West News Wire: Shares of Deutsche Bank have plunged precipitously, pushing down other significant European banks and rekindling concerns about a crisis in the banking industry that is spreading.

The largest lender in Germany experienced a Friday morning decline of more than 14% before making up ground in the afternoon to trade 9.5 percent lower at 8.43 euros ($9.07) per share.

Markets across Europe fell on Friday as a result of falling bank equities, with Commerzbank in Germany down 7.5%, Societe Generale in France down 5.9%, and Raiffaisen in Austria down 5.9%.

Due to the fact that Deutsche Bank is one of 30 banks that are regarded as globally significant financial institutions and that its failure might result in huge losses, it is required by international regulations to maintain higher levels of capital reserves.

Shares of Deutsche Bank have plunged precipitously, pushing down other significant European banks and rekindling concerns about a crisis in the banking industry that is spreading.

The largest lender in Germany experienced a Friday morning decline of more than 14% before making up ground in the afternoon to trade 9.5 percent lower at 8.43 euros ($9.07) per share.

Markets across Europe fell on Friday as a result of falling bank equities, with Commerzbank in Germany down 7.5%, Societe Generale in France down 5.9%, and Raiffaisen in Austria down 5.9%.

Due to the fact that Deutsche Bank is one of 30 banks that are regarded as globally significant financial institutions and that its failure might result in huge losses, it is required by international regulations to maintain higher levels of capital reserves.

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Investor attention has shifted to the long-struggling bank.

European officials said banks in the European Union’s regulatory system, which does not include Credit Suisse, are resilient and have no direct exposure to the failed California-based Silicon Valley Bank and little to Credit Suisse.

Efforts to strengthen banking regulation in recent years “puts us all in a position to say that European banking supervision and the financial system are robust and stable and that we have resilient capitalisation of European banks”, Scholz said.

European leaders, who played down any risk of a possible banking crisis at their summit on Friday, said the financial system is in good shape because they require broad adherence to tougher requirements to keep ready cash on hand to cover deposits.

International negotiators agreed to those rules after the 2008 financial crisis, triggered by the failure of US investment bank Lehman Brothers. US regulators exempted midsized banks, including Silicon Valley Bank, from those safeguards.

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