Tony Yates

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"Silicon Valley Bank committed one of the most elementary errors in banking: borrowing money in the short term and investing in the long term." This tweet was written on March 13th by Larry Summers about the recent collapse of Silicon Valley Bank (SVB). However, as the former US treasury secretary understands as well as anyone, borrowing short and lending long—so-called maturity transformation—is both the big problem with banking and the whole point of it. It’s a balancing act that SVB got catastrophically wrong.

Banks match the complementary needs of two sets of people. They borrow money from depositors on a short-term basis and lend it to their borrowers for the long term.…  Seguir leyendo »