SVB collapse: Rupee declines; Asian markets sink. 10 points
1 year, 9 months ago

SVB collapse: Rupee declines; Asian markets sink. 10 points

Hindustan Times  

The collapse of Silicon Valley Bank and Signature Bank made a huge impact on global finances as stocks have lost $465 billion in market value so far. The Indian rupee fell 4 paise to 82.27 against the US dollar in early trade on Tuesday, tracking losses in Asian equities and currencies on concerns over the spillover fears after the collapse of the Silicon Valley Bank. Silicon Valley Bank N.A's new chief executive officer Tim Mayopoulos said in a letter to clients on Monday that the lender is open and conducting business as usual. Oil prices slipped on Tuesday, extending the previous day's slide, as the collapse of Silicon Valley Bank startled equities markets and raised worries about a fresh financial crisis.

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History of this topic

How to protect YOUR cash from banking Armageddon: Shark Tank star Kevin O'Leary warns THOUSANDS more 'radioactive' regional banks could fail like SVB - you'll be amazed how simple it is to be safe
10 months, 1 week ago

How to protect YOUR cash from banking Armageddon: Shark Tank star Kevin O'Leary warns THOUSANDS more 'radioactive' regional banks could fail like SVB - you'll be amazed how simple it is to be safe

Daily Mail  

Regional banks are doomed. BEWARE THE COMING REAL ESTATE IMPLOSION New York Community Bancorp made more headlines this week after reporting a surprise loss of $252 million on its commercial real estate loan portfolio in the fourth quarter of 2023 alone. Considering that small firms reportedly hold nearly 70 percent of $2.7 trillion in outstanding commercial real estate loans, it's …

US authorities investigate Goldman Sachs over Silicon Valley Bank collapse
1 year, 7 months ago

US authorities investigate Goldman Sachs over Silicon Valley Bank collapse

Live Mint  

Goldman Sachs' is facing the scrutiny of US authorities over its work with Silicon Valley Bank and its connection with the events that led to the collapse of the California bank. Goldman Sachs is fully cooperating with the ongoing investigation by US authorities and providing all the required information various government bodies, the financial institution said in its stock exchange …

The banking crisis isn’t over. But how bad will it get?
1 year, 7 months ago

The banking crisis isn’t over. But how bad will it get?

Associated Press  

NEW YORK — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon this week that the worst of the recent crisis is over and the health of the banking system remains strong. A renewed sell-off Thursday focused on PacWest Bancorp and Western Alliance Bancorp, two smaller regional banks whose shares have …

IMF exudes confidence in India for economic revival; projects 'Asia-Pacific to grow 4.6 pc in 2023'
1 year, 7 months ago

IMF exudes confidence in India for economic revival; projects 'Asia-Pacific to grow 4.6 pc in 2023'

India TV News  

International Monetary Fund: The Washington-based fund on Tuesday raised its forecast for dynamic Asia-Pacific claiming a 4.6 per cent growth this year from that of 3.8 per cent recorded in 2022. The International Monetary Fund in its Regional Economic Outlook stated that India and China will play a prominent role in driving global growth. "Asia and Pacific will be the …

Silicon Valley Bank: US Fed calls for tougher bank rules after SVB collapse
1 year, 7 months ago

Silicon Valley Bank: US Fed calls for tougher bank rules after SVB collapse

Live Mint  

The US Federal Reserve called for greater banking oversight while admitting to its own failures in a widely-anticipated report published Friday into the collapse of Silicon Valley Bank last month. "Following Silicon Valley Bank's failure, we must strengthen the Federal Reserve's supervision and regulation based on what we have learned," Federal Reserve vice chair for supervision Michael Barr wrote in …

How the failure of Silicon Valley Bank might have affected the entire financial system
1 year, 8 months ago

How the failure of Silicon Valley Bank might have affected the entire financial system

Firstpost  

Research suggests that a run-on deposits at Silicon Valley Bank and Signature Bank could have set off a cascading series of bank failures, crippling small businesses and economic activity across wide parts of the country Washington: The federal government’s rescue of two failed banks last month has drawn criticism from some lawmakers and investors, who accuse the Biden administration and …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Despite a pair of historical …

