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The collapse of Silicon Valley Bank

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Silvergate Bank voluntary forced liquidation by US Regulators
cointelegraph.com

Breaking: Signature Bank closed by New York regulators, citing 'systemic risk'

Signature Bank has been closed, although all depositors will be fully protected, according to the Federal Reserve.
cointelegraph.com cointelegraph.com
At least two of these banks were seen as important banking pillars for the crypto industry. According to insurance documents, Signature Bank had $88.6 billion in deposits as of Dec. 31.
 
How the heck is the Fed going to spin this? Backstop losses meanwhile inflation remains t record high?
When are they going to announce the emergency cuts?
 
waterbottle said:
How the heck is the Fed going to spin this? Backstop losses meanwhile inflation remains t record high?
When are they going to announce the emergency cuts?
Click to expand...
That's the elephant in the room. Messy. Messy.
 

Press Releases

Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC​




March 12, 2023

WASHINGTON, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

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.
 
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

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.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.
 
frugal.rock said:
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

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.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.
Click to expand...
Holy **** they're letting it fail?!
 
farmerge said:
While dining on a sandwich for lunch today happened to catch a bit of Americana news. SVB is being left to strangle slowly. No help is going to be offered/ given.
Click to expand...
as various statements from ASX/NZX listed stocks today highlighted that TECH does not exclusively mean crypto ,

however one might watch and see if the bank collapse rattles California's economy ( things like tax receipts and worker's payrolls )

let's see who picks up some of the pieces
 
divs4ever said:
as various statements from ASX/NZX listed stocks today highlighted that TECH does not exclusively mean crypto ,

however one might watch and see if the bank collapse rattles California's economy ( things like tax receipts and worker's payrolls )

let's see who picks up some of the pieces
Click to expand...
Yep, these include tech companies listed on nasdaq.

How long until these deposits are repaid?
 
divs4ever said:
as various statements from ASX/NZX listed stocks today highlighted that TECH does not exclusively mean crypto ,

however one might watch and see if the bank collapse rattles California's economy ( things like tax receipts and worker's payrolls )

let's see who picks up some of the pieces
Click to expand...
Heard later this evening workers wages are covered no mention of the big wigs or directors salary/fees though.
 
noirua said:
Silvergate Bank voluntary forced liquidation by US Regulators
cointelegraph.com

Breaking: Signature Bank closed by New York regulators, citing 'systemic risk'

Signature Bank has been closed, although all depositors will be fully protected, according to the Federal Reserve.
cointelegraph.com cointelegraph.com
At least two of these banks were seen as important banking pillars for the crypto industry. According to insurance documents, Signature Bank had $88.6 billion in deposits as of Dec. 31.
Click to expand...
Are we now seeing a domino effect As one falls into the abyss others follow to.
 

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