The 2023 banking turmoil, which commenced in March 2023, stands as a significant system-wide banking crisis, unparalleled since the Great Financial Crisis (GFC), both in terms of its scale and scope. The crisis led to the failure of several banks and triggered a widespread loss of confidence in the resilience of banks, banking systems, and financial markets across multiple jurisdictions. Consequently, a range of public support measures was implemented in certain jurisdictions to mitigate the crisis’s impact. The report published by the Bank for International Settlements (BIS) on 5 October 2023 presents a comprehensive assessment of the causes of the banking turmoil, the regulatory and supervisory responses, and the preliminary lessons that have been learned from this crisis.
