Biden delivers a speech Monday to emphasize the strength of American banks

The US President will deliver a speech on Monday at 13:00 GMT, in which he will emphasize the "resilience" of US banks and the ability to prevent panic from spreading to the banking sector around the world due to the turmoil caused by the collapse of the Silicon Valley bank.

Biden will talk about "preserving a resilient banking system" and the need to "protect the historic economic recovery of the United States," according to the White House.

The 80-year-old Democrat, who constantly stresses his desire to stand up to big money and business corporations, will also be keen to rule out providing assistance to the banking sector for free.

He had promised in a tweet Sunday to "hold responsibility" for the financial actors "who created this mess".

Joe Biden will try to bolster markets' most valuable foundation: trust, which is the only bulwark against the widespread fallout from the Silicon Valley banking crisis.

The authorities took measures in the United States and Europe to protect the deposits of the institution, which went bankrupt and was placed under public custody on Sunday.

Deposit withdrawal guarantee -

The main European market indices fell by more than 2% at 10:15 GMT, while banking stocks suffered sharp declines.

Meanwhile, a group of companies issued statements on the London Stock Exchange to reassure investors.

On Sunday, the US authorities revealed a series of measures to reassure individuals and companies about the strength of the US banking system, and will in particular ensure that all deposits of the bankrupt California-based bank are withdrawn.

In addition to SVB, the US authorities will guarantee access to all deposits of the Signature Bank Foundation, which was closed by the regulators in a move that took everyone by surprise.

For its part, London announced Monday the purchase of HSBC Bank of the British branch of Silicon Valley Bank for one symbolic pound sterling.

"Today the Silicon Valley Bank (UK) has been sold to HSBC (...) SVBUK customers will be able to access their deposits and banking services as usual from today," the British Ministry of Finance said in a statement.

- Avoid infection -

The authorities are keen to avoid a market panic on Monday and mass withdrawals of bank customers, which could have a devastating contagion effect on the sector.

The strong measures taken by the US authorities reflect the turmoil threatening the US banking system, which is already apprehensive about monetary tightening of the Federal Reserve.

Increases in interest rates have encouraged customers to invest their money in financial products that get better interest than checking accounts, and have shaken up the new technology sector, which is hungry for financing.

The ensuing wave of bank withdrawals left three banks defaulting last week: Silicon Valley Bank, Signature Bank and smaller Silvergate Bank known for its close ties to the cryptocurrency sector.