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January/February 2024 » Bank Failures Highlight the Shortcomings...
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William M. VanDenburgh, PhD, and Philip J. Harmelink, PhD
In BriefThe failures of Silicon Valley Bank, Signature Bank of New York, and First Republic Bank in 2023 shocked observers and have since led to investigations by regulators and researchers aimed at understanding the root causes. The problems are multifaceted and sources of blame—including bank executives, statutory changes, and accounting standards—are plentiful. The article looks specifically at the shortcomings of the held-to-maturity (HTM) approach of accounting for securities with unrealized losses and how it may have in hindsight obscured the risks these banks facing in the prevailing interest rate environment.
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