America: “Taxpayers will not bear any losses related to Silicon Valley Bank”
US officials said that Silicon Valley bank customers will have access to their deposits starting Monday.
The US Treasury, the Federal Reserve (US Central Bank) and the Federal Deposit Insurance Corporation said in a statement: “Depositors will have access to all their money starting Monday, March 13.”
“Taxpayers will not bear any losses related to the decision related to Silicon Valley Bank,” the statement continued.
Informed sources had told “Reuters” that the US authorities were about to take “fundamental measures” on Sunday to support deposits in Silicon Valley Bank “SVB” and prevent the widening repercussions of its sudden collapse.
The sources stated that US President Joe Biden’s administration officials worked early this week to assess the repercussions of the bank’s collapse on Friday, with a special focus on the emerging project financing sector and multi-branch banks.
US Treasury Secretary Janet Yellen said she is working with banking sector regulators to address the collapse of Silicon Valley Bank, the largest bank to collapse after the global financial crisis in 2008.
With growing concern that the bank’s collapse could have a domino effect on other banks in the United States, Yellen said she was working to protect depositors but ruled out a rescue plan.
