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SHARES INTELLIGENT INVESTOR
This time last year, there were fears of another global banking crisis. Credit Suisse had collapsed, leading the Swiss government to force UBS to buy it. (Rumours that company managers considered a re-branding to IBS were unfounded.) The still-profitable Deutsche Bank was wobbling and, across the Atlantic, Silicon Valley Bank’s failure had venture capitalists reaching for their heart meds. It didn’t amount to much. Our dangerously interconnected banking system, now far more concentrated than before the GFC, held up, in part thanks to the dead, rather than invisible, hand of regulators and governments.
As has been the case for the past 20 years, Australia’s banks survived and prospered. With the Reserve Bank rapidly increasing interest rates,