First Republic is a Zombie Bank
The Breakdown
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First Republic Bank: A Dead Bank Walking?
First Republic has around 50 billion in uninsured deposits, which includes the 30 billion deposited by the big four megabanks in March. The FDIC balances $105.7 billion compared to total insured deposits in the US being $10.1 trillion. Bankers working with first republic banks say they expect eventual government receivership for the bank after it exhausts private sector solutions such as asset sales and finding a buyer. When this bank bites the dust probably later this week, we will be closer to the market realizing the entire US banking deposit base is de facto guaranteed by the USG massively inflationary.
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