The U.S. government on Sunday sought to affirm confidence in the U.S. banking system by announcing protection for all depositors in Silicon Valley Bank.
to resolve the failure of Silicon Valley Bank “in a manner that fully protects all depositors,” the Treasury said Sunday in a joint statement with the Fed and FDIC.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. After receiving a recommendation from the boards of the Federal Deposit Insurance Corporation and the Federal Reserve, Treasury Secretary Yellen, after consultation with the President, approved actions to enable the FDIC to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors, both insured and uninsured.
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