So is this 2008 all over again? I doubt it.
The US government’s decision to ensure all depositors are fully repaid, and to offer emergency funding, will relieve some pressure. Even before this intervention, it was highly unlikely that big systemically important banks would be threatened. Banks are much better capitalised than they were going into 2008. While there are losses on securities being held to maturity, these portfolios are much less significant for bigger banks.
That said, there is still a risk of deposit outflows. These will increase banks’ marginal cost of funding, reduce net interest margins, and may encourage banks to shrink their balance sheets.