Bankrupt bank SVB’s depositors will have access to funds on March 13

Depositors of the bankrupt American bank Silicon Valley Bank (SVB) today, March 13, will have access to their accounts. This is stated in the joint statement Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Grunberg. It is noted that “taxpayers will not incur any losses associated with the reorganization of the SVB.”

“Today, we are taking decisive action to protect the US economy by building public confidence in our banking system. This move ensures that the US banking system continues to perform its vital role of protecting deposits and providing access to credit for households and businesses in a manner that promotes strong and sustainable economic growth.

Silicon Valley Bank is the 16th largest bank in the US and has been focused on startups. His bankruptcy, which announced March 10, was the largest since the 2008 crisis. The bank became the second largest bankrupt in US history after Washington Mutual Bank. From US authorities demanded to intervene to save the bank’s customers’ funds and take emergency measures to contain the crisis caused by the collapse of SVB. The US Treasury yesterday, March 12, declaredthat the state will not save the SVB.

Details – in the material “Kommersant” “How to become bankrupt in three days”.

Laura Keffer