WASHINGTON – New policies adopted on Sunday by U.S. banking regulators will “wipe out” equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said.
The official said the steps were taken to stabilize the financial system and protect depositors, and did not constitute a bailout of either firm. No losses of either bank will be borne by U.S. taxpayers, the official said.Together with the Federal Reserve’s decision to make funds available to eligible financial institutions and ensure they can meet the needs of all their depositors, the steps would “restore market confidence,” the official said.
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank is largest failure since 2008 crisis, billions strandedStartup-focused lender SVB Financial Group became the largest bank failure since the financial crisis on Friday, March 10, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Silicon Valley Bank staff offered 45 days of work at 1.5 times payEmployees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance Corp, the US regulator that took control of the collapsed lender, according to an email to staff seen by Reuters.
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Worry for tech startups after Silicon Valley Bank failureSilicon Valley Bank’s stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout. | AFP AFP 'Big Short' investor Michael Burry is RIGHT!
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Silicon Valley Bank's demise began with downgrade threat – sourcesDetails of Silicon Valley Bank's failed response to the prospect of a Moody's Investors Service downgrade show how quickly confidence in financial institutions can erode.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Silicon Valley Bank staff offered 45 days of work at 1.5 times payThe collapsed Silicon Valley Bank had a workforce of 8,528 at the end of 2022. Yep. And the woke execs of SVB are Maria Ressa's Woke Comrades... Get woke, go broke.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
UK races to minimize damage from Silicon Valley Bank collapseMore than 250 UK tech firm executives sign a letter calling for government intervention and warning of an 'existential threat' to the UK tech sector.
Source: rapplerdotcom - 🏆 4. / 86 Read more »