Reuters: US Leads Talks on Rescue of First Republic Bank
The US government is coordinating talks about an emergency intervention to save the First Republic Bank, Reuters news agency reports based on insiders.
The Ministry of Finance, the central bank and the regulator FDIC are trying to get companies from the financial sector to rescue the medium-sized bank.
Attempts to save the First Republic from bankruptcy with help from the private sector have failed to produce a deal. It is still unclear whether the US government is also prepared to participate in a rescue operation. But the involvement of government agencies, according to a Reuters source, gives First Republic executives more confidence as they look for a solution.
The US Treasury Department declined to comment on Reuters' questions about the news. The Federal Reserve and the...