Norway's Oil Fund Had Stakes Worth $263 Million in Troubled US Banks

www.morningstar.com ^ | Mar 13, 2023 9:45 AM CDT | Provided by Dow Jones & By Dominic Chopping

[Red Badger]

Norway's sovereign wealth fund had investments in SVB Financial Group and Signature Bank that were valued last week at a combined 2.8 billion Norwegian kroner ($263.3 million), it said Monday.

Silicon Valley Bank collapsed Friday after a run on deposits doomed the tech-focused lender's plans to raise fresh capital, while Signature Bank suffered a similar fate over the weekend as investors became concerned about its high share of uninsured deposits.

Both banks are now under the control of U.S. authorities.

Norges Bank Investment Management, the arm of the central bank that manages the sovereign-wealth fund, commonly known as the oil fund, said that as of Wednesday's close--the day before the U.S. banking turmoil began--the fund had a stake worth NOK1.7 billion in SVB equities and NOK1.1 billion in bonds, while its equity stake in Signature Bank was worth NOK400,000.

"This is the biggest U.S. bank collapse since the financial crisis and we are closely monitoring the situation in the market," NBIM said in an emailed statement.

[Kalam]

I suspect Norge isn't the only country having losses from the crumbling banking system occurring here in the US.

We aren't seeing a freefall yet, but...?