Profits at big US banks show few signs of industry distress
1 year, 8 months ago

Profits at big US banks show few signs of industry distress

Associated Press  

NEW YORK — The nation’s largest banks appear to be weathering the current turmoil in their industry just fine. Despite a pair of historical failures last month that put the nation’s banking industry into crisis mode, the nation’s biggest banks posted strong profits last quarter, helped by higher interest rates and a U.S. economy that keeps growing and adding jobs …

Data | The Collapse of Silicon Valley Bank and Signature Bank Amid Rising Interest Rates and Asset Losses
1 year, 8 months ago

Data | The Collapse of Silicon Valley Bank and Signature Bank Amid Rising Interest Rates and Asset Losses

The Hindu  

Silicon Valley Bank has gone belly-up as has the Signature Bank in the U.S. in the last few weeks. Click to remove AMP mode Charts 1A and 1B show the extent of the unrealised losses that Silicon Valley Bank and First Republic Bank have been making of late as a result of a dramatic fall in bond values. In fact, …

When Is a Global Economic Meltdown Expected? Five Financial Experts Lay It Down
1 year, 8 months ago

When Is a Global Economic Meltdown Expected? Five Financial Experts Lay It Down

The Quint  

Silicon Valley Bank failure, and the massive contagion it sparked, look like a classic banking run. The response from the US Treasury and the US Federal Reserve—which applied nineteenth-century British economist Walter Bagehot’s principle that, to stem panic, a lender of last resort is needed—also looks quite familiar. First, in 2008, the worry about collapse was so intense that a …

Collapsed Silicon Valley Bank sold to US rival First Citizens
1 year, 8 months ago

Collapsed Silicon Valley Bank sold to US rival First Citizens

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy First Citizens Bank has bought …

The global banking turmoil explained; what’s happening at SVB, Credit Suisse
1 year, 9 months ago

The global banking turmoil explained; what’s happening at SVB, Credit Suisse

Live Mint  

It all started on 10 March, 2023 after Startup-focused lender SVB Financial Group became the largest bank failure since the financial crisis, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors. At least four major banks, including Societe Generale and Deutsche Bank, are restricting new trades involving Credit Suisse or its …

What caused the collapse of Silicon Valley Bank, and is there a danger of ‘contagion’? | In Focus podcast
1 year, 9 months ago

What caused the collapse of Silicon Valley Bank, and is there a danger of ‘contagion’? | In Focus podcast

The Hindu  

Last week, California-based Silicon Valley Bank, the 16th largest bank in the United States, collapsed, sending shock waves through the start-up universe. The Biden administration has announced that all the depositors’ savings in the Silicon Valley Bank will be protected, including those deposits over and above the sums that are insured. The Federal Reserve, on its part, has unveiled a …

Explained | What’s next for Silicon Valley Bank?
1 year, 9 months ago

Explained | What’s next for Silicon Valley Bank?

The Hindu  

The story so far: The collapse of the California-headquartered Silicon Valley Bank in 40 hours the previous week caused panic in the global tech-based start-up ecosystem.The California Department of Financial Protection closed the bank and took possession of the private lender — citing inadequate liquidity and insolvency. This morning, the Government and the Bank of England facilitated a private sale …

Will Americans end up footing the bill for bank failures?
1 year, 9 months ago

Will Americans end up footing the bill for bank failures?

LA Times  

The government’s response to the failure of two large banks has already involved hundreds of billions of dollars. Here are some questions and answers about the cost of the bank collapses: Business Everything to know about Silicon Valley Bank’s spectacular collapse Silicon Valley Bank failed late last week, prompting fears of wider upheaval. “That’s far more significant than the modest …

Silicon Valley Bank Collapse: Amid Global Reset, Can Indian Markets Bounce Back?
1 year, 9 months ago

Silicon Valley Bank Collapse: Amid Global Reset, Can Indian Markets Bounce Back?

