EU says Silicon Valley Bank collapse has ‘limited’ impact on bloc

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LONDON (Reuters) – Silicon Valley Bank had only a limited presence in the European Union, but its collapse shows why lightly regulated foreign lenders need to meet stricter rules inside the EU, the bloc’s financial services chief said on Wednesday.

“Silicon Valley Bank has a very limited presence in the European Union and we are in touch with the relevant supervisory authorities,” Mairead McGuinness told the European Parliament. “So the direct impact of these bank failures on the EU seems to be limited.”