sm8n0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Spezialisierung auf Start-ups bedeutete für die SVB ein für Banken etwas unübliches Geschäftsmodell: Start-ups erhalten in der Regel Geld von ihren Aktionären und von Risikokapitalgesellschaften (Venture Capital, VC), und dieses Geld deponierten sie als Kontokorrent-Einlagen bei der SVB. Start-ups finanzieren sich in der Regel kaum über Bankkredite, da ihre Geschäftsaussichten viel zu unsicher sind und sie ihre Finanzierung in Form von Eigenkapital von VC-Gesellschaften erhalten. Kurz: Start-ups haben Cash und kaum Schulden. Die von der US-Notenbank und der Regierung ausgelöste Liquiditätsflut während der Pandemiejahre 2020 und 2021 kanalisierte grosse Mengen an Geld in die kalifornische Start-up-Szene – mit dem Resultat, dass sich das Volumen der Kundeneinlagen in der Bilanz der SVB zwischen 2019 und 2021 mehr als verdreifachte:</p><figure id="id-doc-1grbjvlkk0" content="" pagetype="Article" componenttype="image" is-new-line-child="true" class="articlecomponent image nzzinteraction" style="position:relative;"><div data-nzz-tid="image-placeholder" itemscope="itemscope" itemtype="http://schema.org/ImageObject" itemid="https://img.themarket.ch/2023/03/12/5a4e9b2e-3b53-4fe5-8215-8e243d2eb27b.png?width=1200&height=854&fit=crop&quality=75&auto=webp" class="image-placeholder image__placeholder" style="padding-bottom:71.17%;"><img alt="" data-nzz-tid="article-image" width="1464" height="1042" src="https://img.themarket.ch/2023/03/12/5a4e9b2e-3b53-4fe5-8215-8e243d2eb27b.png?width=340&height=243&fit=bounds&quality=75&auto=webp&crop=1459,1042,x0,y0" loading="eager" srcset="https://img.themarket.ch/2023/03/12/5a4e9b2e-3b53-4fe5-8215-8e243d2eb27b.png?width=680&height=486&fit=bounds&quality=75&auto=webp&crop=1459,1042,x0,y0 680w, https://img.themarket.ch/2023/03/12/5a4e9b2e-3b53-4fe5-8215-8e243d2eb27b.png?width=1360&height=971&fit=bounds&quality=75&auto=webp&crop=1459,1042,x0,y0 1360w, https://img.themarket.ch/2023/03/12/5a4e9b2e-3b53-4fe5-8215-8e243d2eb27b.png?width=340&height=243&fit=bounds&quality=75&auto=webp&crop=1459,1042,x0,y0 340w" class="image-placeholder__image" style="cursor:pointer;transform:scale(1);"> <!----> <!----></div> <figcaption class="articlecomponent__description"><!----> <div class="image-description"><h2 data-nzz-tid="image-description-caption" data-team-image-caption="true" class="image-description__caption image-description__caption--large"></h2> <div class="image-description__author"><span data-nzz-tid="image-description-author" class="image-description__author-single">Quelle: Financial Times</span></div></div></figcaption> <!----></figure><p data-team-paragraph="" id="id-doc-1grb79fki0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Und wieso genau war das ein Problem für die SVB?</strong></p><p data-team-paragraph="" id="id-doc-1grb79rji0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Bank hatte vergleichsweise hohe Kundeneinlagen – fast 200 Mrd. $ –, aber in ihrem Kundenstamm nur wenig Möglichkeiten, Kredite zu vergeben. Per Ende 2022 hielt die Bank erteilte Kredite im Umfang von bloss 74 Mrd. $ in ihrer Bilanz. Den grossen Rest ihrer Liquidität investierte die Bank in «sichere» Anlagen: US-Staatsanleihen mit langer Laufzeit (Treasury Notes und Bonds) und verbriefte Hypothekarkredite, so genannte Mortgage-backed Securities (MBS).</p><p data-team-paragraph="" id="id-doc-1grb864f30" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Sind denn Treasuries und Mortgage-backed Securities nicht sicher?</strong></p><p data-team-paragraph="" id="id-doc-1grb86ar40" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ja und nein. Sie sind sicher, weil das Risiko eines Zahlungsausfalls praktisch Null ist. Aber Staatsanleihen und MBS unterliegen einem Zinsänderungsrisiko. Simpel gesagt: Wenn die Marktzinsen steigen, dann fällt der Preis dieser Anlagen. Als Faustregel gilt: Je länger die Laufzeit einer Anleihe, desto stärker schwankt ihr Preis mit der Veränderung des Zinsniveaus. Man spricht in diesem Fall vom Durationsrisiko. Weil im Verlauf der vergangenen zwölf Monate die Zinsen in den USA signifikant gestiegen sind, haben diese «sicheren» Papiere in der Bilanz der Silicon Valley Bank an Wert verloren. Das ist zwar per se noch nicht schlimm, denn eine Bank muss die Staatsanleihen und MBS in ihrer Bilanz nicht dem Marktpreis anpassen. Im Jargon sagt man, sie muss kein <em>mark-to-market</em> vornehmen. Die im vergangenen Jahr aufgelaufenen Buchverluste in den Treasury- und MBS-Beständen der SVB waren also vordergründig zunächst kein Problem, da es sich bloss um theoretische, unrealisierte Verluste handelte. Das Ausmass dieser unrealisierten Verluste belief sich auf 16 Mrd. $ und überstieg damit das Eigenkapital der Bank. Diese Dimension wurde schlagartig zu einem Problem, als die Bank gezwungen wurde, diese Treasury- und MBS-Bestände zu verkaufen.</p><p data-team-paragraph="" id="id-doc-1grb8kv780" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Was verursachte die Verluste in der Bilanz der SVB?</strong></p><p data-team-paragraph="" id="id-doc-1grb8l32i0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der massive Zinsanstieg der vergangenen Monate bedeutete auch, dass die unzähligen Start-up-Unternehmen im Silicon Valley von den Risikokapitalgebern nicht mehr üppig mit Geld eingedeckt wurden. Die Liquidität versiegte. Viele dieser Gesellschaften mussten deshalb ihre Konten bei der SVB anzapfen, um ihre täglichen Ausgaben zu decken. Das führte dazu, dass die Bank immer mehr Treasuries und MBS verkaufen musste. Doch mit dem Verkauf dieser Papiere wurden aus theoretischen, unrealisierten Verlusten plötzlich echte, realisierte Verluste: Wie die Bank meldete, musste sie seit Anfang Jahr Treasuries und MBS im Wert von 21 Mrd. $ liquidieren und hat dabei einen Verlust von 1,8 Mrd. $ erlitten. Nach dieser Meldung erlitt die SVB einen <em>Bank Run</em>, einen Ansturm auf die Bank.</p><p data-team-paragraph="" id="id-doc-1grb9kr3b0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Was hat den <em>Bank Run</em> ausgelöst?</strong></p><p data-team-paragraph="" id="id-doc-1grb9l28a0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das wichtigste Kapital einer Bank ist Vertrauen. Das gilt sogar in besonderem Mass für die Kunden der SVB: Start-ups generieren in der Regel kaum Einnahmen, das heisst sie sind für die Finanzierung ihres Betriebs auf eine sichere Liquiditätsquelle angewiesen. Ohne Liquidität überleben sie nicht. Als der leiseste Zweifel an der Solvenz der SVB aufkam, begannen die Kunden, ihre Einlagen abzuziehen. Einflussreiche Risikokapitalgeber wie der Founders Fund von Peter Thiel rieten ihren Unternehmen, ihre Einlagen bei der SVB sofort abzuziehen. Das setzte eine verhängnisvolle Spirale in Gang, weil die Bank dadurch gezwungen wurde, immer weitere Treasuries und MBS mit Verlust zu verkaufen. Allein am 9. März soll die Bank 42 Mrd. $ an Kundeneinlagen verloren haben. Die Folge: Die Bank war innerhalb weniger Stunden nicht nur illiquide, sondern auch insolvent.