The Quint  

SVB bank may be a relatively unknown bank in India, but it was the 16th largest bank in the USA with banking assets of about USD 212bn. Till the time VCs were funding, the starts-ups deposits kept on increasing, SVP parked their surplus deposits in long-dated low-yielding bonds about USD 54bn! So they never hedged their interest rate risks even …

Massive job cuts in India due to Silicon Valley Bank collapse? Experts say…
1 year, 9 months ago

Massive job cuts in India due to Silicon Valley Bank collapse? Experts say…

Hindustan Times  

Silicon Valley Bank, a major depository to tech companies and startups, went bankrupt on Friday, leaving depositors scrambling for their money. Impact of Silicon Valley Bank collapse on Indian financial sector "Indian financial system could get impacted if the exporters who are dependent on US market start seeing slowdown in their businesses and that would impact job growth and ability …

Silicon Valley Bank collapse may increase scrutiny of SoftBank Group investments
1 year, 9 months ago

Silicon Valley Bank collapse may increase scrutiny of SoftBank Group investments

Live Mint  

The spectacular collapse of Silicon Valley Bank might increase trouble for other US lenders, and bring SoftBank Group Corp. investments under tightened scrutiny. The shaken confidence of the investors might even bring down SoftBank Group Corp's share below CEO Masayoshi Son’s pain point, reported Bloomberg. SoftBank has made it clear that it expects barely any impact from the US lender's …

Signature Bank investigated for criminal activities prior to collapse
1 year, 9 months ago

Signature Bank investigated for criminal activities prior to collapse

Hindustan Times  

US prosecutors were investigating Signature Bank’s work with crypto clients before regulators suddenly seized the lender this past weekend, according to people familiar with the matter. Justice Department investigators in Washington and Manhattan were examining whether the New York bank took sufficient steps to detect potential money laundering by clients — such as scrutinizing people opening accounts and monitoring transactions …

Silicon Valley Bank collapse: 96 hours after biggest US bank failure in 15 years
1 year, 9 months ago

Silicon Valley Bank collapse: 96 hours after biggest US bank failure in 15 years

Hindustan Times  

The U.S. government launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank, the largest bank collapse since the 2008 financial crisis. THURSDAY, MARCH 9 As U.S. Treasury Secretary Janet Yellen prepares for a Friday hearing before the Republican-controlled House Ways and Means Committee, investors are raising concerns about a …

From Moody’s downgraded outlook to oil prices, top 10 updates of SVB collapse
1 year, 9 months ago

From Moody’s downgraded outlook to oil prices, top 10 updates of SVB collapse

Live Mint  

The revised outlook of Moody's Investors on the US banking system to ‘negative’ from ‘stable’ has further increased the market chaos that emerged as the after-effect of Silicon Valley Bank's collapse in the economy. From crashing global oil prices to falling currencies, the bank runs at Silicon Valley Bank, Silvergate Capital Corp, and Signature Bank have begun a cycle of …

Silicon Valley Bank crisis: Fed faces flak for ‘missing’ warning signs| 5 points
1 year, 9 months ago

Silicon Valley Bank crisis: Fed faces flak for ‘missing’ warning signs| 5 points

Hindustan Times  

The Silicon Valley Bank collapse continues to dominate headlines in the financial world. The bank's new chief executive officer Tim Mayopoulos has urged the lender's top venture capitalists to move their deposits to its newly created bridge entity, Reuters reported. This comes a day after the Moody's Investors Service downgraded First Republic Bank and five other lenders, citing concerns over …

Timeline: How US gov’t scrambled as Silicon Valley Bank collapsed
1 year, 9 months ago

Timeline: How US gov’t scrambled as Silicon Valley Bank collapsed

Al Jazeera  

Biden administration quickly put emergency measures in place as SVB failed. The United States government launched emergency measures at the weekend to shore up confidence in the banking system after the failure of Silicon Valley Bank, the largest bank collapse since the 2008 financial crisis. Here’s a look at how things unfolded: March 9 As US Treasury Secretary Janet Yellen …

Banking stocks steady in aftermath of Silicon Valley Bank collapse
1 year, 9 months ago

Banking stocks steady in aftermath of Silicon Valley Bank collapse

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Banking stocks steadied on Tuesday …

