Banks plunge amid worries over eurozone exposure
The Fed's concern is to ensure that any funding problems at a big European bank do not infect the rest of the system
By Stephen Foley in New York and Nikhil Kumar
Friday, 19 August 2011
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European banks bore the brunt of the market sell-off last night amid reports that regulators in the US have stepped up their oversight of the companies, in case a new market panic causes disruption to their operations.
The Federal Reserve has been holding meetings with senior executives at some of the eurozone financial institutions that have major businesses in the US to get a clearer picture of their liquidity position and their contingency planning.