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FDIC Admits to First Republic Supervision Shortcomings

FDIC Admits to First Republic Supervision Shortcomings

by Starling Insights

Starling Insights Editorial Board

Sep 27, 2023


The US Federal Deposit Insurance Corporation (FDIC) has released a post-mortem report on its oversight of First Republic, admitting that it missed opportunities for a more holistic approach to supervising the bank. 

"We cannot say whether taking earlier supervisory action such as criticizing interest rate risk or liquidity risk management would have prevented First Republic from failing given the significance and speed of deposit withdrawals," the FDIC wrote. "However, meaningful action to mitigate interest rate risk and address funding concentrations would have made the bank more resilient and less vulnerable to the March 2023 contagion event."

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