SVB Crisis: Check The List Of Companies Impacted By US Bank Collapse
1 year, 9 months ago

SVB Crisis: Check The List Of Companies Impacted By US Bank Collapse

ABP News  

Silicon Valley Bank, regarded as a major lender for venture capital-backed firms, especially for tech start-ups, was seized by California banking regulators on Friday. Roku, a streaming devices maker, told the news agency that it has about $487 million, or 26 per cent of its cash and cash equivalents, held in deposits with SVB. Cohu Inc, a semiconductor products maker …

SVB resolution reassuring, will bring relief to startups: IT minister Ashwini Vaishnaw
1 year, 9 months ago

SVB resolution reassuring, will bring relief to startups: IT minister Ashwini Vaishnaw

Firstpost  

New Delhi: Amid US administration’s move to backstop collapsed Silicon Valley Bank’s deposits, IT minister Ashwini Vaishnaw has said the developments are “reassuring” and will bring relief to startups. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation and the Federal Reserve, and consulting with the president, US Treasury Secretary Janet Yellen on Sunday approved actions enabling …

Silicon Valley Bank Collapse: How can you protect your money if your bank fails?
1 year, 9 months ago

Silicon Valley Bank Collapse: How can you protect your money if your bank fails?

Firstpost  

Customers of Silicon Valley Bank aren’t going to lose any of their deposits. According to the FDIC, if another financial institution acquires the failed bank right away, the deposits should land in your new account without incident. A married couple with a joint brokerage account — as well as two individual brokerage accounts at the same firm — would receive …

SVB resolution reassuring, will bring relief to startups: Minister Ashwini Vaishnaw
1 year, 9 months ago

SVB resolution reassuring, will bring relief to startups: Minister Ashwini Vaishnaw

Deccan Chronicle  

New Delhi: Amid US administration's move to backstop collapsed Silicon Valley Bank's despoits, IT minister Ashwini Vaishnaw has said the developments are "reassuring" and will bring relief to startups. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation and the Federal Reserve, and consulting with the president, US Treasury Secretary Janet Yellen on Sunday approved actions enabling …

SVB collapse causes headaches for US Fed before rate decision
1 year, 9 months ago

SVB collapse causes headaches for US Fed before rate decision

Raw Story  

Traders and analysts who previously predicted the Federal Reserve would increase the pace of hikes to tackle inflation have now dialed back expectations Washington - The dramatic implosion of Silicon Valley Bank last week could bring the Federal Reserve's current cycle of interest rate hikes to an end far sooner than many analysts expected. Traders and analysts who had previously …

$465 bn loss in 2 days: SVB crisis-led bloodbath across global financial stocks
1 year, 9 months ago

$465 bn loss in 2 days: SVB crisis-led bloodbath across global financial stocks

Live Mint  

Global financial stocks have lost $465 billion in market value in two days as investors cut exposure to lenders from New York to Japan in the wake of Silicon Valley Bank’s collapse. Mitsubishi UFJ Financial Group Inc. slid as much as 8.3% in Japan, while South Korea’s Hana Financial Group Inc. fell 4.7% and Australia’s ANZ Group Holdings Ltd. lost …

Silicon Valley Bank collapse: This firm is looking to buy part of bank's loans
1 year, 9 months ago

Silicon Valley Bank collapse: This firm is looking to buy part of bank's loans

Hindustan Times  

Apollo Global Management Inc. expressed interest in snapping up a book of loans held by Silicon Valley Bank, the California lender seized by federal regulators last week. Apollo, one of the world’s largest alternative asset managers, is among other investors looking to buy pieces of Silicon Valley Bank, according to people familiar with the matter. The Federal Deposit Insurance Corp. …

Silicon Valley Bank parent, CEO and CFO are sued by shareholders. Here's why
1 year, 9 months ago

Silicon Valley Bank parent, CEO and CFO are sued by shareholders. Here's why

Hindustan Times  

SVB Financial Group and two top executives were sued on Monday by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, "particularly susceptible" to a bank run. It appeared to be the first of many likely lawsuits over the demise of Silicon Valley Bank, which U.S. regulators seized …

Silicon Valley Bank crisis: Did bank regulators, investors ignore warning signs?
1 year, 9 months ago

Silicon Valley Bank crisis: Did bank regulators, investors ignore warning signs?

