U.S. President Joe Biden said Friday that while country's banks are in good shape with deposits remaining secure, it will take time to restore calm and prove the resilience of mid-sized institutions.

“The banks are in pretty good shape,” Biden told reporters after a meeting in Ottawa with Canadian Prime Minister Justin Trudeau. “What’s going on in Europe isn’t a direct consequence of what’s happening in the United States.”

“It’s going to take a little while for things to just calm down, but I don’t see anything that’s on the horizon that’s about to explode. But I do understand there’s an unease about this, and these midsize banks have to be able to survive, and I think they will be able to do that.” (See: MNI INTERVIEW: Financial Stress Could Be In Early Stage-Hoenig)