Michael McGrath sets up emergency group to monitor impact of Silicon Valley Bank collapse on Irish firms

The Minister for Finance said there is limited impact on the Irish financial system but that some companies may be affected

Michael McGrath: Finance Minister said a ‘significant number’ of Irish companies had been clients of Silicon Valley Bank. Picture: Bryan Meade

The government has set up an emergency sub-group to monitor the possible exposure of Irish companies to the collapse of Silicon Valley Bank.

Michael McGrath, the Minister for Finance, today announced that the Financial Stability Group – which consists of senior officials from the Department of Finance, NTMA and the Central Bank of Ireland – had met today after SVB’s failure last Friday.

SVB counted a “significant number” of Irish businesses among its clients, McGrath ...