Hindustan Times  

With hindsight, there were warning signs ahead of last week's spectacular collapse of Silicon Valley Bank, missed not only by investors, but by bank regulators. Banking experts have been among those alarmed at the rapid collapse of SVB, the country's 16th biggest bank by assets and how its demise became a harbinger of Sunday's failure of another lender, Signature Bank. …

SVB’s demise: Why didn’t US bank regulators see it coming?
1 year, 9 months ago

SVB’s demise: Why didn’t US bank regulators see it coming?

Live Mint  

With hindsight, there were warning signs ahead of last week's spectacular collapse of Silicon Valley Bank, missed not only by investors, but by bank regulators. President Joe Biden promised a "full accounting of what happened," adding that he would ask regulators and banking regulators to tighten rules on the sector. Banking experts have been among those alarmed at the rapid …

Silicon Valley Bank collapse: Here's what it means for climate tech
1 year, 9 months ago

Silicon Valley Bank collapse: Here's what it means for climate tech

Hindustan Times  

As the buoyancy drained out of the tech sector last year, leading to almost 100,000 job cuts in the US, cleantech looked like a bright spot. “Most banks, they’re banking against assets or cash flow,” said Tom Steyer, co-founder of the Galvanize Climate Solutions investment firm and a former Democratic presidential candidate. Eric Archambeau, co-founder at Astanor Ventures, which has …

Silicon Valley Bank execs, parent company sued after collapse
1 year, 9 months ago

Silicon Valley Bank execs, parent company sued after collapse

Al Jazeera  

Silicon Valley Bank’s parent company and two senior executives are facing a class-action lawsuit in the United States, where shareholders have accused the financial institution of failing to disclose the risks that anticipated interest rate hikes would have on its business. The lawsuit, which accuses SVB of violating federal securities laws, noted that the Federal Reserve, the US central bank, …

Why did Silicon Valley Bank fail and is a financial crisis next?
1 year, 9 months ago

Why did Silicon Valley Bank fail and is a financial crisis next?

Al Jazeera  

Economists see Lehman Brothers-style crisis as unlikely despite jitters following collapse of California-based lender. On Friday, United States regulators seized the assets of the Santa Clara, California-based bank after depositors began withdrawing funds en masse amid fears over the lender’s financial health. Since then, financial regulators around the world have raced to contain the fallout of SVB’s collapse, the biggest …

Markets panic as Silicon Valley Bank fallout keeps spreading
1 year, 9 months ago

Markets panic as Silicon Valley Bank fallout keeps spreading

The Telegraph  

Despite specific concerns about these lenders, a domino effect-style crisis of the type seen in 2008 is unlikely given the mechanics of the SVB collapse are sufficiently different. Analysts at JP Morgan concluded: “SVB carved out a distinct and riskier niche than other banks, setting itself up for large potential capital shortfalls in case of rising interest rates, deposit outflows …

UK bank stocks sink deep into the red in aftermath of SVB collapse
1 year, 9 months ago

UK bank stocks sink deep into the red in aftermath of SVB collapse

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy London’s FTSE 100 index sank …

For this tech startup founder, SVB collapse affects ‘parents putting dinner…’
1 year, 9 months ago

For this tech startup founder, SVB collapse affects ‘parents putting dinner…’

Hindustan Times  

The Silicon Valley Bank collapse has triggered chaos across United States and rest of the world. Lindsey Michaelides, who is a founder and chief executive officer of organisational software seller Strongsuits, says the collapse might look like a 1 per cent problem which only affects the elite, but it is not true. She added that bank downfall affects ‘parents putting …

Could Silicon Valley Bank collapse affect European banks? Experts say…
1 year, 9 months ago

Could Silicon Valley Bank collapse affect European banks? Experts say…

Hindustan Times  

The failure of Silicon Valley Bank isn’t a blueprint for similar issues at European lenders, which remain attractive for investors as interest rates rise, according to Deutsche Bank AG and Citigroup Inc. Police officers leave Silicon Valley Bank's headquarters in Santa Clara, California. European banks also mainly hold such assets in cash and government bonds, with securities portfolios typically a …

