Beginning in March 2023, a series of significant bank failures occurred in the US (Silicon Valley Bank [SVB] and Signature Bank, followed by First Republic Bank in May) and in Switzerland (Credit Suisse). It was the first time that the crisis management and resolution framework put in place after the great financial crisis (GFC) of 2007–09 had been put through a serious test. These episodes have been the subject of much commentary and several official reports aimed at understanding the causes