It’s kind of the entire thesis of the piece that marking to market of fixed rate loans in a rising interest rate environment is what made First Republic insolve

It’s kind of the entire thesis of the piece that marking to market of fixed rate loans in a rising interest rate environment is what made First Republic insolvent. So you should ask @patio11 that question not me. Fixed interest rate loans do exist elsewhere but they tend to be fixed for a fairly short period relative to loan duration, and constitute a much smaller part of the book, so between the two effects you might be looking at an order of magnitude of difference between US banks and say Australian banks in terms of interest rate exposure. And then there’s the bit where the US simply opted all its banks except the big 4 out of Basel III regulation, which is why First Republic could exist in the first place, and only exist in the US.