</p><p data-team-paragraph="" id="id-doc-1grb54ume0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Was passiert jetzt genau mit der Silicon Valley Bank?</strong></p><p data-team-paragraph="" id="id-doc-1grba1ken0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mehrere grosse Banken wie JPMorgan oder Bank of America dürften dieser Tage genau prüfen, ob es sich lohnt, Assets der SVB samt ihren Kundenbeziehungen zu übernehmen. Nach allem, was bekannt ist, hat sich die Bank nicht mit faulen Anlagen verspekuliert. Sie wurde schlicht ein Opfer des heftigen Zinsanstiegs der vergangenen zwölf Monate.</p><p data-team-paragraph="" id="id-doc-1gre8g1kg1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Am Montag (13. März) wurde bekannt, dass HSBC das britische Geschäft der SVB übernimmt.</p><p data-team-paragraph="" id="id-doc-1grb4vdkn0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Wie gross ist die Ansteckungsgefahr für das Finanzsystem?</strong></p><p data-team-paragraph="" id="id-doc-1grba70g60" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Weil das gesamte Bankensystem auf Vertrauen basiert und die Institute untereinander eng vernetzt sind, besteht immer die Gefahr einer Ansteckung. Aus diesem Grund gerieten in den vergangenen Tagen auch die Aktienkurse anderer Banken in den USA und in Europa markant unter Druck.</p><p data-team-paragraph="" id="id-doc-1grc6bhfs0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Was wird unternommen, um die Lage zu entschärfen?</strong></p><p data-team-paragraph="" id="id-doc-1grc6bj720" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die amerikanischen Behörden haben am Sonntagabend ebenso das New Yorker Geldhaus Signature Bank geschlossen. Es hat eine Bilanzsumme von rund 110 Mrd. $ und war eine der Hauptbanken für Unternehmen aus dem Krypto-Sektor. Die Behörden befürchteten, dass in diesem Fall das Risiko einer systemweiten Ansteckung bestand. Beide Institute, die Silicon Valley Bank und die Signature Bank, werden nun abgewickelt.</p><p data-team-paragraph="" id="id-doc-1grc6bj750" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Welche weiteren Massnahmen werden getroffen?</strong></p><p data-team-paragraph="" id="id-doc-1grc6bj770" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das <a target="_blank" rel="nofollow" href="https://home.treasury.gov/news/press-releases/jy1337">US-Finanzministerium garantiert</a> im Fall von beiden Instituten, dass «alle Kunden vollständig geschützt» sind. Ab Montagmorgen sollen sie unbeschränkt Zugang zu ihren Geldern erhalten. Der Einlagensicherungsfonds der FDIC wird damit auch für Klienten genutzt, deren Einlagen den normalerweise staatlich gesicherten Betrag von 250’000 $ überschreiten. Parallel dazu lanciert das Federal Reserve ein <a target="_blank" rel="nofollow" href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm">«Bank Term Funding Program»</a>. Es umfasst ein Volumen von 25 Mrd. $ und wird Banken, die in Schwierigkeiten stecken, Kredite mit einer Laufzeit von bis zu einem Jahr gewähren. Als Sicherheit müssen dazu Anlagen mit hoher Qualität wie US-Staatsanleihen und verbriefte Hypothekenkredite hinterlegt werden. Die Aktionäre hingegen werden voraussichtlich einen Totalverlust erleiden. Auch Gläubiger mit unbesicherten Krediten werden nicht entschädigt. Die Aufsichtsbehörden werden die Situation im Bankensystem zudem weiterhin genau beobachten und falls nötig zusätzliche Massnahmen treffen.</p><p data-team-paragraph="" id="id-doc-1grc6bj780" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Ist die Krise damit überwunden?</strong></p><p data-team-paragraph="" id="id-doc-1grc6bj790" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das wird sich erst in den kommenden Tagen und Wochen zeigen. Die erste Reaktion der Märkte fällt jedoch negativ aus: Am Montag nach Handelseröffnung in New York stürzten die Aktienkurse von Regionalbanken wie First Republic, Western Alliance Bancorp oder PacWest Bancorp um mehr als 50% ab. In Europa und der Schweiz gaben die Börsen am Montag ebenfalls mehrheitlich nach. Die <a target="_blank" href="https://themarket.ch/mister-market/credit-suisse-ist-das-schwaechste-glied-in-europas-bankenkette-ld.8592">Aktien der Credit Suisse</a> verloren zeitweise mehr als 14%. Das ist ein Signal, dass die Finanzmärkte von den bisherigen Rettungsbemühungen noch nicht überzeugt sind.</p><p data-team-paragraph="" id="id-doc-1grb54f7k0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Drohen noch weitere Bankenpleiten?</strong></p><p data-team-paragraph="" id="id-doc-1grbag3890" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ausschliessen lässt sich das nie. Mit ihrem Geschäftsmodell war die SVB in gewisser Weise einzigartig, weil sie ihre Anlagen in besonders grossem Umfang in Treasuries und MBS investiert hatte. Gemäss dem Bankenspezialisten <a target="_blank" rel="nofollow" href="https://www.theinstitutionalriskanalyst.com/post/who-killed-silicon-valley-bank-the-ira-bank-book-q1-2023">Christopher Whalen</a> hielt die SVB 43% ihrer gesamten Anlagen in MBS, während es für die Banken in ihrer Vergleichsgruppe nur rund 12% sind:</p><figure id="id-doc-1grbamphb0" content="" pagetype="Article" componenttype="image" is-new-line-child="true" class="articlecomponent image nzzinteraction" style="position:relative;"><div data-nzz-tid="image-placeholder" itemscope="itemscope" itemtype="http://schema.org/ImageObject" itemid="https://img.themarket.ch/2023/03/12/ee561468-66c7-4147-a553-03b404286a22.png?width=1200&height=791&fit=crop&quality=75&auto=webp" class="image-placeholder image__placeholder" style="padding-bottom:65.94%;"><img alt="" data-nzz-tid="article-image" width="1462" height="964" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/03/12/ee561468-66c7-4147-a553-03b404286a22.png?width=680&height=447&fit=bounds&quality=75&auto=webp&crop=1462,962,x0,y0 680w, https://img.themarket.ch/2023/03/12/ee561468-66c7-4147-a553-03b404286a22.png?width=1360&height=895&fit=bounds&quality=75&auto=webp&crop=1462,962,x0,y0 1360w, https://img.themarket.ch/2023/03/12/ee561468-66c7-4147-a553-03b404286a22.png?width=340&height=224&fit=bounds&quality=75&auto=webp&crop=1462,962,x0,y0 340w" class="image-placeholder__image" style="cursor:pointer;transform:scale(1);"> <!----> <!----></div> <figcaption class="articlecomponent__description"><!