Citigroup Inc C CEO Jane Fraser expressed confidence in the US banking system despite a series of bank failures that rocked investors and created turmoil in global financial markets.

The banking sector is “pretty healthy,” Fraser said, despite high-profile bank closures Business Club of Washington DC, according to a Reuters report. “This is not a credit crunch,” she said.

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Fraser’s comments come at a time when the federal reserve Explicitly stated in his policy commentary that recent developments are likely to result in tighter credit conditions for households and businesses, weighing on economic activity, hiring and inflation.

“The extent of this impact is uncertain. The Committee remains very vigilant inflationary risks,” the central bank said.

Fraser also said Citi isn’t interested in buying it Bank of the First Republic FRC He mentioned that the lender was one of 11 major banks that contributed a total of $30 billion in deposits to First Republic last week.

Shares in First Republic Bank closed 15.47% lower on Wednesday after the session Treasury Secretary Janet Yellen he said FDIC do not consider offering “blanket insurance” for bank deposits.

The company’s tangible book value is currently well below value, leaving a capital shortfall of up to $13.5 billion, according to Bloomberg. who quotes Webusch Analyst.

money movement: Fraser also noted that mobile apps and consumers’ ability to move millions of dollars with just a few clicks reflect a major shift in how bankers manage and regulators respond to bank run risk. after to a Bloomberg report.

“There were a few tweets and then this thing went down a lot faster than it historically happened. And honestly, I think regulators did a good job of reacting very quickly because you usually have longer to react to that,” Fraser said of the report.

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