How Silicon Valley Bank crisis may impact MF, IPO, other assets — explained
1 year, 9 months ago

How Silicon Valley Bank crisis may impact MF, IPO, other assets — explained

Live Mint  

SVB collapse: After the Silicon Valley Bank crisis, global equity markets and US dollar are under stress. However, this is restricted to US bond market only, for Indian treasuries, which are regulated by Reserve Bank of India, this crisis won't have much impact. Hit on US-IPO market On how this SVB crisis would impact equity market across globe, Kartik Jhaveri, …

Lesson from Silicon Valley Bank’s failure, Zerodha CEO Nithin Kamath explains
1 year, 9 months ago

Lesson from Silicon Valley Bank’s failure, Zerodha CEO Nithin Kamath explains

Live Mint  

Zerodha founder and investor Nithin Kamath said the lesson for the fallout of Silicon Valley Bank or the most recent collapse of a mid-sized Yes Bank in the Indian context is to have funds, especially working capital, distributed across a bunch of banks. Take a look at his tweet: The collapse of the Silicon Valley Bank has rocked the markets, …

US bails out depositors after Signature Bank, SVB closures: Top 10 updates
1 year, 9 months ago

US bails out depositors after Signature Bank, SVB closures: Top 10 updates

Live Mint  

The failure of two regional US banks, Silicon Valley Bank and Signature Bank, had negative consequences for Asian markets. Top updates on Silicon Valley Bank and Signature Bank collapse: 1. Recent failures of SVB Financial Group's Silicon Valley Bank, Silvergate Capital Corporation, and Signature Bank have had negative consequences for the digital-asset market. On Monday, the US dollar fell following …

Silicon Valley Bank Crisis: Timeline of How A Bank Collapsed In 24 Hours
1 year, 9 months ago

Silicon Valley Bank Crisis: Timeline of How A Bank Collapsed In 24 Hours

News 18  

The collapse of Silicon Valley Bank, also know as SVB, is being termed as the biggest bank failure since the crisis at Washington Mutual in 2008 or the global financial crisis. Silicon Valley Bank, which was the 16th biggest commercial lender in the US, is a subsidiary of SVB Financial Group and is considered the biggest bank in Silicon Valley …

How the US Federal Reserve is handling the Silicon Valley Bank crisis
1 year, 9 months ago

How the US Federal Reserve is handling the Silicon Valley Bank crisis

Hindustan Times  

The collapse of Silicon Valley Bank was swift and brutal, and left much of the world wondering what would come next. Fearing contagion would upend the industry, the US Federal Reserve, Treasury Department and Federal Deposit Insurance Corp. moved quickly over the weekend to protect customer deposits and shore up confidence in the banking system. Here’s everything we know right …

Signature Bank closed; US bails out SVB depositors: Top 10 updates
1 year, 9 months ago

Signature Bank closed; US bails out SVB depositors: Top 10 updates

Hindustan Times  

After the failure of two regional US banks, Silicon Valley Bank and Signature Bank, most Asian markets fell on Monday, even as officials vowed to protect the US economy by strengthening public confidence in the country’s banking system. Top updates on Silicon Valley Bank and Signature Bank collapse: 1. The US government took extraordinary steps on Sunday to stop a …

Silicon Valley Bank collapse: Biden administration's relief to depositors, says…
1 year, 9 months ago

Silicon Valley Bank collapse: Biden administration's relief to depositors, says…

Hindustan Times  

The depositors of the now shut Silicon Valley Bank will have access to all of their money from Monday, a joint statement by US treasury secretary Janet Yellen, Federal Reserve Board chairperson Jerome Powell and Federal Deposit Insurance Corporation chairperson Martin J Gruenberg read. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer”, …

No bailout for SVB, US govt to help depositors recover money
1 year, 9 months ago

No bailout for SVB, US govt to help depositors recover money

Live Mint  

NEW YORK : The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down. In an effort to shore up confidence in the banking system, the Treasury …

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