----> <div class="image-description"><h2 data-nzz-tid="image-description-caption" data-team-image-caption="true" class="image-description__caption image-description__caption--large"></h2> <div class="image-description__author"><span data-nzz-tid="image-description-author" class="image-description__author-single">Quelle: The Institutional Risk Analyst</span></div></div></figcaption> <!----></figure><p data-team-paragraph="" id="id-doc-1grbammf10" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Man kann also sagen, dass die SVB in besonders grossem Ausmass vom Zinsänderungsrisiko auf ihren «sicheren» Anlagen betroffen war.</p><p data-team-paragraph="" id="id-doc-1grbaoipb0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Trotzdem: Die Gefahr ist real, dass auch andere Banken, vor allem aus dem Feld der mittelgrossen, regionalen Institute, unter Druck geraten. Die Aktien von Regionalbanken wie First Republic, Western Alliance Bancorp, Fifth Third oder Comerica erlitten an der Börse die grössten Verluste. Die Einlagenversicherung FDIC selbst hat <a target="_blank" rel="nofollow" href="https://www.fdic.gov/news/speeches/2023/spfeb2823.html">Ende Februar</a> auf das enorme Ausmass an unrealisierten Buchverlusten hingewiesen, das aufgrund des Zinsanstiegs in den Bilanzen der US-Banken schlummert. Diese unrealisierten Verluste beliefen sich per Ende 2022 auf 620 Mrd. $:</p><figure id="id-doc-1grbau4hd0" content="" pagetype="Article" componenttype="image" is-new-line-child="true" class="articlecomponent image nzzinteraction" style="position:relative;"><div data-nzz-tid="image-placeholder" itemscope="itemscope" itemtype="http://schema.org/ImageObject" itemid="https://img.themarket.ch/2023/03/12/27ea0d82-4c34-4458-ab2b-950b812fb880.png?width=1200&height=816&fit=crop&quality=75&auto=webp" class="image-placeholder image__placeholder" style="padding-bottom:68%;"><img alt="" data-nzz-tid="article-image" width="1400" height="952" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/03/12/27ea0d82-4c34-4458-ab2b-950b812fb880.png?width=680&height=463&fit=bounds&quality=75&auto=webp&crop=1400,952,x0,y0 680w, https://img.themarket.ch/2023/03/12/27ea0d82-4c34-4458-ab2b-950b812fb880.png?width=1360&height=925&fit=bounds&quality=75&auto=webp&crop=1400,952,x0,y0 1360w, https://img.themarket.ch/2023/03/12/27ea0d82-4c34-4458-ab2b-950b812fb880.png?width=340&height=231&fit=bounds&quality=75&auto=webp&crop=1400,952,x0,y0 340w" class="image-placeholder__image" style="cursor:pointer;transform:scale(1);"> <!----> <!----></div> <figcaption class="articlecomponent__description"><!----> <div class="image-description"><h2 data-nzz-tid="image-description-caption" data-team-image-caption="true" class="image-description__caption image-description__caption--large"></h2> <div class="image-description__author"><span data-nzz-tid="image-description-author" class="image-description__author-single">Quelle: FDIC</span></div></div></figcaption> <!----></figure><p data-team-paragraph="" id="id-doc-1grb525bf0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Sind auch Banken in Europa und der Schweiz gefährdet?</strong></p><p data-team-paragraph="" id="id-doc-1grbb094p0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Aktienkurse europäischer und schweizerischer Banken reagierten ebenfalls mit Verlusten auf die Schlagzeilen aus den USA. Nach Einschätzung von The Market sind sie jedoch nicht in vergleichbarem Ausmass wie die US-Banken von Zinsänderungsrisiken bedroht. In der Schweiz und in Europa halten die Banken den Grossteil ihrer überschüssigen Anlagen bei der Schweizerischen Nationalbank respektive bei der Europäischen Zentralbank sowie anderer Zentralbanken, und weniger ausgeprägt in Staatsanleihen (<a target="_blank" href="https://themarket.ch/mister-market/europaeische-bankaktien-leiden-zu-stark-unter-der-kurskorrektur-in-den-usa-ld.8582">hier mehr dazu</a>). Doch auch für Banken in Europa und der Schweiz gilt: Vertrauen ist das wichtigste Kapital. Wenn immer Stress im Finanzsystem herrscht, geraten deshalb die Institute besonders unter Druck, deren Vertrauen am Markt ohnehin schon beschädigt ist. Die Aktien der <a target="_blank" rel="nofollow" href="https://themarket.nzz.ch/aktien/no-region/no-list/1213853-4-1">Credit Suisse 📈</a> erlitten am Montag (13. März) nochmals deutliche Verluste.</p><p data-team-paragraph="" id="id-doc-1grbjfr0f0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Gemeinhin heisst es, das Fed erhöhe die Zinsen so lange, bis im Finanzsystem etwas zerbricht. War es das? War das «The Big One»?</strong></p><p data-team-paragraph="" id="id-doc-1grbjgori0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das lässt sich nicht absolut beantworten – genau so, wie man nicht sagen kann, dass nach einem Erdbeben der Stärke 5,8 auf der Richterskala noch eins der Stärke 7 kommt oder nicht. Doch nach aktuellem Wissensstand ist die Frage eher mit Nein zu beantworten. So gross und systemisch relevant war die Silicon Valley Bank nicht. Dieser Fall dürfte das Fed nicht veranlassen, seinen geldpolitischen Straffungszyklus abzubrechen. Allerdings beginnen die Finanzmärkte bereits, ihre Erwartungen an die weitere Fed-Politik zu kalibrieren. Für die nächste Sitzung des Fed-Offenmarktausschusses am 22. März rechnen die Terminmärkte nur noch mit einer Zinserhöhung von 25 Basispunkten (Bp). Vergangene Woche hatten sie noch mit einer Wahrscheinlichkeit von 50% einen 50-Bp-Zinsschritt eingepreist. Die Ökonomen der Investmentbank Goldman Sachs rechnen neu sogar damit, dass das Fed auf eine weitere Zinserhöhung verzichten wird. Diesem Szenario messen die Terminmärkte bereits eine Wahrscheinlichkeit von 42% zu, wie das <a target="_blank" rel="nofollow" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">«Fed Watch Tool»</a> der Terminbörse CME zeigt:</p><figure id="id-doc-1grd3e0ib0" content="" pagetype="Article" componenttype="image" is-new-line-child="true" class="articlecomponent image nzzinteraction" style="position:relative;"><div data-nzz-tid="image-placeholder" itemscope="itemscope" itemtype="http://schema.org/ImageObject" itemid="https://img.themarket.ch/2023/03/13/3e079cf1-c1b3-4dad-90bb-e8851cb57cb3.png?width=1200&height=628&fit=crop&quality=75&auto=webp" class="image-placeholder image__placeholder" style="padding-bottom:52.32%;"><img alt="" data-nzz-tid="article-image" width="1896" height="992" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/03/13/3e079cf1-c1b3-4dad-90bb-e8851cb57cb3.png?width=680&height=356&fit=bounds&quality=75&auto=webp&crop=1895,992,x0,y0 680w, https://img.themarket.ch/2023/03/13/3e079cf1-c1b3-4dad-90bb-e8851cb57cb3.png?width=1360&height=712&fit=bounds&quality=75&auto=webp&crop=1895,992,x0,y0 1360w, https://img.themarket.ch/2023/03/13/3e079cf1-c1b3-4dad-90bb-e8851cb57cb3.png?width=340&height=178&fit=bounds&quality=75&auto=webp&crop=1895,992,x0,y0 340w" class="image-placeholder__image" style="cursor:pointer;transform:scale(1);"> <!