| Submit your comments on this article |
| Economy |
| The American regulator transferred all deposits of SVB to the 'intermediate bank' |
| 2023-03-14 |
| Direct Translation via Google Translate. Edited. [RIA Novosti] The Federal Deposit Insurance Corporation (FDIC) transferred all deposits in the bankrupt Silicon Valley Bank (SVB), including uninsured ones, to the “bridge bank” created to protect depositors, follows from a press release from the regulator. California regulators closed Silicon Valley Bank on March 10, the largest bank failure in the US since the 2008 financial crisis. The collapse of the SVB turned out to be associated with an increase in the discount rate of the Federal Reserve System ( FRS ) of the United States, which led to the depreciation of assets on the balance sheets of many financial institutions. In addition, the authorities closed the large New York Signature Bank due to systemic risks. "The Federal Deposit Insurance Corporation (FDIC) today transferred all deposits - both insured and uninsured - from the former Silicon Valley Bank to a newly created, full-service FDIC-managed "intermediate bank" as part of an effort to protect all Silicon Valley bank depositors. Bank," the statement said. According to the announcement, depositors will have full access to their money today when Silicon Valley Bank, NA, an intermediate bank, reopens and resumes activities, including internet banking. Savers and borrowers will automatically become Silicon Valley Bank, NA customers and receive customer service and access to their funds through ATMs, debit cards and check writing in the same manner as before, the FDIC said. However, shareholders and some holders of unsecured debt will not be protected, the FDIC concludes. A bridge bank is a bank that operates under the direction of a board of directors appointed by the FDIC. It assumes deposits and certain other liabilities and acquires certain assets of the failed bank. Related: Silicon Valley Bank: 2023-03-13 Second bank shuttered as rise of 'woke' financial sector sparks criticism of unsound investment moves Silicon Valley Bank: 2023-03-13 Hedge fund manager Bill Ackman warns of 'economic meltdown' following Silicon Valley Bank collapse Silicon Valley Bank: 2023-03-13 The collapse of Silicon Valley Bank: how and why the main bank of Silicon Valley techno-startups burst |
| Posted by:badanov |
| #4 |
| Posted by: Glenmore 2023-03-14 14:59 |
| #3 |
| Posted by: Abu Uluque 2023-03-14 13:07 |
| #2 |
| Posted by: M. Murcek 2023-03-14 12:21 |
| #1 |
| Posted by: NN2N1 2023-03-14 06:47 |