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Is my money safe? NC Treasurer and Banking Commissioner say 'yes'

Banking instability has many WRAL viewers wondering whether their money is safe.

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By
Cullen Browder
, WRAL anchor/reporter

Banking instability has many of our viewers wondering whether their money is safe.

The short answer from the state’s Treasury Department and Banking Commissioner is "Yes."

The Silicon Valley [SVB] and Signature Bank failures this past week, combined with worries about Credit Suisse, sent shock waves through financial markets already shaky about the global economy.

"We have always had one of the most conservatively managed pension plans in the United States, if not the world, and we also have had a very conservatively managed state banking system," State Treasurer Dale Folwell told WRAL News.

Folwell calls that "no crisis," even with $18 million of state pension money invested between SVB and Signature Banks and another $40 million in Credit Suisse Bonds and Stocks. That’s a lot of money, but compared to the state pension fund of over $100 billion, it’s a drop in the bucket.

Still, any loss is important to Folwell, "We don’t like losing a penny or a paper clip at the Treasurer’s Office, so whatever it is we’re going to be getting after it."

North Carolina Banking Commissioner Katherine Bosken was sworn in Thursday. She declined to talk to us on camera, but later sent an email in hopes of settling banking customer nerves:

“North Carolina’s banks are in sound condition and North Carolinians should take comfort knowing their money is safe in our depository institutions," Bosken wrote. "I have the utmost confidence that these banks will not be adversely impacted by current market events."

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