US Says All SVB Deposits Safe, Creates New Backstop for Banks
Kabuhayan US Says All SVB Deposits Safe, Creates New Backstop for Banks 27 segundo ang nakalipas Balita ng Ethereum ng Bitcoin (Bloomberg) — US financial regulators moved on Sunday to protect depositors funds following the collapse of Silicon Valley Bank and set up a new financial backstop, seeking to stem fears that households and businesses would flee smaller lenders. Karamihan Basahin mula sa Bloomberg The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. jointly announced the efforts Sunday aimed at strengthening confidence in the banking system after SVBs failure spurred concern about spillover effects. SVB‘s collapse into FDIC receivership — the second-largest US bank failure in history behind Washington Mutual in 2008 — came suddenly on Friday, following a frenetic couple of days where its long-established customer base of tech startups yanked deposits. After SVB’s collapse, a number of other regional lenders saw their shares plunge amid concerns about the financial stability of smaller banks. Treasury Secretary Janet Yellen said the actions will protect “all depositors,” signaling aid to those whose accounts exceed the typical $250,000 threshold for FDIC insurance. SVB depositors “will have access to all of their money starting Monday, March 13,” the government said in a statement, adding that taxpayers won‘t be responsible for any