Banking crisis: No Europe contagion after US bank rescues, says ECB

European Central Bank supervisors see no contagion for euro zone banks from recent sector turmoil, a source said on Friday, even as rescue deals for Credit Suisse and First Republic Bank failed to arrest pressure on their share prices.

The ECB held a board meeting to discuss the stresses and volatility in the banking sector. The supervisors were told deposits were stable across the euro zone and its Credit Suisse exposure was immaterial.

Credit Suisse managed funds’ net outflows top $450 million

Credit Suisse saw over $450 million in net outflows from its US and European managed funds from March 13 to 15, Morningstar Direct said on Friday, as retail and institutional counterparties pulled money out of funds managed by the embattled Swiss lender.

                                                                                                                                                      - Agencies