----> <!----></div> <figcaption class="articlecomponent__description"><!----> <div class="image-description"><h2 data-nzz-tid="image-description-caption" data-team-image-caption="true" class="image-description__caption image-description__caption--large"></h2> <div class="image-description__author"><span data-nzz-tid="image-description-author" class="image-description__author-single">Quelle: CME Group</span></div></div></figcaption> <!----></figure><p data-team-paragraph="" id="id-doc-1grd3cn4u1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">So oder so: Der Fall der SVB ist Ausdruck des grossen Stresses, der im Finanzsystem als Folge der geldpolitischen Verknappung und der steigenden Zinsen herrscht. Deshalb ist davon auszugehen, dass es zu weiteren «Unfällen» kommen wird.</p><p data-team-paragraph="" id="id-doc-1grbklkso0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction"><strong>Wie konnte das überhaupt passieren? Hätten die neuen Regulierungen nach der Finanzkrise von 2008 eine derartige Bankenpanik</strong><strong> nicht verhindern sollen?</strong></p><p data-team-paragraph="" id="id-doc-1grbknkfj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Grundsätzlich: Ja. Die Ausweitung des «Basel»-Regelwerks nach der Finanzkrise von 2008 schrieb den Banken höhere Kapital- und Liquiditätspuffer vor. Diese wurden jedoch je nach Grösse und Systemrelevanz der Banken kalibriert. Besonders in den USA, wo das «Basel III»-Regelwerk erst im Oktober 2020 eingeführt wurde, haben die Banken erfolgreich gegen die verschärfte Regulierung lobbyiert. Während den Jahren der Trump-Regierung (2017 bis 2021) wurden die nach 2008 eingeführten Regulierungen zum Teil wieder deutlich abgeschwächt. Im Fall der Silicon Valley Bank kamen die Vorschriften der höheren Liquiditätspuffer überhaupt nicht zum Zug: Banken mit Bilanzsummen von weniger als 250 Mrd. $ sind in den USA seit 2018 wieder davon ausgenommen. Auch den regelmässigen, vom Fed durchgeführten Stresstests musste sich das Institut nicht unterziehen.</p><p data-team-paragraph="" id="id-doc-1grgpvrrk0" content="" pagetype="Article" componenttype="p" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent text nzzinteraction"><em><strong>Hinweis:</strong> Am 14. März fand ein «Q&A mit The Market»-Webinar statt, an dem Chefredaktor Mark Dittli die wichtigsten Fragen rund um die US-Bankenkrise erläuterte. Sie finden die <a target="_blank" href="https://themarket.ch/video/video-webinare-von-the-market-ld.3255">Video-Aufzeichnung des Webinars unter diesem Link</a>.</em></p><div id="id-doc-1grb4nj801" content="" pagetype="Article" componenttype="sharebox" is-new-line-child="true" class="nzzinteraction"><div class="sharebox"><div class="sharebox__line"></div> <ul class="sharebox__content"><li class="sharebox__item sharebox__item--bookmark"><!----></li> <li class="sharebox__item sharebox__item--print"><a href="" aria-current="page" title="Drucken" class="sharebox__link nuxt-link-exact-active nuxt-link-active"><svg version="1.1" viewBox="0 0 18 16" class="sharebox__icon sharebox__icon--print svg-print svg-icon" style="width:18px;height:18px;"><path stroke="#000000" fill="none" pid="0" fill-rule="evenodd" clip-rule="evenodd" d="M3.5.5v4h11v-4h-11z" _stroke="#000"/><path stroke="#000000" fill="none" pid="1" d="M3.5 12.5H1.8a1.3 1.3 0 01-1.3-1.3V5.8a1.3 1.3 0 011.3-1.3h14.4a1.3 1.3 0 011.3 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widget__row--noBorder"><div data-team-more-to-subject class="widget--articlelist-a"><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_8582" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a"><!----> <!----> <!----> <!----> <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/europaeische-bankaktien-leiden-zu-stark-unter-der-kurskorrektur-in-den-usa-ld.8582" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Europäische Bankaktien leiden zu stark unter der Kurskorrektur in den USA" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/03/10/443b6921-32e1-42d8-93dd-a00bfba69d13.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3423,2567,x0,y11 160w, https://img.themarket.ch/2023/03/10/443b6921-32e1-42d8-93dd-a00bfba69d13.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3423,2567,x0,y11 320w, https://img.themarket.ch/2023/03/10/443b6921-32e1-42d8-93dd-a00bfba69d13.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3423,2567,x0,y11 120w, https://img.themarket.ch/2023/03/10/443b6921-32e1-42d8-93dd-a00bfba69d13.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3423,2567,x0,y11 240w" width="3423" height="2567" class="image-placeholder__image poster__image cb-it-hide"> <!----> <!----> <!----> <!----></div></a></figure></div> <!----> <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/europaeische-bankaktien-leiden-zu-stark-unter-der-kurskorrektur-in-den-usa-ld.8582" data-nzz-referrer="articleTeaser" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper"><!----> <!----> <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Mr Market </span> <!----></div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0"><!----> <!----> <span class="teaser__title-name">Europäische Bankaktien leiden zu stark unter der Kurskorrektur in den USA</span></h2> <!----> <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Gestern musste sich die amerikanische Silicon Valley Bank neues Kapital beschaffen. Das schreckte den gesamten Sektor auf und erfasst heute auch das europäische Bankensegment.</div> <!----></div> <!----> <!----></a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"><!----> <div class="metainfo__wrapper"><!----> <span class="metainfo__item metainfo__item--author">Ruedi Keller ✉</span> <time class="metainfo__item metainfo__item--date">10.03.2023</time> <!----> <!----> <!----></div> <!----></div> <div class="metainfo__actions metainfo__actions--regular "><!----> <!----> <!----></div></div> <!----></div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_8584" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a"><!----> <!----> <!----> <!----> <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/paradigmenwechsel-ld.8584" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Paradigmenwechsel" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/03/10/0c6a217f-6022-4e34-9b47-fd1f8b6b3746.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3597,2698,x0,y1855 160w, https://img.themarket.ch/2023/03/10/0c6a217f-6022-4e34-9b47-fd1f8b6b3746.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3597,2698,x0,y1855 320w, https://img.themarket.ch/2023/03/10/0c6a217f-6022-4e34-9b47-fd1f8b6b3746.