Credit Suisse gets lifeline, First Republic finds rescue. Latest updates in US banking crisis

Global banking stocks have suffered significant losses since the collapse of Silicon Valley Bank last week. The bank's bond-related losses piled up due to the surge in interest rates last year, which has raised concerns about potential hidden risks in the wider banking system. Within days, Swiss lender Credit Suisse was also affected by the market turmoil and had to borrow up to $54 billion from Switzerland's central bank to improve liquidity. By Thursday afternoon, the focus shifted to the United States as major banks worked to support First Republic, a regional lender whose shares had dropped by 70% in the last nine trading sessions. Here are the top developments in the global banking sector in the past week. 

• First Republic Bank received $30 billion in deposits from several big banks as part of a rescue package.
• Despite the rescue, First Republic's shares were indicated 12% lower in Friday's pre-market trade after the bank suspended its dividend payout. Its Frankfurt-listed shares rose as much as 5%.
• U.S. regulators said the show of support was most welcome, and showed the resilience of the banking system.
• News of the rescue also helped boost Wall Street indexes, with JP Morgan, Morgan Stanley and Bank of America all up more than 1%, while the benchmark S&P 500 Banks Index recovered 2.2%.
• Credit Suisse said it was taking "decisive action" to strengthen its liquidity by exercising its option to borrow from the Swiss National Bank up to 50 billion Swiss francs ($54 billion). 
• But its shares resumed their decline on Friday, and more than $200 million in net outflows left its U.S. and European managed funds after March 13, according to Morningstar Direct.
• European Central Bank (ECB) supervisors meeting on Friday saw no contagion to euro zone banks from the market turmoil that has engulfed Credit Suisse and some U.S. banks, a source said.
• The ECB's decision to raise interest rates on Thursday signals strong confidence in the solidity of European banks, French ECB policymaker Francois Villeroy de Galhau said.
• China's central bank will cut the amount of cash that banks must hold as reserves for the first time this year to release liquidity and support the economy.
• Japan's government must work closely with the central bank and overseas authorities in the wake of banking problems in the West, Japan's top financial diplomat said on Friday, adding that the Japanese economy was stable.

(With inputs from agencies)