“The Treasury Department and FDIC must communicate loudly and clearly that depositors will be protected,” he wrote. “The investors and executives of SBV should bear risk and lose. But this should not mean that workers go without paychecks on Monday or small businesses collapse.”
Most of Silicon Valley Bank’s deposits were not insured by the FDIC because they were over the $250,000 limit for federally backed deposits.
The bank’s depositors had included many Silicon Valley startups and health care businesses that are now scrambling to meet payroll demands after the bank’s failure.
The briefing comes as California lawmakers also brace for flooding in their state after heavy storms. The extreme weather could help alleviate drought conditions but could also bring heavy property damage in certain areas.
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( With inputs from : www.politico.com )
San Francisco: Twitter boss Elon Musk on Saturday said that he is open to the idea of buying the collapsed Silicon Valley Bank (SVB) and turning it into a digital bank.
Min-Liang Tan, co-founder and CEO of Razer (a consumer electronic company), tweeted: “I think Twitter should buy SVB and become a digital bank”.
To which Musk replied: “I’m open to the idea”.
US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of an American bank since 2008.
The moves came as the firm, a key tech lender, was scrambling to raise money to plug a loss from the sale of assets affected by higher interest rates, BBC reported.
SVB faced “inadequate liquidity and insolvency”, banking regulators in California, where the firm has its headquarters.
The Federal Deposit Insurance Corporation (FDIC), which typically protects deposits up to $2,50,000, said it had taken charge of the roughly $175 billion in deposits held at the bank, the 16th largest in the US.
Silicon Valley Bank was the US’s 16th largest bank, with a total of 17 branches in California and Massachusetts.
SVB’s failure is the biggest since Washington Mutual went under at the height of the 2008 crisis. | Marcio Jose Sanchez/AP Photo
Silicon Valley Bank collapsed on Friday after a run on deposits drove the Northern California institution into insolvency, marking the largest bank failure since the financial crisis.
The Federal Deposit Insurance Corp. has transferred the bank’s deposits to a new entity in order to protect consumers. Policymakers including Treasury Secretary Janet Yellen had grown increasingly alarmed over the past 24 hours at the prospect of the bank’s failure.
That’s because nearly half of all Silicon Valley-backed startups and biotechs bank with the institution, which had roughly $175 billion of deposits as of the end of 2022. With $209 billion in assets, SVB’s failure is the biggest since Washington Mutual went under at the height of the 2008 crisis.
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( With inputs from : www.politico.com )
LONDON — The U.K. government was scrambling on Sunday to limit the fallout for the British tech sector from the collapse of Silicon Valley Bank, a big U.S. lender to many startups and technology companies.
The government is treating the potential reverberations as “a high priority” after a run on deposits drove California-based SVB into insolvency, marking the largest bank failure since the global financial crisis, U.K. Chancellor of the Exchequer Jeremy Hunt said in a statement Sunday morning. U.S. Treasury Secretary Janet Yellen and other policymakers were on alert that problems at SVB could spread.
Hunt said the British government is working on a plan to backstop the cashflow needs of companies affected by SVB’s implosion and the halt in trading of its British unit, Silicon Valley Bank UK. The Bank of England announced on Friday that the U.K. unit is set to enter insolvency.
Silicon Valley Bank’s “failure could have a significant impact on the liquidity of the tech ecosystem,” Hunt said.
The government is working “to avoid or minimize damage to some of our most promising companies in the U.K.,” the chancellor said. “We will bring forward immediate plans to ensure the short-term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met.”
Hunt told the BBC Sunday morning that the government would have a plan that deals with the operational cashflow needs of companies “in the next few days.”
Discussions between the governor of the Bank of England, the prime minister and the chancellor were taking place over the weekend, according to the statement.
Speaking on Sky News Sunday morning, Hunt said that Bank of England Governor Andrew Bailey had made it clear that there was “no systemic risk to our financial system.” But Hunt warned that there was a “serious risk” to the technology and life-sciences sectors in the U.K.
Ministers held talks with the tech industry on Saturday after tech executives in an open letter warned Hunt that the SVB collapse posed an “existential threat” to the U.K. tech sector. They called for government intervention.
Britain’s science and technology minister on Saturday pledged to do “everything we can” to limit the repercussions on U.K. tech companies.
Michelle Donelan, who heads the newly created Department for Science, Innovation and Technology, said in a tweet: “We recognize that the tech sector is often not cashflow positive as they grow and I am determined to stand with them as we do everything we can to minimize impact on the sector.”
Chancellor Jeremy Hunt said protecting the U.K. sector from the impacts of SVB’s collapse was a “high priority” | Justin Tallis/AFP via Getty Images
A bank insolvency procedure for Silicon Valley Bank UK would mean eligible depositors would be paid the protected limit of £85,000, or up to £170,000 for joint accounts.
The Bank of England said in its Friday statement that SVB UK “has a limited presence in the U.K. and no critical functions supporting the financial system.”
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( With inputs from : www.politico.eu )
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