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3597,2698,x0,y1855 120w, https://img.themarket.ch/2023/03/10/0c6a217f-6022-4e34-9b47-fd1f8b6b3746.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3597,2698,x0,y1855 240w" width="3597" height="2698" class="image-placeholder__image poster__image cb-it-hide"> <!----> <!----> <!----> <!----></div></a></figure></div> <!----> <div class="teaser__content teaser__content--articlelist-a"><a href="/the-big-picture/paradigmenwechsel-ld.8584" data-nzz-referrer="articleTeaser" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper"><!----> <!----> <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> The Big Picture </span> <!----></div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--1"><!----> <!----> <span class="teaser__title-name">Paradigmenwechsel</span></h2> <!----> <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Märkte hangeln sich von Datenpunkt zu Datenpunkt. Es gilt jedoch, vor lauter Lärm die relevanten Entwicklungen nicht aus den Augen zu verlieren. «The Big Picture» widmet sich heute deshalb dem ganz grossen Bild.</div> <!----></div> <!----> <!----></a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"><!----> <div class="metainfo__wrapper"><!----> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time class="metainfo__item metainfo__item--date">10.03.2023</time> <!----> <!----> <!----></div> <!----></div> <div class="metainfo__actions metainfo__actions--regular "><!----> <!----> <!----></div></div> <!----></div></div></article></div></div></div></section></section> <div class="cve articlepromobox"></div> <!----> <!----> <!----></div></div></div> <div id="footer" class="footer"><!----> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright © The Market Media AG. 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Market, Schweiz";bF.url=aI;bF.logo={"@type":"ImageObject",url:"https:\u002F\u002Fthemarket.ch\u002Flogo.png",width:413,height:60};bF.contactPoint=[{"@type":"ContactPoint",telephone:"+41-44-2581000",contactType:"customer service"}];bF.sameAs=["https:\u002F\u002Fwww.facebook.com\u002FTheMarketCH","https:\u002F\u002Fwww.twitter.com\u002FTheMarket_CH","https:\u002F\u002Fwww.linkedin.com\u002Fcompany\u002Fthe-market-ch\u002F"];bJ.title="Suche The Market, Schweiz, https:\u002F\u002Fthemarket.ch\u002Fsuche";bJ.href="\u002Fsuche";bN.standard={Tags:[x,"classification=premium","language=en-US","hinter-der-headline","product=themarket","doctype=article","pagetype=article","ldid=ld.8586","channel=Hinter der Headline"],ContentCreated:aF,ContentAuthor:w,ContentSection:l,ContentIsNative:d};bN.custom={product:aH,docType:n,pageType:n,layout:m,ldId:y,channel:l,heading:i,language:H};return {layout:"default",data:[{data:{content:[{identifier:aP,id:"doc-1grb4nj7v0",content:{title:i,lead:C,author:"\u003Ca target=\"_blank\" href=\"mailto:mark.dittli@themarket.ch\"\u003EMark Dittli ✉️\u003C\u002Fa\u003E"},component:"header",prevElement:a,nextElement:c,firstContentElement:d},{identifier:c,id:"doc-1grb4nj800",content:{text:"\u003Cstrong\u003EWas ist geschehen?\u003C\u002Fstrong\u003E"},component:e,prevElement:aP,nextElement:ak},{id:"doc-b288e687",identifier:ak,prevElement:c,nextElement:al},{id:"doc-1ca02209",identifier:al,paidContent:d,prevElement:ak,nextElement:c},{identifier:c,id:"doc-1grb55vv60",content:{text:"SVB Financial Group, das in Santa Clara, Kalifornien beheimatete Mutterhaus der Silicon Valley Bank, kündigte am 9. März 2023 eine Aktienkapitalerhöhung über gut 2 Mrd. $ an, um seine Kapitaldecke zu stärken. Die Bank hatte in den Tagen zuvor massive Abflüsse von Kundengeldern erlitten. Nach der Ankündigung stürzte der Kurs der an der Nasdaq Stock Exchange gehandelten Aktien um mehr als 60% ab. Am Freitag, dem 10. März, setzte sich der Kurssturz fort. Die Kapitalerhöhung scheiterte. Im Lauf des Tages am 10. März übernahm der kalifornische Regulator, das California Department of Financial Protection, die Kontrolle über die Bank und beauftragte die staatliche Einlagenschutzversicherung FDIC (Federal Deposit Insurance Corporation) mit der Abwicklung des Instituts."},component:e,paidContent:d,prevElement:al,nextElement:c},{identifier:c,id:"doc-1grb50edj0",content:{text:"\u003Cstrong\u003EHandelt es sich um eine grosse Bank?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb56lse0",content:{text:"Ja. Die Silicon Valley Bank (SVB) hatte per Ende 2022 eine Bilanzsumme von 212 Mrd. $ und belegte damit Rang 16 auf der Liste der grössten Banken der USA. Es handelt sich um die grösste Bankenpleite in den USA seit dem Fall von Lehman Brothers im Herbst 2008. Die Börsenkapitalisierung der SVB Financial Group betrug im Höhepunkt 2021 mehr als 44 Mrd. $. Die Bank hatte sich auf Kundenbeziehungen mit Risikokapitalgesellschaften und Start-up-Unternehmen im Silicon Valley spezialisiert."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb4r3s80",content:{text:"\u003Cstrong\u003EWas war das Problem der Silicon Valley Bank?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb5sm8n0",content:{text:"Die Spezialisierung auf Start-ups bedeutete für die SVB ein für Banken etwas unübliches Geschäftsmodell: Start-ups erhalten in der Regel Geld von ihren Aktionären und von Risikokapitalgesellschaften (Venture Capital, VC), und dieses Geld deponierten sie als Kontokorrent-Einlagen bei der SVB. Start-ups finanzieren sich in der Regel kaum über Bankkredite, da ihre Geschäftsaussichten viel zu unsicher sind und sie ihre Finanzierung in Form von Eigenkapital von VC-Gesellschaften erhalten. Kurz: Start-ups haben Cash und kaum Schulden. Die von der US-Notenbank und der Regierung ausgelöste Liquiditätsflut während der Pandemiejahre 2020 und 2021 kanalisierte grosse Mengen an Geld in die kalifornische Start-up-Szene – mit dem Resultat, dass sich das Volumen der Kundeneinlagen in der Bilanz der SVB zwischen 2019 und 2021 mehr als verdreifachte:"},component:e,paidContent:d,prevElement:c,nextElement:j},{identifier:j,id:aQ,content:{image:{originalUrl:"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F03\u002F12\u002F5a4e9b2e-3b53-4fe5-8215-8e243d2eb27b.png",url:"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F03\u002F12\u002F5a4e9b2e-3b53-4fe5-8215-8e243d2eb27b.png?width=1024&quality=75&auto=webp",mediaId:"3GPieNoPBB4M",width:1464,height:1042,mimeType:L,imageService:s,key:"2023\u002F03\u002F12\u002F5a4e9b2e-3b53-4fe5-8215-8e243d2eb27b.png"},author:am},component:M,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb79fki0",content:{text:"\u003Cstrong\u003EUnd wieso genau war das ein Problem für die SVB?