KUALA LUMPUR: The collapse of Silicon Valley Bank in the United States is unlikely to have a contagion effect on the banking sector here said Datuk Seri Ahmad Maslan ."We have several measures in place such as the Basel 3 cash liquidity model."There are some banks in the United States and Europe that do not follow this but our banks do," he said when replying to a supplementary question raised by Datuk Dr Shuhaili Abdul Rahman in Parliament on Tuesday. .
Ahmad added that SVB ran into trouble due to a 425 base points rise in overnight policy rates in the United States to 6.5% recently, compared to only 100 base points in the OPR here. The collapse of SVB on March 9 was followed by the meltdown in shares of Swiss investment bank Credit Suisse.Earlier, Ahmad informed the House that the Monetary Policy Committee would closely monitor the lag effect of raising the OPR rise four times last year.
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