Sunday – 19 Shaaban 1444 AH – 12 March 2023 AD Issue Number [16175]
London: «Asharq Al-Awsat»
A statement from the British Ministry of Finance stated that Minister Jeremy Hunt spoke to the Governor of the Bank of England, Andrew Bailey, about the collapse of the American “Silicon Valley” bank, which is the name used by the “SVB” financial group in its activities, and that there are ongoing talks with affected companies to discuss the situation. .
The statement added that officials from the Ministry of Finance and the Bank of England are working closely together, noting that the Undersecretary of the Ministry of Finance discussed the concerns of some affected technology companies with representatives of the sector yesterday, Saturday, to find out the financial situation and the extent of the link.
“The government is aware that companies in the technology sector often have negative cash flows during their growth, and that they depend on financing in exchange for deposits to cover their daily costs,” the statement said.