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:j,nextElement:c},{identifier:c,id:"doc-1grb79rji0",content:{text:"Die Bank hatte vergleichsweise hohe Kundeneinlagen – fast 200 Mrd. $ –, aber in ihrem Kundenstamm nur wenig Möglichkeiten, Kredite zu vergeben. Per Ende 2022 hielt die Bank erteilte Kredite im Umfang von bloss 74 Mrd. $ in ihrer Bilanz. Den grossen Rest ihrer Liquidität investierte die Bank in «sichere» Anlagen: US-Staatsanleihen mit langer Laufzeit (Treasury Notes und Bonds) und verbriefte Hypothekarkredite, so genannte Mortgage-backed Securities (MBS)."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb864f30",content:{text:"\u003Cstrong\u003ESind denn Treasuries und Mortgage-backed Securities nicht sicher?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb86ar40",content:{text:"Ja und nein. Sie sind sicher, weil das Risiko eines Zahlungsausfalls praktisch Null ist. Aber Staatsanleihen und MBS unterliegen einem Zinsänderungsrisiko. Simpel gesagt: Wenn die Marktzinsen steigen, dann fällt der Preis dieser Anlagen. Als Faustregel gilt: Je länger die Laufzeit einer Anleihe, desto stärker schwankt ihr Preis mit der Veränderung des Zinsniveaus. Man spricht in diesem Fall vom Durationsrisiko. Weil im Verlauf der vergangenen zwölf Monate die Zinsen in den USA signifikant gestiegen sind, haben diese «sicheren» Papiere in der Bilanz der Silicon Valley Bank an Wert verloren. Das ist zwar per se noch nicht schlimm, denn eine Bank muss die Staatsanleihen und MBS in ihrer Bilanz nicht dem Marktpreis anpassen. Im Jargon sagt man, sie muss kein \u003Cem\u003Emark-to-market\u003C\u002Fem\u003E vornehmen. Die im vergangenen Jahr aufgelaufenen Buchverluste in den Treasury- und MBS-Beständen der SVB waren also vordergründig zunächst kein Problem, da es sich bloss um theoretische, unrealisierte Verluste handelte. Das Ausmass dieser unrealisierten Verluste belief sich auf 16 Mrd. $ und überstieg damit das Eigenkapital der Bank. Diese Dimension wurde schlagartig zu einem Problem, als die Bank gezwungen wurde, diese Treasury- und MBS-Bestände zu verkaufen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb8kv780",content:{text:"\u003Cstrong\u003EWas verursachte die Verluste in der Bilanz der SVB?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb8l32i0",content:{text:"Der massive Zinsanstieg der vergangenen Monate bedeutete auch, dass die unzähligen Start-up-Unternehmen im Silicon Valley von den Risikokapitalgebern nicht mehr üppig mit Geld eingedeckt wurden. Die Liquidität versiegte. Viele dieser Gesellschaften mussten deshalb ihre Konten bei der SVB anzapfen, um ihre täglichen Ausgaben zu decken. Das führte dazu, dass die Bank immer mehr Treasuries und MBS verkaufen musste. Doch mit dem Verkauf dieser Papiere wurden aus theoretischen, unrealisierten Verlusten plötzlich echte, realisierte Verluste: Wie die Bank meldete, musste sie seit Anfang Jahr Treasuries und MBS im Wert von 21 Mrd. $ liquidieren und hat dabei einen Verlust von 1,8 Mrd. $ erlitten. Nach dieser Meldung erlitt die SVB einen \u003Cem\u003EBank Run\u003C\u002Fem\u003E, einen Ansturm auf die Bank."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb9kr3b0",content:{text:"\u003Cstrong\u003EWas hat den \u003Cem\u003EBank Run\u003C\u002Fem\u003E ausgelöst?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb9l28a0",content:{text:"Das wichtigste Kapital einer Bank ist Vertrauen. Das gilt sogar in besonderem Mass für die Kunden der SVB: Start-ups generieren in der Regel kaum Einnahmen, das heisst sie sind für die Finanzierung ihres Betriebs auf eine sichere Liquiditätsquelle angewiesen. Ohne Liquidität überleben sie nicht. Als der leiseste Zweifel an der Solvenz der SVB aufkam, begannen die Kunden, ihre Einlagen abzuziehen. Einflussreiche Risikokapitalgeber wie der Founders Fund von Peter Thiel rieten ihren Unternehmen, ihre Einlagen bei der SVB sofort abzuziehen. Das setzte eine verhängnisvolle Spirale in Gang, weil die Bank dadurch gezwungen wurde, immer weitere Treasuries und MBS mit Verlust zu verkaufen. Allein am 9. März soll die Bank 42 Mrd. $ an Kundeneinlagen verloren haben. Die Folge: Die Bank war innerhalb weniger Stunden nicht nur illiquide, sondern auch insolvent."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb54ume0",content:{text:"\u003Cstrong\u003EWas passiert jetzt genau mit der Silicon Valley Bank?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grba1ken0",content:{text:"Mehrere grosse Banken wie JPMorgan oder Bank of America dürften dieser Tage genau prüfen, ob es sich lohnt, Assets der SVB samt ihren Kundenbeziehungen zu übernehmen. Nach allem, was bekannt ist, hat sich die Bank nicht mit faulen Anlagen verspekuliert. Sie wurde schlicht ein Opfer des heftigen Zinsanstiegs der vergangenen zwölf Monate."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1gre8g1kg1",content:{text:"Am Montag (13. März) wurde bekannt, dass HSBC das britische Geschäft der SVB übernimmt."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb4vdkn0",content:{text:"\u003Cstrong\u003EWie gross ist die Ansteckungsgefahr für das Finanzsystem?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grba70g60",content:{text:"Weil das gesamte Bankensystem auf Vertrauen basiert und die Institute untereinander eng vernetzt sind, besteht immer die Gefahr einer Ansteckung. Aus diesem Grund gerieten in den vergangenen Tagen auch die Aktienkurse anderer Banken in den USA und in Europa markant unter Druck."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grc6bhfs0",content:{text:"\u003Cstrong\u003EWas wird unternommen, um die Lage zu entschärfen?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grc6bj720",content:{text:"Die amerikanischen Behörden haben am Sonntagabend ebenso das New Yorker Geldhaus Signature Bank geschlossen. Es hat eine Bilanzsumme von rund 110 Mrd. $ und war eine der Hauptbanken für Unternehmen aus dem Krypto-Sektor. Die Behörden befürchteten, dass in diesem Fall das Risiko einer systemweiten Ansteckung bestand. Beide Institute, die Silicon Valley Bank und die Signature Bank, werden nun abgewickelt."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grc6bj750",content:{text:"\u003Cstrong\u003EWelche weiteren Massnahmen werden getroffen?