The First Republic Bank's Debt Sale

First Republic is a large bank and it almost certainly needs to liquidate in some way, whether that takes a long time or happens suddenly. $30 billion of deposits from the consortium come due in 86 days. They've offered $100 billion of their assets for sale. And so I expect it to have very little impact, if at all, on the secured, the depositors, the remaining depositors, or the government lenders. What may wipe out the equity? To me, that is a fine resolution of the matter. Then you get into the bigger, more systemic issues, which is the ongoing, well, are there any others?