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.
BIS report on the 2023 banking turmoil