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grc6bj770",content:{text:"Das \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fhome.treasury.gov\u002Fnews\u002Fpress-releases\u002Fjy1337\"\u003EUS-Finanzministerium garantiert\u003C\u002Fa\u003E im Fall von beiden Instituten, dass «alle Kunden vollständig geschützt» sind. Ab Montagmorgen sollen sie unbeschränkt Zugang zu ihren Geldern erhalten. Der Einlagensicherungsfonds der FDIC wird damit auch für Klienten genutzt, deren Einlagen den normalerweise staatlich gesicherten Betrag von 250’000 $ überschreiten. Parallel dazu lanciert das Federal Reserve ein \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.federalreserve.gov\u002Fnewsevents\u002Fpressreleases\u002Fmonetary20230312a.htm\"\u003E«Bank Term Funding Program»\u003C\u002Fa\u003E. Es umfasst ein Volumen von 25 Mrd. $ und wird Banken, die in Schwierigkeiten stecken, Kredite mit einer Laufzeit von bis zu einem Jahr gewähren. Als Sicherheit müssen dazu Anlagen mit hoher Qualität wie US-Staatsanleihen und verbriefte Hypothekenkredite hinterlegt werden. Die Aktionäre hingegen werden voraussichtlich einen Totalverlust erleiden. Auch Gläubiger mit unbesicherten Krediten werden nicht entschädigt. Die Aufsichtsbehörden werden die Situation im Bankensystem zudem weiterhin genau beobachten und falls nötig zusätzliche Massnahmen treffen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grc6bj780",content:{text:"\u003Cstrong\u003EIst die Krise damit überwunden?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grc6bj790",content:{text:"Das wird sich erst in den kommenden Tagen und Wochen zeigen. Die erste Reaktion der Märkte fällt jedoch negativ aus: Am Montag nach Handelseröffnung in New York stürzten die Aktienkurse von Regionalbanken wie First Republic, Western Alliance Bancorp oder PacWest Bancorp um mehr als 50% ab. In Europa und der Schweiz gaben die Börsen am Montag ebenfalls mehrheitlich nach. Die \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Fcredit-suisse-ist-das-schwaechste-glied-in-europas-bankenkette-ld.8592\"\u003EAktien der Credit Suisse\u003C\u002Fa\u003E verloren zeitweise mehr als 14%. Das ist ein Signal, dass die Finanzmärkte von den bisherigen Rettungsbemühungen noch nicht überzeugt sind."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb54f7k0",content:{text:"\u003Cstrong\u003EDrohen noch weitere Bankenpleiten?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grbag3890",content:{text:"Ausschliessen lässt sich das nie. Mit ihrem Geschäftsmodell war die SVB in gewisser Weise einzigartig, weil sie ihre Anlagen in besonders grossem Umfang in Treasuries und MBS investiert hatte. Gemäss dem Bankenspezialisten \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.theinstitutionalriskanalyst.com\u002Fpost\u002Fwho-killed-silicon-valley-bank-the-ira-bank-book-q1-2023\"\u003EChristopher Whalen\u003C\u002Fa\u003E hielt die SVB 43% ihrer gesamten Anlagen in MBS, während es für die Banken in ihrer Vergleichsgruppe nur rund 12% sind:"},component:e,paidContent:d,prevElement:c,nextElement:j},{identifier:j,id:aR,content:{image:{originalUrl:"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F03\u002F12\u002Fee561468-66c7-4147-a553-03b404286a22.png",url:"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F03\u002F12\u002Fee561468-66c7-4147-a553-03b404286a22.png?width=1024&quality=75&auto=webp",mediaId:"RoYALIAF7SDZ",width:1462,height:964,mimeType:L,imageService:s,key:"2023\u002F03\u002F12\u002Fee561468-66c7-4147-a553-03b404286a22.png"},author:aS},component:M,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grbammf10",content:{text:"Man kann also sagen, dass die SVB in besonders grossem Ausmass vom Zinsänderungsrisiko auf ihren «sicheren» Anlagen betroffen war."},component:e,paidContent:d,prevElement:j,nextElement:c},{identifier:c,id:"doc-1grbaoipb0",content:{text:"Trotzdem: Die Gefahr ist real, dass auch andere Banken, vor allem aus dem Feld der mittelgrossen, regionalen Institute, unter Druck geraten. Die Aktien von Regionalbanken wie First Republic, Western Alliance Bancorp, Fifth Third oder Comerica erlitten an der Börse die grössten Verluste. Die Einlagenversicherung FDIC selbst hat \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.fdic.gov\u002Fnews\u002Fspeeches\u002F2023\u002Fspfeb2823.html\"\u003EEnde Februar\u003C\u002Fa\u003E auf das enorme Ausmass an unrealisierten Buchverlusten hingewiesen, das aufgrund des Zinsanstiegs in den Bilanzen der US-Banken schlummert. Diese unrealisierten Verluste beliefen sich per Ende 2022 auf 620 Mrd. $:"},component:e,paidContent:d,prevElement:c,nextElement:j},{identifier:j,id:aT,content:{image:{originalUrl:"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F03\u002F12\u002F27ea0d82-4c34-4458-ab2b-950b812fb880.png",url:"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F03\u002F12\u002F27ea0d82-4c34-4458-ab2b-950b812fb880.png?width=1024&quality=75&auto=webp",mediaId:"M6t0CQElMLcM",width:1400,height:952,mimeType:L,imageService:s,key:"2023\u002F03\u002F12\u002F27ea0d82-4c34-4458-ab2b-950b812fb880.png"},author:aU},component:M,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grb525bf0",content:{text:"\u003Cstrong\u003ESind auch Banken in Europa und der Schweiz gefährdet?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:j,nextElement:c},{identifier:c,id:"doc-1grbb094p0",content:{text:"Die Aktienkurse europäischer und schweizerischer Banken reagierten ebenfalls mit Verlusten auf die Schlagzeilen aus den USA. Nach Einschätzung von The Market sind sie jedoch nicht in vergleichbarem Ausmass wie die US-Banken von Zinsänderungsrisiken bedroht. In der Schweiz und in Europa halten die Banken den Grossteil ihrer überschüssigen Anlagen bei der Schweizerischen Nationalbank respektive bei der Europäischen Zentralbank sowie anderer Zentralbanken, und weniger ausgeprägt in Staatsanleihen (\u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Feuropaeische-bankaktien-leiden-zu-stark-unter-der-kurskorrektur-in-den-usa-ld.8582\"\u003Ehier mehr dazu\u003C\u002Fa\u003E). Doch auch für Banken in Europa und der Schweiz gilt: Vertrauen ist das wichtigste Kapital. Wenn immer Stress im Finanzsystem herrscht, geraten deshalb die Institute besonders unter Druck, deren Vertrauen am Markt ohnehin schon beschädigt ist. Die Aktien der \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fthemarket.nzz.ch\u002Faktien\u002Fno-region\u002Fno-list\u002F1213853-4-1\"\u003ECredit Suisse 📈\u003C\u002Fa\u003E erlitten am Montag (13. März) nochmals deutliche Verluste."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grbjfr0f0",content:{text:"\u003Cstrong\u003EGemeinhin heisst es, das Fed erhöhe die Zinsen so lange, bis im Finanzsystem etwas zerbricht. War es das? War das «The Big One»?