This rate is still noticeably below 2 percent, but it is up 1/4 percentage point from a year earlier.
For instance, reacting to the failure of Silicon Valley Bank, the US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation issued a joint statement on 12 March 2023 that closed with the following sentence: “The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry.”3 Similarly, on 19 March 2023, on the occasion of the state-brokered takeover of Credit Suisse by UBS in Switzerland, ECB President Christine Lagarde stated that “the euro area banking sector is resilient, with strong capital and liquidity positions.”4 Note that while both statements explicitly mentioned resilience, neither included any reference to robustness.