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grbjgori0",content:{text:"Das lässt sich nicht absolut beantworten – genau so, wie man nicht sagen kann, dass nach einem Erdbeben der Stärke 5,8 auf der Richterskala noch eins der Stärke 7 kommt oder nicht. Doch nach aktuellem Wissensstand ist die Frage eher mit Nein zu beantworten. So gross und systemisch relevant war die Silicon Valley Bank nicht. Dieser Fall dürfte das Fed nicht veranlassen, seinen geldpolitischen Straffungszyklus abzubrechen. Allerdings beginnen die Finanzmärkte bereits, ihre Erwartungen an die weitere Fed-Politik zu kalibrieren. Für die nächste Sitzung des Fed-Offenmarktausschusses am 22. März rechnen die Terminmärkte nur noch mit einer Zinserhöhung von 25 Basispunkten (Bp). Vergangene Woche hatten sie noch mit einer Wahrscheinlichkeit von 50% einen 50-Bp-Zinsschritt eingepreist. Die Ökonomen der Investmentbank Goldman Sachs rechnen neu sogar damit, dass das Fed auf eine weitere Zinserhöhung verzichten wird. Diesem Szenario messen die Terminmärkte bereits eine Wahrscheinlichkeit von 42% zu, wie das \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.cmegroup.com\u002Fmarkets\u002Finterest-rates\u002Fcme-fedwatch-tool.html?redirect=\u002Ftrading\u002Finterest-rates\u002Fcountdown-to-fomc.html\"\u003E«Fed Watch Tool»\u003C\u002Fa\u003E der Terminbörse CME zeigt:"},component:e,paidContent:d,prevElement:c,nextElement:j},{identifier:j,id:aV,content:{image:{originalUrl:"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F03\u002F13\u002F3e079cf1-c1b3-4dad-90bb-e8851cb57cb3.png",url:"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F03\u002F13\u002F3e079cf1-c1b3-4dad-90bb-e8851cb57cb3.png?width=1024&quality=75&auto=webp",mediaId:"Q9fvjpwurprc",width:1896,height:992,mimeType:L,imageService:s,key:"2023\u002F03\u002F13\u002F3e079cf1-c1b3-4dad-90bb-e8851cb57cb3.png"},author:aW},component:M,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grd3cn4u1",content:{text:"So oder so: Der Fall der SVB ist Ausdruck des grossen Stresses, der im Finanzsystem als Folge der geldpolitischen Verknappung und der steigenden Zinsen herrscht. Deshalb ist davon auszugehen, dass es zu weiteren «Unfällen» kommen wird."},component:e,paidContent:d,prevElement:j,nextElement:c},{identifier:c,id:"doc-1grbklkso0",content:{text:"\u003Cstrong\u003EWie konnte das überhaupt passieren? Hätten die neuen Regulierungen nach der Finanzkrise von 2008 eine derartige Bankenpanik\u003C\u002Fstrong\u003E\u003Cstrong\u003E nicht verhindern sollen?\u003C\u002Fstrong\u003E"},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grbknkfj0",content:{text:"Grundsätzlich: Ja. Die Ausweitung des «Basel»-Regelwerks nach der Finanzkrise von 2008 schrieb den Banken höhere Kapital- und Liquiditätspuffer vor. Diese wurden jedoch je nach Grösse und Systemrelevanz der Banken kalibriert. Besonders in den USA, wo das «Basel III»-Regelwerk erst im Oktober 2020 eingeführt wurde, haben die Banken erfolgreich gegen die verschärfte Regulierung lobbyiert. Während den Jahren der Trump-Regierung (2017 bis 2021) wurden die nach 2008 eingeführten Regulierungen zum Teil wieder deutlich abgeschwächt. Im Fall der Silicon Valley Bank kamen die Vorschriften der höheren Liquiditätspuffer überhaupt nicht zum Zug: Banken mit Bilanzsummen von weniger als 250 Mrd. $ sind in den USA seit 2018 wieder davon ausgenommen. Auch den regelmässigen, vom Fed durchgeführten Stresstests musste sich das Institut nicht unterziehen."},component:e,paidContent:d,prevElement:c,nextElement:c},{identifier:c,id:"doc-1grgpvrrk0",content:{text:"\u003Cem\u003E\u003Cstrong\u003EHinweis:\u003C\u002Fstrong\u003E Am 14. März fand ein «Q&A mit The Market»-Webinar statt, an dem Chefredaktor Mark Dittli die wichtigsten Fragen rund um die US-Bankenkrise erläuterte. Sie finden die \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fvideo\u002Fvideo-webinare-von-the-market-ld.3255\"\u003EVideo-Aufzeichnung des Webinars unter diesem Link\u003C\u002Fa\u003E.\u003C\u002Fem\u003E"},component:e,paidContent:d,prevElement:c,nextElement:an,lastContentElement:d},{identifier:an,id:"doc-1grb4nj801",component:"sharebox",paidContent:d,prevElement:c,nextElement:aX},{identifier:aX,id:"doc-1grb4nj802",containers:{"moreToSubject-area":[{identifier:aY,id:"doc-1grb4nj810",content:{"link-box-embed":{service:aZ,params:{type:a_,layout:[m,a$,ba,bb,bc,bd,ao,ap,aq,ar,be,as,at,au,av,aw],mediaId:8582}},article:{metadata:{contentTypeGroup:D,flag:q,significantUpdate:b,language:{groupId:"Kk1dQRAL7eX1",label:bf,locale:bg},title:"Europäische Bankaktien leiden zu stark unter der Kurskorrektur in den USA",seoTitle:"Europäische Bankaktien zu stark in Sippenhaft",nzzAuthors:[{external:b,name:"Ruedi Keller 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The Market zeigt, was die Ursachen sind und was es für die Märkte bedeutet.","web","The Big Picture",3597,"English","en-US","https:\u002F\u002Fthemarket.ch\u002Fhinter-der-headline\u002Fdie-wichtigsten-antworten-zum-kollaps-der-silicon-valley-bank-ld.8586","nzzas","preload","image\u002Fpng","image","image\u002Fjpeg","\u002Fthe-big-picture","\u002Fhinter-der-headline",2267,"The Market","main","Empfehlungen","\u002Fempfehlungen","Unternehmen","\u002Funternehmen","Strategie","\u002Fstrategie","Meinung","\u002Fmeinung","Interview","\u002Finterview","\u002Fenglish","\u002Fagb","Impressum","\u002Fimpressum","https:\u002F\u002Fabo.themarket.ch\u002Fkampagne\u002F?lp=19003844","48","anonymous","font\u002Fwoff2","font","judi.barrier","judi.advertisement","Quelle: Financial Times","judi.sharebox","longformvisual","longformstandard","briefing","briefing-intl","opinion","advertisement-regular","advertisement-longformvisual","advertisement-gallery","advertisement-video","2023-03-10T11:26:35.113Z",3423,"16:9",1.77778,2589,"1:1","4:3",1.33333,"2023-03-14T20:02:21.293Z","classification=premium,language=en-US","themarket","https:\u002F\u002Fthemarket.ch","Article","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","judi.header","doc-1grbjvlkk0","doc-1grbamphb0","Quelle: The Institutional Risk Analyst","doc-1grbau4hd0","Quelle: FDIC","doc-1grd3e0ib0","Quelle: CME Group","judi.moreToSubject","judi.moreToSubject--internal","embed-teaser","link-box-embed","gallery","video","fullwidth","alias-teaser","matchcard-teaser","recipe","German","de-CH","Gestern musste sich die amerikanische Silicon Valley Bank neues Kapital beschaffen. Das schreckte den gesamten Sektor auf und erfasst heute auch das europäische Bankensegment.","ld.8582","moreToSubject--internal","Quelle: Bank of America","Paradigmenwechsel","Mark Dittli (md)",6,"2023-03-10T16:48:59.828Z","Die Märkte hangeln sich von Datenpunkt zu Datenpunkt. Es gilt jedoch, vor lauter Lärm die relevanten Entwicklungen nicht aus den Augen zu verlieren. «The Big Picture» widmet sich heute deshalb dem ganz grossen Bild.","ld.8584","\u002F\u002Fassets.static-nzz.ch\u002Flivingdocs\u002Fresrc-0.9.0.min.js","browserPlugins.resrcit",{},3398,{},"2023-03-13T13:42:59.612Z",2,"CH","MKT",100,{},"Die wichtigsten Antworten zum Kollaps der Silicon Valley Bank,Hinter der Headline,Hinter der Headline, Finanznachrichten, The Market","2023-03-14T23:02:21+02:00","2023-03-12T20:16:16+02:00",{},"redaktion@themarket.ch","2024 The Market Media AG, Schweiz","index, follow, noarchive, noodp, max-snippet:-1, max-image-preview:large, max-video-preview:-1",{},Array(0),"en","Sun, 24 Nov 2024 17:38:31 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